Traders Buy High Volume of Spirit Airlines Put Options (NYSE:SAVE)

Spirit Airlines, Inc. (NYSE:SAVE - Get Free Report) was the recipient of some unusual options trading on Wednesday. Stock investors bought 62,279 put options on the company. This is an increase of 84% compared to the average volume of 33,898 put options.

Analysts Set New Price Targets

SAVE has been the topic of a number of research analyst reports. Barclays decreased their price target on shares of Spirit Airlines from $3.00 to $0.50 and set an "underweight" rating on the stock in a report on Thursday, November 14th. TD Cowen decreased their target price on Spirit Airlines from $2.00 to $1.00 and set a "sell" rating on the stock in a research report on Wednesday, November 13th. Susquehanna cut their price target on Spirit Airlines from $2.25 to $1.50 and set a "negative" rating on the stock in a research note on Wednesday, October 9th. Finally, Citigroup lowered their target price on Spirit Airlines from $3.50 to $2.75 and set a "sell" rating for the company in a research note on Tuesday, July 23rd. Seven analysts have rated the stock with a sell rating and two have issued a hold rating to the company. According to data from MarketBeat, Spirit Airlines presently has a consensus rating of "Reduce" and a consensus target price of $2.00.

Spirit Airlines Price Performance

NYSE:SAVE remained flat at $1.08 during trading hours on Wednesday. The company's stock had a trading volume of 19,128 shares, compared to its average volume of 26,983,716. The company's fifty day simple moving average is $2.21 and its 200 day simple moving average is $2.86. The stock has a market capitalization of $118.28 million, a PE ratio of -0.17 and a beta of 1.37. The company has a current ratio of 0.94, a quick ratio of 0.94 and a debt-to-equity ratio of 3.86. Spirit Airlines has a 52-week low of $1.02 and a 52-week high of $17.02.

Institutional Trading of Spirit Airlines

Several institutional investors have recently made changes to their positions in SAVE. Natixis grew its position in shares of Spirit Airlines by 29.1% during the first quarter. Natixis now owns 12,480 shares of the company's stock worth $60,000 after buying an additional 2,815 shares in the last quarter. State Board of Administration of Florida Retirement System increased its holdings in shares of Spirit Airlines by 9.6% in the first quarter. State Board of Administration of Florida Retirement System now owns 34,351 shares of the company's stock valued at $166,000 after purchasing an additional 3,020 shares in the last quarter. Price T Rowe Associates Inc. MD raised its holdings in shares of Spirit Airlines by 5.7% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 73,622 shares of the company's stock valued at $357,000 after purchasing an additional 3,955 shares during the period. Signaturefd LLC increased its position in Spirit Airlines by 127.6% in the 2nd quarter. Signaturefd LLC now owns 7,926 shares of the company's stock valued at $29,000 after acquiring an additional 4,443 shares during the period. Finally, Wealth Enhancement Advisory Services LLC increased its stake in Spirit Airlines by 38.8% in the 3rd quarter. Wealth Enhancement Advisory Services LLC now owns 18,821 shares of the company's stock valued at $45,000 after buying an additional 5,261 shares during the last quarter. Hedge funds and other institutional investors own 58.73% of the company's stock.

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.