For Spirit Airlines Inc [SAVE], Analyst sees a drop to $5. What next?

Spirit Airlines Inc [NYSE: SAVE] surged by $0.07 during the normal trading session on while it closed the day at $6.35. The company report on February 8, 2024 at 5:50 AM that Spirit Airlines Reports Fourth Quarter and Full Year 2023 Results.

Spirit Airlines, Inc. (“Spirit” or the “Company”) (NYSE: SAVE) today reported fourth quarter and full year 2023 financial results.

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Spirit Airlines Inc stock has also loss -2.29% of its value over the past 7 days. However, SAVE stock has declined by -49.51% in the 3 months of the year. Over the past six months meanwhile, it has lost -56.67% and lost -60.17% year-on date.

The market cap for SAVE stock reached $695.20 million, with 109.26 million shares outstanding and 108.32 million shares in the current float. Compared to the average trading volume of 16.54M shares, SAVE reached a trading volume of 4069087 in the most recent trading day, which is why market watchdogs consider the stock to be active.

Here’s what leading stock market gurus have to say 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 $7.14 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 3.67. 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.

TD Cowen have made an estimate for Spirit Airlines Inc shares, keeping their opinion on the stock as Market Perform, with their previous recommendation back on January 22, 2024. While these analysts kept the previous recommendation, Citigroup raised their target price from $13 to $4. The new note on the price target was released on January 18, 2024, representing the official price target for Spirit Airlines Inc stock. Previously, the target price had yet another raise to $5, while BofA Securities analysts kept a Underperform rating on SAVE stock. On January 17, 2024, analysts decreased their price target for SAVE shares from 15 to 5.

The Average True Range (ATR) for Spirit Airlines Inc is set at 0.58, with the Price to Sales ratio for SAVE stock in the period of the last 12 months amounting to 0.13. The Price to Book ratio for the last quarter was 0.61, with the Price to Cash per share for the same quarter was set at 10.02.

SAVE stock trade performance evaluation

Spirit Airlines Inc [SAVE] fell into the red zone at the end of the last week, falling into a negative trend and dropping by -2.29. With this latest performance, SAVE shares gained by 3.19% in over the last four-week period, additionally sinking by -56.67% over the last 6 months – not to mention a drop of -63.48% 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 35.47, with the RSI for the last a single of trading hit 35.79, and the three-weeks RSI is set at 34.44 for Spirit Airlines Inc [SAVE]. The present Moving Average for the last 50 days of trading for this stock 10.39, while it was recorded at 6.41 for the last single week of trading, and 14.38 for the last 200 days.

Spirit Airlines Inc [SAVE]: An insightful look at the core fundamentals

Spirit Airlines Inc’s liquidity data is similarly interesting compelling, with a Quick Ratio of 0.90 and a Current Ratio set at 0.90.

Earnings per share (EPS) analysis for Spirit Airlines Inc [SAVE] stock

With the latest financial reports released by the company, Spirit Airlines Inc posted -0.82/share EPS, while the average EPS was predicted by analysts to be reported at -0.85/share. When compared, the two values demonstrate that the company surpassed the estimates by a Surprise Factor of 3.50%. The progress of the company may be observed through the prism of EPS growth rate, while Wall Street analysts are focusing on predicting the 5-year EPS growth rate for SAVE.

Spirit Airlines Inc [SAVE]: Institutional Ownership

The top three institutional holders of SAVE stocks are: VANGUARD GROUP INC with ownership of 1.3 billion shares, which is approximately 8.2815%. BLACKROCK INC., holding 1.03 billion shares of the stock with an approximate value of $176.59 billion in SAVE stocks shares; and BERKSHIRE HATHAWAY INC, currently with $156.75 billion in SAVE stock with ownership which is approximately 5.8325%.