Spirit Airlines Target of Unusually High Options Trading (NASDAQ:SAVE)

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Spirit Airlines Incorporated (NASDAQ:SAVE) saw unusually large options trading on Tuesday. Traders bought 3,560 put options on the company. This is an increase of approximately 1,013% compared to the average volume of 320 put options.

Several analysts have recently commented on SAVE shares. Bank of America cut Spirit Airlines to a “sell” rating and set a $39.00 target price on the stock. in a report on Monday, September 23rd. Stifel Nicolaus set a $55.00 price target on Spirit Airlines and gave the company a “hold” rating in a report on Friday, October 11th. Cowen reduced their price target on shares of Spirit Airlines from $51.00 to $48.00 and set an “outperform” rating on the stock in a research report on Friday, October 11th. TheStreet downgraded shares of Spirit Airlines from a “b-” rating to a “c” rating in a research report on Wednesday, August 21st. Finally, Stephens lowered shares of Spirit Airlines from an “overweight” rating to an “equal” rating and reduced their target price for the stock from $55.00 to $45.00 in a research report on Monday, September 23rd. One analyst has rated the stock with a sell rating, eleven have assigned a hold rating and six have assigned a buy rating to the stock. Spirit Airlines presently has an average rating of “Hold” and an average price target of $50.67.

Shares of NASDAQ SAVE opened at $38.02 on Wednesday. Spirit Airlines has a fifty-two week low of $32.97 and a fifty-two week high of $65.35. The company’s 50 day simple moving average is $38.09 and its 200 day simple moving average is $42.01.

Spirit Airlines (NASDAQ:SAVE) last posted its quarterly earnings results on Wednesday, October 23rd. The transportation company reported $1.32 earnings per share for the quarter, beating the Zacks’ consensus estimate of $1.23 by $0.09. The company had revenue of $991.97 million during the quarter, compared to analyst estimates of $987.68 million. During the same period last year, the company earned $1.47 EPS. The business’s revenue for the quarter was up 9.7% compared to the same quarter last year.

A number of large investors have recently added to or reduced their stakes in SAVE. Vanguard Group Inc. grew its position in shares of Spirit Airlines by 0.6% during the 2nd quarter. Vanguard Group Inc. now owns 6,227,740 shares of the transportation company’s stock worth $297,250,000 after buying an additional 39,004 shares during the period. BlackRock Inc. boosted its stake in Spirit Airlines by 2.0% during the 2nd quarter. BlackRock Inc. now owns 4,768,550 shares of the transportation company’s stock worth $227,603,000 after acquiring an additional 94,529 shares during the last quarter. Invesco Ltd. boosted its stake in Spirit Airlines by 328.2% during the 2nd quarter. Invesco Ltd. now owns 3,135,363 shares of the transportation company’s stock worth $149,652,000 after acquiring an additional 2,403,128 shares during the last quarter. Mackenzie Financial Corp grew its holdings in Spirit Airlines by 27.4% during the second quarter. Mackenzie Financial Corp now owns 2,531,404 shares of the transportation company’s stock valued at $120,824,000 after purchasing an additional 544,424 shares during the period. Finally, Nuveen Asset Management LLC acquired a new position in Spirit Airlines during the second quarter valued at approximately $83,714,000.

Spirit Airlines Company Profile

Spirit Airlines, Inc is an airline company. The Company provides air transportation for passengers. As of December 31, 2016, its all-Airbus Fit Fleet operated over 420 daily flights to 59 destinations in the United States, Caribbean and Latin America. As of December 31, 2016, it had a fleet of 95 Airbus single-aisle aircraft, which are referred to as A320 family aircraft and include the A319, A320 and A321 models, which have common design and equipment but differ most notably in fuselage length, service range and seat capacity.

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