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

Spirit Airlines, Inc. (NYSE:SAVE) was the recipient of unusually heavy options trading activity on Monday. Investors bought 41,902 call options on the stock. This represents a 431% increase from the typical daily volume of 7,886 call options.

Several brokerages have recently weighed in on SAVE. Susquehanna Bancshares cut Spirit Airlines shares from a ‘positive’ to a ‘neutral’ rating and lowered its price target for the stock from $31.00 to $25.00 in a Thursday research note January 13. Seaport Research Partners moved Spirit Airlines shares from a “neutral” rating to a “buy” rating and set a price target of $33.00 for the company in a research note on Monday, December 13. Deutsche Bank Aktiengesellschaft cut its price target on Spirit Airlines shares from $36.00 to $30.00 and set a “buy” rating for the company in a Thursday, Oct. 28 research note. MKM Partners cut Spirit Airlines shares from a “buy” rating to a “neutral” rating and set a price target of $25.00 for the company. in a Monday, January 3, research note. Finally, Seaport Global Securities upgraded Spirit Airlines shares from a “neutral” rating to a “buy” rating and set a target price of $33.00 for the company in a Monday, Dec. 13 research note. One financial analyst has assigned the stock a sell rating, eight have assigned a hold rating and nine have assigned the stock a buy rating. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $30.82.

Several large investors have recently increased or reduced their stake in SAVE. Great West Life Assurance Co. Can increased its holdings of Spirit Airlines shares by 71.8% in the second quarter. Great West Life Assurance Co. Can now owns 1,723 shares of the company worth $52,000 after purchasing an additional 720 shares in the last quarter. Commonwealth Equity Services LLC increased its holdings of Spirit Airlines shares by 104.3% during the second quarter. Commonwealth Equity Services LLC now owns 35,962 shares of the company worth $1,094,000 after purchasing an additional 18,357 shares in the last quarter. Penserra Capital Management LLC purchased a new stake in Spirit Airlines stock during the second quarter worth approximately $53,000. Healthcare of Ontario Pension Plan Trust Fund acquired a new stake in Spirit Airlines in the second quarter valued at approximately $4,040,000. Finally, Private Advisor Group LLC increased its stake in Spirit Airlines by 3.7% in the second quarter. Private Advisor Group LLC now owns 12,115 shares of the company valued at $369,000 after acquiring 430 additional shares in the last quarter. Institutional investors hold 63.87% of the company’s shares.

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SAVE stock traded at $4.02 at midday Monday, hitting $25.75. The company had a trading volume of 1,411,351 shares, compared to an average volume of 5,451,189. The company has a market capitalization of $2.79 billion, a price-earnings ratio of -4.70 and a beta of 1.53. The stock has a 50-day moving average price of $22.28 and a 200-day moving average price of $23.90. Spirit Airlines has a 1 year minimum of $19.40 and a 1 year maximum of $40.77. The company has a debt ratio of 1.35, a current ratio of 1.55 and a quick ratio of 1.55.

Spirit Airlines (NYSE:SAVE) last released its results on Tuesday, February 8. The company reported ($0.64) EPS for the quarter, beating Thomson Reuters consensus estimate of ($0.87) by $0.23. The company posted revenue of $987.60 million in the quarter, versus a consensus estimate of $963.13 million. Spirit Airlines had a negative return on equity of 23.44% and a negative net margin of 19.80%. The company’s quarterly revenue increased 98.1% year over year. In the same quarter of the previous year, the company made ($1.61) earnings per share. As a group, research analysts expect Spirit Airlines to post earnings per share of -4.2 for the current year.

Spirit Airlines Company Profile

Spirit Airlines, Inc is an airline that provides travel for price-conscious customers. Its customers start with unbundled base fares that remove the components included in the price of an airline ticket. The company was founded by Ned Homfeld in 1964 and is based in Miramar, Florida.

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