On April 10, 2023 at 10:23:06 ET an unusually large $353.23K block of Put contracts in Spirit Airlines (SAVE) was sold, with a strike price of $17.50 / share, expiring in 11 days (on April 21, 2023). Fintel tracks all large options trades, and the premium spent on this trade was 2.52 sigmas above the mean, placing it in the 98.59 percentile of all recent large trades made in SAVE options.

This trade was first picked up on Fintel’s real time Unusual Option Trades tool, where unusual option trades are highlighted.

Analyst Price Forecast Suggests 43.87% Upside

As of April 6, 2023, the average one-year price target for Spirit Airlines is $25.06. The forecasts range from a low of $20.20 to a high of $31.50. The average price target represents an increase of 43.87% from its latest reported closing price of $17.42.

See our leaderboard of companies with the largest price target upside.

The projected annual revenue for Spirit Airlines is $6,263MM, an increase of 23.57%. The projected annual non-GAAP EPS is $0.74.

What is the Fund Sentiment?

There are 425 funds or institutions reporting positions in Spirit Airlines. This is a decrease of 8 owner(s) or 1.85% in the last quarter. Average portfolio weight of all funds dedicated to SAVE is 0.17%, a decrease of 20.10%. Total shares owned by institutions decreased in the last three months by 8.98% to 77,252K shares. The put/call ratio of SAVE is 1.21, indicating a bearish outlook.

What are Large Shareholders Doing?

Antara Capital holds 4,269K shares representing 3.91% ownership of the company. In it’s prior filing, the firm reported owning 3,384K shares, representing an increase of 20.73%. The firm increased its portfolio allocation in SAVE by 38.20% over the last quarter.

Magnetar Financial holds 4,080K shares representing 3.74% ownership of the company. In it’s prior filing, the firm reported owning 4,250K shares, representing a decrease of 4.15%. The firm increased its portfolio allocation in SAVE by 21.35% over the last quarter.

VTSMX – Vanguard Total Stock Market Index Fund Investor Shares holds 3,306K shares representing 3.03% ownership of the company. In it’s prior filing, the firm reported owning 3,253K shares, representing an increase of 1.60%. The firm decreased its portfolio allocation in SAVE by 2.86% over the last quarter.

NAESX – Vanguard Small-Cap Index Fund Investor Shares holds 2,805K shares representing 2.57% ownership of the company. In it’s prior filing, the firm reported owning 2,764K shares, representing an increase of 1.44%. The firm decreased its portfolio allocation in SAVE by 2.78% over the last quarter.

IWM – iShares Russell 2000 ETF holds 2,504K shares representing 2.29% ownership of the company. In it’s prior filing, the firm reported owning 2,378K shares, representing an increase of 5.01%. The firm decreased its portfolio allocation in SAVE by 1.32% over the last quarter.

Spirit Airlines Background Information
(This description is provided by the company.)

Spirit Airlines is committed to delivering the best value in the sky. The company is the leader in providing customizable travel options starting with an unbundled fare. This allows its Guests to pay only for the options they choose – like bags, seat assignments and refreshments – something Spirit Airlines calls Á La Smarte. The company makes it possible for its Guests to venture further and discover more than ever before. Its Fit Fleet® is one of the youngest and most fuel-efficient in the U.S. Spirit Airlines serves destinations throughout the U.S., Latin America and the Caribbean, and is dedicated to giving back and improving those communities.

This article originally appeared on Fintel

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