Spirit Airlines (NYSE: SAVE) stock analysis shows that it followed a bearish trend and marked its 52-week low at $15.77. This airline stock almost lost investors’ confidence due to its not-so-good price performance. However, the other airline stocks such as Delta Air Lines (NYSE: DAL), JetBlue Airways Corporation (NASDAQ: JBLU), and American Airlines (NASDAQ: AAL) surged almost 0.77%, 0.70% and 3.53%, respectively.
The total revenue of SAVE for Q1 2023 is $1.35 Billion, and it’s 2.99% lower compared to the previous quarter. The net income of Q1 23 is $-103.91 Million. Spirit Airlines’ revenue for the last year amounted to $5.07 Billion, the most of which — $4.99 Billion — came from its highest performing source at the moment, Air Transportation for Passengers, the year earlier bringing $3.18 Billion.
Furthermore, the airline company reported its EPS for Q1 2023 are $-0.82, whereas the estimation was $-0.85, which accounts for a 3.74% surprise. The estimated earnings for the next quarter are $0.32 USD.
$SAVE Stock Price Analysis
On Monday, May 8th, SAVE’s stock price dropped near its 52-week low. It closed at the cost of $15.92, with 2.45% decline in the last 24 hours. In yesterday’s trading session, SAVE stock opened at $16.06, high at $16.24 while low at $15.77.
As shown in the above chart, SAVE stock has already marked its 52-week low while showing a bearish outlook. From here, the airline stock demands to take a bounce and then follow a bullish trend. However, active bears in the market have pulled down the price of SAVE stock, which is entirely below its 20-DAY EMA. The RSI of this stock rests in the oversold zone.
Earlier in March, the airline stock also dropped at the trading price level of $16.16, then took a bounce and noted a high at $18.00. Before reporting its Q1 2023 report, the stock price of Spirit Airlines tested its 20-day EMA level. Still, due to the dominance of bears in the market, SAVE stock did not reach its 50-day EMA.
The analysts have set their price target for SAVE stock at $21.63, up more than 30% from its closing price. Meanwhile, the 1-year forecasts by analysts have a maximum estimate of $30.00 and a minimum estimate of $10.00.
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Source: https://www.thecoinrepublic.com/2023/05/09/save-stock-marked-its-52-week-low-drops-almost-3-this-monday/