Spirit Airlines Inc. (NYSE: SAVE) stock jumped 0.40% on Friday to $22.43 against a previous-day closing price of $22.34. With 1.1 million shares changed hands, the volume of the stock remained lighter than its average volume of 2.17 million shares. During the session, the Airlines company that operates in wider Industrials sector, reached to the highest price of $22.50 whereas the lowest price it dropped to was $22.10. The 52-week range on SAVE shows that it touched its highest point at $28.30 and its lowest point at $15.92 during that stretch. It currently has a 1-year price target of $28.00. Beta for the stock currently stands at 1.05.
Price Performance and Earnings:
Stock performance is one of the indicators that investors use to determine whether they will profit from a stock. The price performance of SAVE was down-trending over the past week, with a drop of -3.78%, but this was down by -6.62% over a month. Three-month performance dropped to -5.87% while six-month performance rose 4.62%. The stock lost -11.20% in the past year, while it has gained 2.65% so far this year. A look at the trailing 12-month EPS for SAVE yields -2.94 with Next year EPS estimates of 1.10. For the next quarter, that number is -0.08. This implies an EPS growth rate of 21.40% for this year and 157.60% for next year.
Float and Shares Shorts:
At present, 108.70 million SAVE shares are outstanding with a float of 108.40 million shares on hand for trading. On Jul 14, 2022, short shares totaled 5.62 million, which was 5.18% higher than short shares on Jun 14, 2022. In addition to Mr. Edward M. Christie III as the firm’s Pres, CEO & Director, Mr. Scott M. Haralson serves as its Sr. VP & CFO.
Through their ownership of 71.97% of SAVE’s outstanding shares, institutional investors have majority control over the company. Other institutions hold 39.15% of SAVE, in contrast to 35.78% held by mutual funds. Shares owned by individuals account for 32.16%. As the largest shareholder in SAVE with 9.07% of the stake, The Vanguard Group, Inc. holds 9,869,550 shares worth 9,869,550. A second-largest stockholder of SAVE, BlackRock Fund Advisors, holds 6,604,267 shares, controlling over 6.07% of the firm’s shares. Fidelity Management & Research Co is the third largest shareholder in SAVE, holding 5,487,641 shares or 5.04% stake. With a 3.15% stake in SAVE, the US Global Jets ETF is the largest stakeholder. A total of 3,432,629 shares are owned by the mutual fund manager. The Vanguard Total Stock Market Index, which owns about 2.96% of SAVE stock, is the second-largest Mutual Fund holder. It holds 3,225,709 shares valued at 73.16 million. Vanguard Small Cap Index Fund holds 2.53% of the stake in SAVE, owning 2,751,054 shares worth 62.39 million.
Reading analyst opinions is an effective way to decide where to invest, and there are several opinions available for SAVE since 11 analysts follow the stock currently. There are 2 analysts who recommend BUY ratings, while 1 suggest SELL ratings. Of the remaining analysts, 7 believe that the stock is worth HOLDING, 1 give it an OVERWEIGHT rating, and 0 thinks that it’s UNDERWEIGHT. In the same way, a target price assigned to a stock can also reveal much about its potential. With SAVE analysts setting a high price target of $30.00 and a low target of $27.00, the average target price over the next 12 months is $28.14. Based on these targets, SAVE could surge 33.75% to reach the target high and rise by 20.37% to reach the target low. Reaching the average price target will result in a growth of 25.46% from current levels.
EPS: Estimates vs Actual
It is also common to use earnings estimates to evaluate a firm’s growth potential and to determine trading strategy. SAVE will report FY 2022 earnings on 02/07/2023. Analysts have provided yearly estimates in a range of -$1.65 being high and -$2.55 being low. For SAVE, this leads to a yearly average estimate of -$2.02. The earnings surprise of a firm occurs when the actual results change from the consensus earnings estimate. Spirit Airlines Inc. surprised analysts by $0.16 when it reported -$0.30 EPS against a consensus estimate of -$0.46. The surprise factor in the prior quarter was -$0.02. Based on analyst estimates, the high estimate for the next quarter is $0.10 and the low estimate is -$0.26. The average estimate for the next quarter is thus -$0.07.
Summary of Insider Activity:
Insiders traded SAVE stock several times over the past three months with 0 Buys and 0 Sells. In these transactions, 0 shares were bought while 0 shares were sold. The number of buy transactions has increased to 24 while that of sell transactions has risen to 38 over the past year. The total number of shares bought during that period was 165,147 while 57,094 shares were sold.