The Vanguard Group, Inc. recently announced the acquisition of new stake in Spirit Airlines Inc (NYSE:SAVE). The institutional investor has increased its shareholding in the Industrials company by 0.34% to 10.23 million shares with purchase of 35111.0 shares. This fresh investment now brings its stake to 9.37% valued currently at $117.47 million. In addition, Fidelity Management & Research Co raised its holdings by 67898.0 to 5.3 million shares. And SSgA Funds Management, Inc. has lifted its position by 0.58% or 14292.0 shares – to 2.5 million shares.
With over 7.79 million Spirit Airlines Inc (SAVE) shares trading Monday and a closing price of $15.58 on the day, the dollar volume was approximately $121.4 million. The shares have shown a positive half year performance of 5.72% and its price on 12/04/23 gained nearly 4.14%. Currently, there are 108.94M common shares owned by the public and among those 108.16M shares have been available to trade.
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An analysis of what Wall Street brokers have to say about the expected price targets for this stock gives us this picture: 11 analysts who have offered their price forecasts for SAVE have a consensus price objective of $16.75. The analysts have set the share’s price value over the next 12 months at a high of $29.00 and a low of $7.00. The average price target is 6.99% above its recent price level and a downside to the estimated low will see the stock lose -122.57% over that period. But an upside of 46.28% will see the stock hit the forecast high price target while median target price for the stock is $17.00.
Insiders at the company have transacted a total of 52 times over the past 12 months, according to data filed with the U.S. Securities and Exchange Commission (SEC). 32 of these insider trades were purchases, accounting for 276,377 shares. Insider sales of the common stock occurred on 20 occasions, with total insider shares sold totaling 45,442 shares.
The top 3 mutual fund holders in Spirit Airlines Inc are Vanguard Total Stock Market ETF, Vanguard Small Cap Index Fund, and iShares Russell 2000 ETF. Vanguard Total Stock Market ETF owns 3.43 million shares of the company’s stock, all valued at over $39.4 million. The company bought an additional 10095.0 shares recently to bring their total holdings to about 3.14% of the shares outstanding. Vanguard Small Cap Index Fund bought 1370.0 shares to see its total holdings expand to 2.81 million shares valued at over $32.31 million and representing 2.58% of the shares outstanding. iShares Russell 2000 ETF sold 25429.0 shares to bring its total holdings to over 2.53 million shares at a value of $29.05 million. iShares Russell 2000 ETF now owns shares totaling to 2.32% of the shares outstanding.
Shares of Spirit Airlines Inc (NYSE: SAVE) opened at $15.48, up $0.52 from a prior closing price of $14.96. The company’s stock has a 5-day price change of 15.75% and -2.24% over the past three months. SAVE shares are trading -14.57% year to date (YTD), with the 12-month market performance down to -22.34% lower. It has a 12-month low price of $8.61 and touched a high of $20.03 over the same period. SAVE has an average intraday trading volume of 3.85 million shares. The stock is trading above its simple moving averages at the SMA20, SMA50, and SMA200, as the current price level is off by 30.75%, 10.67%, and -0.86% respectively.
Institutional ownership of Spirit Airlines Inc (NYSE: SAVE) shares accounts for 67.91% of the company’s 108.94M shares outstanding. Mutual fund holders own 38.89%, while other institutional holders and individual stakeholders account for 39.25% and 29.29% respectively.
It has a market capitalization of $1.70B and a beta (3y monthly) value of 1.35. The earnings-per-share (ttm) stands at -$4.90. Price movements for the stock have been influenced by the stock’s volatility, which stands at 7.25% over the week and 8.42% over the month.
Analysts forecast that Spirit Airlines Inc (SAVE) will achieve an EPS of -$1.59 for the current quarter, -$1.67 for the next quarter and -$2.43 for 2024. The lowest estimate earnings-per-share for the quarter is -$1.8 while analysts give the company a high EPS estimate of -$1.1. Comparatively, EPS for the current quarter was $0.12 a year ago. Earnings per share for the fiscal year are expected to decrease by -95.28%, and 14.69% over the next financial year.
If you are looking to buy this stock, then you may note that the average analyst recommendation by 11 brokerage firm advisors rate Spirit Airlines Inc (SAVE) as a “Hold” at a consensus score of 3.09. Specifically, 1 Wall Street analysts polled rate the stock as a buy, while 8 of the 11 advise that investors “hold,” and 1 rated it as a “Sell.”
Looking at the support for the SAVE, a number of firms have released research notes about the stock. Deutsche Bank stated their Hold rating for the stock in a research note on December 20, 2022, with the firm’s price target at $27-$24.
