The stock of Spirit Airlines, Inc. (NYSE:SAVE) is now priced at $16.45 and the shares are -0.09 points down or -0.54% lower compared to its previous closing price of $16.54. The stock had 7.617 million contracts set over the past session. SAVE shares’ daily volume is compared to its average trading volume at 26 million shares. However, it has a float of 88.2 million and although its performance was -0.66% over the week, it’s one to watch. Analysts have given the SAVE stock a yearly average price target of $17.92 per share. It means the stock’s upside potential is 8.94% with the SAVE share price recently placing at $16.06 to $16.97. However, some brokerage firms have priced the stock below the average, including one that has called $7.
The shorts are running away from the Spirit Airlines, Inc. stock, with the latest data on short interest released on June 30, 2020, showing that short interest numbers in the SAVE shares have declined. Short interest in the stock represents just 23.11% of its float, but the volume has dropped by 0.
In the last trading session, Spirit Airlines, Inc. (NYSE:SAVE) dropped by -$0.21 over the week and lost -$1.35 on its 20-day. The stock’s high in the recent session is lower when compared to its 52-week high of $47.5. The stock recorded its established 52-week high on 02/06/20.
Since 03/19/20, the stock has traded to a low of $7.01 at 134.66%, an encouraging piece of data likely to interest most investors out to exploit the stock’s recent surge. The stock has a beta allocation of 1.29. Being above 1 means that the stock’s volatility is higher than the market and traders are keenly watching it.
Looking at current readings, Spirit Airlines, Inc.’s two-week RSI is 49. This suggests that the stock is neutral at the moment and that SAVE shares’ price movement remains stable. The stochastic readings are equally revealing at 20.41% meaning the SAVE share price is currently in overbought territory.
The technical chart shows that the SAVE stock will likely settle at between $16.74 and $17.02 per share. However, if the stock dips below $16.15, then its market would become much weaker. Any downside could see the stock price sliding to levels as low as $15.84.
Currently, the stock is trading in the red of MACD, with a reading of -0.29. Investors always pay attention to any move above or below the zero-line, mainly because the indicator points to the position of the stock’s short-term average relative to its long-term measure. A MACD -a reading above the zero line means that the short-term is above the long-term average. This scenario implies that there is an upward momentum. The opposite is true when the MACD falls below the zero-line.
Analysts at Maxim Group assigned SAVE a rating of Buy in their intiating review released on June 17. Credit Suisse analysts downgraded their recommendation of the stock from Neutral to Underperform in a flash note released to investors on June 12. Evercore ISI seeing the stock struggling downgraded it from Outperform to In-line on June 05.
The average rating for the SAVE equity is 2.87 and is currently gathering a bullish momentum. Of 15 analysts tracking Spirit Airlines, Inc. polled by Reuters, 5 rated SAVE as a hold. The remaining 10 analysts were split evenly. However, the split wasn’t equal as a majority (6) rated it as a buy or strong buy. 4 analyst advised investors against buying the stock or to sell if they own any of the stock.
Elsewhere, the SAVE stock price is 13.83X ahead of its 12-month Consensus earnings per share estimates.
Zacks Consensus Estimate forecasts that the current-quarter revenues for Spirit Airlines, Inc. (NYSE:SAVE) will increase by about 207.53%, which will see them reach $427.46 million. The company’s full-year revenues are, however, expected to diminish by about -49.87%, down from $3830 million to $1920 million. SAVE’s expected adjusted earnings should drop almost -254.55% to end up at -$2.04 per share, while for the fiscal year, analysts project the company’s earnings to drop by about -256.97% to record -$7.99/share.