- The ultra-low fare airlines were recognized by ATW 2023 as Value Airline of the Year.
- Spirit Airlines shares a 3.4% market share in United States aviation.
Founded in 1964 and headquartered in Miramar, Florida, Spirit Airlines Inc. operates primarily in South Florida, the Caribbean, and Latin America, along with the North-Eastern and North-Midwest regions of the United States. On February 14, 2023, they received the Value Airline of the Year at the ATW 2023 Airline Industry Achievement Awards.
Spirit Airlines enjoys a 3.4% share of the United States aviation market.
Aviation Week Network’s Air Transport World (ATW) recognized Spirit Airlines for its efforts in the industry. It will be presented with the award on June 2, 2023, right before IATA Annual General Meeting. The award recognizes excellence in a wide range of airline operations. The reasons that made them seen by the awarding committee are their efforts in taking ultra-low fare travel to unprecedented heights.
The company keeps introducing new cabin enhancements for comfort and maintaining its commitment to affordable travel. Soon they will be introducing wider and more cushioned seats and new headrests. Newer seats are supposed to shed 11 pounds per set, further reducing weight.
Spirit Fit Fleet is believed to be the industry’s most fuel efficient. In Q2 2023, they are expecting their 200th Airbus delivery. Newer engines are said to reduce noise footprint by 75% and NO2 emission by 50%. The recent addition of a large aircraft maintenance facility at George Bush Intercontinental Airport (IAH) and new crew bases increases the chances of a rally.
At the time of reading, the airline’s stock was trading at $19.26, with a slight drop of 0.98%. The previous open was $19.45, while the open was $19.37. The fifty-two-week range is from $15.92 to $27.88, meaning that the current rate is closer to the lower range of the spectrum. The airline has a market cap of $2.102 billion, a volume of 1.03 million shares and an average volume of 1.05 million shares.
The expected Price target is $26.86 with a 39.4% upside; the higher limit is $30.00, while the lower limit is $23.00. Short interest is healthy, with 6.82% float sold short, and the projected earning growth seems to be growing from $1.85 to $0.68 per share. The current profit margin is negative 10.93%; the operating margin is negative 2.61%. The company’s revenue is strong at $5.07 billion, per share is $46.61, and year-on-year quarterly growth is 40.90%.
A clear downward-sloping trend line is visible in the chart, and the current price point is trying to respect it and, if possible, break it and move toward the supply zone. The $19.00 mark is soft support; the price is expected to either consolidate or go up. If it is to go down the equilibrium point, it might enter the demand zone and could present decent buying opportunities.
If it manages to break the trend line, it might climb to the supply zone after some consolidation. However, a clear breakthrough cannot be expected at the moment.
Disclaimer:
The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while his post-graduation. He is a keen observer of details and shares his passion for writing along with being a developer. His backend knowledge about blockchain helps him give a unique perspective to his writing
Source: https://www.thecoinrepublic.com/2023/02/15/spirit-airlinessave-value-airline-of-the-year-will-it-fly/