Spirit Airlines Sees Unusually High Options Volume (NYSE:SAVE)

Spirit Airlines, Inc. (NYSE:SAVE) was the target of some unusual options trading on Wednesday. Stock investors purchased 62,279 put options on the stock. This represents an increase of 84% compared to the average volume of 33,898 put options.

Analysts Set New Price Targets

Several equities analysts recently commented on the company. Susquehanna dropped their target price on Spirit Airlines from $2.25 to $1.50 and set a “negative” rating for the company in a research note on Wednesday, October 9th. TD Cowen dropped their price target on Spirit Airlines from $2.00 to $1.00 and set a “sell” rating for the company in a research note on Wednesday, November 13th. Finally, Barclays dropped their price target on Spirit Airlines from $3.00 to $0.50 and set an “underweight” rating for the company in a research note on Thursday, November 14th. Seven research analysts have rated the stock with a sell rating and two have given a hold rating to the stock. Based on data from MarketBeat, Spirit Airlines has an average rating of “Reduce” and an average target price of $2.00.

Spirit Airlines Price Performance

SAVE opened at $1.08 on Thursday. Spirit Airlines has a one year low of $1.02 and a one year high of $17.02. The company has a debt-to-equity ratio of 3.86, a quick ratio of 0.94 and a current ratio of 0.94. The stock’s fifty day moving average is $2.19 and its 200-day moving average is $2.85. The company has a market capitalization of $118.28 million, a PE ratio of -0.17 and a beta of 1.37.

Hedge Funds Weigh In On Spirit Airlines

A number of hedge funds have recently modified their holdings of SAVE. U S Global Investors Inc. purchased a new position in shares of Spirit Airlines during the third quarter valued at $28,816,000. Federated Hermes Inc. grew its holdings in shares of Spirit Airlines by 331.2% during the second quarter. Federated Hermes Inc. now owns 432,494 shares of the company’s stock valued at $1,583,000 after buying an additional 332,188 shares in the last quarter. XTX Topco Ltd grew its holdings in shares of Spirit Airlines by 826.8% during the third quarter. XTX Topco Ltd now owns 204,119 shares of the company’s stock valued at $490,000 after buying an additional 182,094 shares in the last quarter. Bayesian Capital Management LP purchased a new position in shares of Spirit Airlines during the first quarter valued at $829,000. Finally, Virtu Financial LLC purchased a new position in shares of Spirit Airlines during the first quarter valued at $496,000. 58.73% of the stock is currently owned by institutional investors and hedge funds.

About Spirit Airlines

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.