Stock traders buy high volume of Spirit Airlines call options (NYSE:SAVE)

Spirit Airlines, Inc. (NYSE: SAVE – Get Rating) was the target of unusual options trades on Thursday. Traders bought 49,219 call options on the stock. This represents an increase of approximately 430% over the average volume of 9,293 call options.

Spirit Airlines stock performance

Shares of Spirit Airlines rose $0.32 on Thursday, hitting $23.31. The company had a trading volume of 3,075,182 shares, compared to an average volume of 4,302,065. The company’s 50-day moving average price is $23.98 and its two-hundred-day moving average price is of $23.08. Spirit Airlines has a 52-week minimum of $15.92 and a 52-week maximum of $28.30. The company has a debt ratio of 1.44, a current ratio of 1.01 and a quick ratio of 1.01.

Spirit Airlines (NYSE:SAVE – Get Rating) last reported quarterly earnings data on Tuesday, August 9. The company reported ($0.30) earnings per share for the quarter, beating analyst consensus estimates of ($0.34) by $0.04. Spirit Airlines had a negative net margin of 7.53% and a negative return on equity of 17.25%. The company posted revenue of $1.37 billion in the quarter, versus $1.35 billion expected by analysts. As a group, sell-side analysts expect Spirit Airlines to post earnings per share of -2.05 for the current fiscal year.

A Wall Street analyst gives his opinion

A number of research analysts have recently published reports on the company. Susquehanna Bancshares raised its price target on Spirit Airlines shares from $22.00 to $27.00 and gave the stock a “neutral” rating in a Tuesday, July 12 report. Susquehanna raised its price target on Spirit Airlines from $22.00 to $27.00 and gave the company a “neutral” rating in a Tuesday, July 12 research report. Melius began covering Spirit Airlines shares in a Monday, August 15, report. They set a “hold” rating for the company. Evercore ISI raised its price target on Spirit Airlines shares from $25.00 to $28.00 and gave the company an “in-line” rating in a Monday, June 27 report. Finally, TheStreet upgraded the shares of Spirit Airlines from a “d+” rating to a “c” rating in a Wednesday, August 17 report. Two equity research analysts rated the stock with a sell rating, eight issued a hold rating and six assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $30.00.

Spirit Airlines Institutional Trading

Institutional investors and hedge funds have recently bought and sold shares of the company. US Bancorp DE increased its position in Spirit Airlines by 164.1% during the 2nd quarter. US Bancorp DE now owns 1,384 shares of the company worth $33,000 after buying an additional 860 shares in the last quarter. Byrne Asset Management LLC acquired a new position in shares of Spirit Airlines during Q1 worth $34,000. Goodwin Investment Advisory increased its stake in Spirit Airlines shares by 125.0% during the second quarter. Goodwin Investment Advisory now owns 1,800 shares of the company worth $43,000 after purchasing an additional 1,000 shares during the period. Migdal Insurance & Financial Holdings Ltd. increased its stake in Spirit Airlines shares by 58.3% during the 1st quarter. Migdal Insurance & Financial Holdings Ltd. now owns 2,197 shares of the company worth $48,000 after purchasing an additional 809 shares during the period. Finally, Harel Insurance Investments & Financial Services Ltd. acquired a new position in shares of Spirit Airlines during the 2nd quarter at a value of $52,000. Hedge funds and other institutional investors hold 68.02% of the company’s shares.

About Spirit Airlines

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Spirit Airlines, Inc provides airline services. It serves 85 destinations in 16 countries in the United States, Latin America and the Caribbean. As of December 31, 2021, the company had a fleet of 173 Airbus single-aisle aircraft. It sells tickets through its call centers and airport counters, as well as online through spirit.com; and through various third parties, including traditional online travel agents and electronic global distribution systems.

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