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

Spirit Airlines, Inc. (NYSE:SAVE) was the target of unusually large options trading activity on Monday. Investors bought 11,291 put options on the stock. This represents an increase of approximately 61% compared to the average daily volume of 7,014 put options.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of the business. Athos Capital Ltd bought a new stake in shares of Spirit Airlines in the first quarter valued at $2,108,000. CTC Capital Management LLC bought a new stake in Spirit Airlines during the 4th quarter valued at $195,000. Anqa Management LLC lifted its position in shares of Spirit Airlines by 4.7% during the fourth quarter. Anqa Management LLC now owns 443,307 shares of the company’s stock worth $8,636,000 after acquiring an additional 20,000 shares in the last quarter. AQR Arbitrage LLC boosted its holdings in shares of Spirit Airlines by 0.9% in the fourth quarter. AQR Arbitrage LLC now owns 1,043,042 shares of the company’s stock worth $20,318,000 after acquiring an additional 9,737 shares during the period. Finally, Clear Harbor Asset Management LLC bought a new stake in shares of Spirit Airlines during the 1st quarter valued at $197,000. Hedge funds and other institutional investors own 65.22% of the company’s stock.

Spirit Airlines Stock Down 1.3 %

Shares of Spirit Airlines stock traded down $0.21 during trading hours on Monday, reaching $16.25. The company’s stock had a trading volume of 1,380,464 shares, compared to its average volume of 1,580,395. Spirit Airlines has a one year low of $14.41 and a one year high of $22.90. The company has a market capitalization of $1.77 billion, a P/E ratio of -4.34 and a beta of 1.12. The stock’s fifty day simple moving average is $16.84 and its two-hundred day simple moving average is $16.78. The company has a debt-to-equity ratio of 2.09, a quick ratio of 1.05 and a current ratio of 1.05.

Spirit Airlines (NYSE:SAVE) last announced its earnings results on Thursday, August 3rd. The company reported $0.29 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.39 by ($0.10). The company had revenue of $1.43 billion for the quarter, compared to analysts’ expectations of $1.47 billion. Spirit Airlines had a negative net margin of 7.49% and a negative return on equity of 2.57%. The firm’s quarterly revenue was up 4.8% on a year-over-year basis. During the same period in the previous year, the firm earned ($0.30) EPS. On average, research analysts forecast that Spirit Airlines will post -1.62 earnings per share for the current year.

Spirit Airlines Announces Dividend

The firm also recently disclosed a dividend, which was paid on Thursday, August 31st. Shareholders of record on Friday, August 25th were given a $0.10 dividend. The ex-dividend date of this dividend was Thursday, August 24th.

Analysts Set New Price Targets

Several research firms have issued reports on SAVE. StockNews.com assumed coverage on shares of Spirit Airlines in a research report on Wednesday, August 23rd. They set a “sell” rating on the stock. Evercore ISI dropped their price objective on shares of Spirit Airlines from $25.00 to $20.00 and set an “in-line” rating on the stock in a research report on Monday. Finally, Susquehanna dropped their price objective on shares of Spirit Airlines from $20.00 to $17.00 and set a “neutral” rating on the stock in a research report on Tuesday, August 8th. One investment analyst has rated the stock with a sell rating, four have given a hold rating and one has given a buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $18.80.

About Spirit Airlines

Spirit Airlines, Inc provides airline services. The company provides front seats, including wider seats with extra legroom, carry-on and checked baggage, assigned seats, travel insurance, and onboard beverages and snacks, as well as hotels, cars, vacation packages, and cruises services. It serves 92 destinations in 16 countries in the United States, Latin America, and the Caribbean.