Spirit Airlines Inc. (NYSE: SAVE) stock fell -1.89% on Thursday to $14.55 against a previous-day closing price of $14.83. With 2.47 million shares changed hands, the volume of the stock remained heavier than its average volume of 1.97 million shares. During the session, the Airlines company that operates in wider Industrials sector, reached to the highest price of $14.79 whereas the lowest price it dropped to was $14.41. The 52-week range on SAVE shows that it touched its highest point at $24.95 and its lowest point at $14.75 during that stretch. It currently has a 1-year price target of $23.33. Beta for the stock currently stands at 1.12.
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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 -7.19%, but this was down by -14.55% over a month. Three-month performance dropped to -22.09% while six-month performance fell -30.69%. The stock lost -18.42% in the past year, while it has lost -23.15% so far this year. A look at the trailing 12-month EPS for SAVE yields -4.25 with Next year EPS estimates of 1.85. For the next quarter, that number is 0.32. This implies an EPS growth rate of -13.20% for this year and 489.49% for next year.
Float and Shares Shorts:
At present, 109.11 million SAVE shares are outstanding with a float of 108.40 million shares on hand for trading. On May 14, 2023, short shares totaled 8.96 million, which was 8.21% higher than short shares on Apr 13, 2023. In addition to Mr. Edward M. Christie III as the firm’s Pres, CEO & Director, Mr. Scott M. Haralson serves as its Exec. VP & CFO.
Through their ownership of 66.63% of SAVE’s outstanding shares, institutional investors have majority control over the company. Other institutions hold 43.24% of SAVE, in contrast to 39.25% held by mutual funds. Shares owned by individuals account for 28.98%. As the largest shareholder in SAVE with 9.36% of the stake, The Vanguard Group, Inc. holds 10,214,478 shares worth 10,214,478. A second-largest stockholder of SAVE, BlackRock Fund Advisors, holds 6,836,130 shares, controlling over 6.26% of the firm’s shares. Fidelity Management & Research Co is the third largest shareholder in SAVE, holding 5,452,229 shares or 5.00% stake. With a 3.12% stake in SAVE, the Vanguard Total Stock Market ETF is the largest stakeholder. A total of 3,402,868 shares are owned by the mutual fund manager. The Vanguard Small Cap Index Fund, which owns about 2.62% of SAVE stock, is the second-largest Mutual Fund holder. It holds 2,855,868 shares valued at 48.84 million. iShares Russell 2000 ETF holds 2.11% of the stake in SAVE, owning 2,307,732 shares worth 39.46 million.
An Overview of Recent Financials:
Understanding a company as a customer does not mean you will understand it as an investor. The wise investor uses quantitative research to analyze metrics such as revenue, net income, and earnings. In its fiscal quarter reported on Mar 30, 2023, SAVE reported revenue of $1.37B and operating income of -$16.69M. The EBITDA in the recently reported quarter was $61.44M and diluted EPS was -$0.48.
Reading analyst opinions is an effective way to decide where to invest, and there are several opinions available for SAVE since 0 analysts follow the stock currently. 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 $10.00, the average target price over the next 12 months is $21.63. Based on these targets, SAVE could surge 106.19% to reach the target high and fall by -31.27% to reach the target low. Reaching the average price target will result in a growth of 48.66% 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.
Summary of Insider Activity:
Insiders traded SAVE stock several times over the past three months with 9 Buys and 1 Sells. In these transactions, 25,225 shares were bought while 2,604 shares were sold. The number of buy transactions has increased to 32 while that of sell transactions has risen to 21 over the past year. The total number of shares bought during that period was 276,377 while 45,508 shares were sold.