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

Spirit Airlines Incorporated (NASDAQ:SAVE) saw some unusual options trading activity on Tuesday. Investors purchased 3,560 put options on the stock. This is an increase of 1,013% compared to the typical daily volume of 320 put options.

A number of research firms have recently issued reports on SAVE. Buckingham Research upgraded Spirit Airlines from a “neutral” rating to a “buy” rating and increased their target price for the company from $41.00 to $50.00 in a report on Monday. Bank of America downgraded Spirit Airlines to a “sell” rating and set a $39.00 price target on the stock. in a report on Monday, September 23rd. TheStreet lowered Spirit Airlines from a “b-” rating to a “c” rating in a research report on Wednesday, August 21st. Stifel Nicolaus set a $55.00 price target on Spirit Airlines and gave the company a “hold” rating in a research report on Friday, October 11th. Finally, Citigroup assumed coverage on Spirit Airlines in a research note on Thursday, October 31st. They issued a “buy” rating and a $46.00 price objective for the company. One investment analyst has rated the stock with a sell rating, eleven have issued a hold rating and six have given a buy rating to the stock. The stock presently has an average rating of “Hold” and a consensus price target of $50.67.

SAVE opened at $38.02 on Wednesday. Spirit Airlines has a 1 year low of $32.97 and a 1 year high of $65.35. The stock has a fifty day moving average price of $38.09 and a 200 day moving average price of $42.01.

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

Institutional investors have recently made changes to their positions in the company. Steward Partners Investment Advisory LLC acquired a new position in Spirit Airlines in the second quarter worth approximately $28,000. Zurcher Kantonalbank Zurich Cantonalbank lifted its stake in Spirit Airlines by 20.1% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 1,661 shares of the transportation company’s stock valued at $79,000 after acquiring an additional 278 shares during the last quarter. Point72 Hong Kong Ltd lifted its position in shares of Spirit Airlines by 549.0% in the second quarter. Point72 Hong Kong Ltd now owns 1,707 shares of the transportation company’s stock worth $81,000 after buying an additional 1,444 shares during the last quarter. Tower Research Capital LLC TRC acquired a new position in shares of Spirit Airlines during the 2nd quarter valued at about $134,000. Finally, Advisor Group Inc. boosted its position in Spirit Airlines by 12.4% during the second quarter. Advisor Group Inc. now owns 3,341 shares of the transportation company’s stock worth $160,000 after purchasing an additional 368 shares during the period.

About Spirit Airlines

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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