Spirit Airlines Inc. [NYSE: SAVE] loss -8.76% or -1.57 points to close at $16.36 with a heavy trading volume of 13710875 shares. The company report on February 16, 2023 that Spirit Airlines is California Dreamin’, Announces New San José Service.
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Daily routes to Dallas, Las Vegas and San Diego launch in June with introductory fares starting as low as $39* one way.
It opened the trading session at $18.00, the shares rose to $18.45 and dropped to $16.17, the range by which the price of stock traded the whole day. The daily chart for SAVE points out that the company has recorded -26.30% loss over the past six months. However, it is still -3.28% lower than its most recent low trading price.
If we look at the average trading volume of 1.04M shares, SAVE reached to a volume of 13710875 in the most recent trading day, which is why market watchdogs consider the stock to be active.
Here is what top equities market gurus are saying about Spirit Airlines Inc. [SAVE]:
Based on careful and fact-backed analyses by Wall Street experts, the current consensus on the target price for SAVE shares is $26.00 per share. Analysis on target price and performance of stocks is usually carefully studied by market experts, and the current Wall Street consensus on SAVE stock is a recommendation set at 3.00. This rating represents a strong Buy recommendation, on the scale from 1 to 5, where 5 would mean strong sell, 4 represents Sell, 3 is Hold, and 2 indicates Buy.
Deutsche Bank have made an estimate for Spirit Airlines Inc. shares, keeping their opinion on the stock as Hold, with their previous recommendation back on December 20, 2022. While these analysts kept the previous recommendation, Citigroup raised their target price to Neutral. The new note on the price target was released on September 30, 2022, representing the official price target for Spirit Airlines Inc. stock. Previously, the target price had yet another drop from $40 to $30, while Cowen kept a Market Perform rating on SAVE stock. On July 29, 2022, analysts decreased their price target for SAVE shares from 30 to 29.
The Average True Range (ATR) for Spirit Airlines Inc. is set at 0.52, with the Price to Sales ratio for SAVE stock in the period of the last 12 months amounting to 0.35. The Price to Book ratio for the last quarter was 1.13, with the Price to Cash per share for the same quarter was set at 13.39.
Trading performance analysis for SAVE stock
Spirit Airlines Inc. [SAVE] fell into the red zone at the end of the last week, falling into a negative trend and dropping by -11.66. With this latest performance, SAVE shares dropped by -17.95% in over the last four-week period, additionally sinking by -26.30% over the last 6 months – not to mention a drop of -30.97% in the past year of trading.
Overbought and oversold stocks can be easily traced with the Relative Strength Index (RSI), where an RSI result of over 70 would be overbought, and any rate below 30 would indicate oversold conditions. An RSI rate of 50 would represent a neutral market momentum. The current RSI for SAVE stock in for the last two-week period is set at 17.29, with the RSI for the last a single of trading hit 11.25, and the three-weeks RSI is set at 22.90 for Spirit Airlines Inc. [SAVE]. The present Moving Average for the last 50 days of trading for this stock 19.44, while it was recorded at 17.69 for the last single week of trading, and 21.36 for the last 200 days.
Spirit Airlines Inc. [SAVE]: A deeper dive into fundamental analysis
Spirit Airlines Inc.’s liquidity data is similarly interesting compelling, with a Quick Ratio of 1.20 and a Current Ratio set at 1.20.
An analysis of insider ownership at Spirit Airlines Inc. [SAVE]
There are presently around $1,193 million, or 68.70% of SAVE stock, in the hands of institutional investors. The top three institutional holders of SAVE stocks are: VANGUARD GROUP INC with ownership of 10,157,579, which is approximately 2.041% of the company’s market cap and around 0.10% of the total institutional ownership; BLACKROCK INC., holding 7,668,319 shares of the stock with an approximate value of $125.45 million in SAVE stocks shares; and FMR LLC, currently with $98.74 million in SAVE stock with ownership of nearly 1.287% of the company’s market capitalization.
102 institutional holders increased their position in Spirit Airlines Inc. [NYSE:SAVE] by around 7,528,406 shares. Additionally, 103 investors decreased positions by around 8,621,333 shares, while 49 investors held positions by with 56,784,377 shares. The mentioned changes placed institutional holdings at 72,934,116 shares, according to the latest SEC report filing. SAVE stock had 32 new institutional investments in for a total of 2,296,405 shares, while 31 institutional investors sold positions of 1,621,069 shares during the same period.