Spirit Airlines Inc (NYSE: SAVE) stock jumped 6.68% on Monday to $13.26 against a previous-day closing price of $12.43. With 6.86 million shares changed hands, the volume of the stock remained heavier than its average volume of 3.15 million shares. The 52-week range on SAVE shows that it touched its highest point at $20.79 and its lowest point at $8.68 during that stretch. It currently has a 1-year price target of $16.75. Beta for the stock currently stands at 1.23.
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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 up-trending over the past week, with a rise of 48.82%, but this was down by -18.35% over a month. Three-month performance dropped to -18.21% while six-month performance fell -10.26%. The stock lost -33.99% in the past year, while it has lost -27.86% so far this year. A look at the trailing 12-month EPS for SAVE yields -4.90 with Next year EPS estimates of -2.95. For the next quarter, that number is -1.57. This implies an EPS growth rate of -96.15% for this year and 13.47% for next year.
Float and Shares Shorts:
At present, 108.94 million SAVE shares are outstanding with a float of 108.16 million shares on hand for trading. On Oct 30, 2023, short shares totaled 10.62 million, which was 9.72% higher than short shares on Sep 28, 2023. In addition to Mr. Edward M. Christie III as the firm’s President, CEO & Director, Mr. Scott M. Haralson serves as its Executive VP & CFO.
Institutional Ownership:
Through their ownership of 72.78% of SAVE’s outstanding shares, institutional investors have majority control over the company. Other institutions hold 39.25% of SAVE, in contrast to 38.88% held by mutual funds. Shares owned by individuals account for 29.45%. As the largest shareholder in SAVE with 9.37% of the stake, The Vanguard Group, Inc. holds 10,232,268 shares worth 10,232,268. A second-largest stockholder of SAVE, BlackRock Fund Advisors, holds 6,970,924 shares, controlling over 6.39% of the firm’s shares. Fidelity Management & Research Co is the third largest shareholder in SAVE, holding 5,296,163 shares or 4.85% stake. With a 3.14% stake in SAVE, the Vanguard Total Stock Market ETF is the largest stakeholder. A total of 3,431,681 shares are owned by the mutual fund manager. The Vanguard Small Cap Index Fund, which owns about 2.58% of SAVE stock, is the second-largest Mutual Fund holder. It holds 2,814,418 shares valued at 32.31 million. iShares Russell 2000 ETF holds 2.32% of the stake in SAVE, owning 2,530,408 shares worth 29.05 million.
Analysts Ratings:
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 $29.00 and a low target of $7.00, the average target price over the next 12 months is $16.75. Based on these targets, SAVE could surge 118.7% to reach the target high and fall by -47.21% to reach the target low. Reaching the average price target will result in a growth of 26.32% from current levels.
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 32 while that of sell transactions has risen to 20 over the past year. The total number of shares bought during that period was 276,377 while 45,442 shares were sold.
