Investors Buy Large Volume of Spirit Airlines Call Options (NYSE:SAVE)

Spirit Airlines, Inc. (NYSE:SAVE) saw unusually large options trading activity on Wednesday. Stock investors bought 49,624 call options on the stock. This represents an increase of 122% compared to the typical daily volume of 22,357 call options.

Spirit Airlines Stock Up 45.7 %

SAVE opened at $3.08 on Thursday. The firm has a 50 day moving average price of $2.34 and a 200 day moving average price of $3.10. The company has a market cap of $336.77 million, a PE ratio of -0.50 and a beta of 1.38. Spirit Airlines has a 1 year low of $1.40 and a 1 year high of $17.49. The company has a debt-to-equity ratio of 3.86, a quick ratio of 0.94 and a current ratio of 0.94.

Spirit Airlines (NYSE:SAVE) last posted its earnings results on Thursday, August 1st. The company reported ($1.44) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($1.30) by ($0.14). The business had revenue of $1.28 billion for the quarter, compared to analyst estimates of $1.30 billion. Spirit Airlines had a negative return on equity of 57.87% and a negative net margin of 13.20%. The firm’s revenue for the quarter was down 10.6% compared to the same quarter last year. During the same period last year, the company posted $0.29 EPS. Sell-side analysts expect that Spirit Airlines will post -6.96 earnings per share for the current year.

Hedge Funds Weigh In On Spirit Airlines

Several institutional investors and hedge funds have recently made changes to their positions in SAVE. U S Global Investors Inc. acquired a new stake in shares of Spirit Airlines during the 3rd quarter valued at approximately $28,816,000. BNP Paribas Financial Markets raised its position in shares of Spirit Airlines by 2,369.9% during the 1st quarter. BNP Paribas Financial Markets now owns 733,846 shares of the company’s stock valued at $3,552,000 after acquiring an additional 704,134 shares in the last quarter. Federated Hermes Inc. raised its position in shares of Spirit Airlines by 331.2% during the 2nd quarter. Federated Hermes Inc. now owns 432,494 shares of the company’s stock valued at $1,583,000 after acquiring an additional 332,188 shares in the last quarter. Bayesian Capital Management LP acquired a new stake in shares of Spirit Airlines during the 1st quarter valued at approximately $829,000. Finally, Virtu Financial LLC acquired a new stake in shares of Spirit Airlines during the 1st quarter valued at approximately $496,000. 58.73% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several equities research analysts have commented on the stock. TD Cowen lowered shares of Spirit Airlines from a “hold” rating to a “sell” rating and decreased their target price for the stock from $3.00 to $2.00 in a research report on Wednesday, July 17th. Bank of America decreased their price objective on shares of Spirit Airlines from $3.25 to $2.75 and set an “underperform” rating on the stock in a research report on Wednesday, July 17th. Citigroup decreased their price objective on shares of Spirit Airlines from $3.50 to $2.75 and set a “sell” rating on the stock in a research report on Tuesday, July 23rd. Deutsche Bank Aktiengesellschaft lowered shares of Spirit Airlines from a “hold” rating to a “sell” rating and decreased their price objective for the stock from $3.00 to $2.00 in a research report on Monday, July 8th. Finally, Susquehanna decreased their price objective on shares of Spirit Airlines from $2.25 to $1.50 and set a “negative” rating on the stock in a research report on Wednesday, October 9th. Seven investment analysts have rated the stock with a sell rating and two have issued a hold rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Reduce” and an average price target of $2.50.

Spirit Airlines Company Profile

Spirit Airlines, Inc provides airline services. The company also offers hotels and rental cars services. It serves 93 destinations in 15 countries in the United States, Latin America, and the Caribbean. As of December 31, 2023, the company operated a fleet of 205 Airbus single-aisle aircraft. The company was formerly known as Clippert Trucking Company and changed its name to Spirit Airlines, Inc in 1992.