Spirit Airlines Inc. (SAVE) Stock Down After Price Target Increase at Imperial Capital

Spirit Airlines Inc. (NASDAQ: SAVE) shares were down on Tuesday Nov 22 with lighter trade volume than normal after a number of analysts weighed in on the investing value of the stock, boosting the price target of stock.

Meanwhile, The Dow Jones Industrial Average opened opened higher, trading above 19,000 for the first time ever, while the S&P 500 traded above 2,200 shortly after the opening bell on Tuesday.

The S&P 500 SPX, +0.17% opened 5 points, or 0.2%, higher at 2,202. The Dow Jones Industrial Average DJIA, +0.20% added 45 points, or 0.2%, to 19,002. The Nasdaq Composite COMP, +0.25% began the session up 16 points, or 0.3%, at 5,385.

Spirit Airlines Inc. (NASDAQ: SAVE) had its price target increased by equities researchers at Imperial Capital from $58.00 to $68.00. Imperial Capital currently has a rating of Outperform on the stock. The one-year price target of $55.00 is above the opening price of $53.14, resulting a number of other analysts to report on the company recently. Looking back over the last 52 weeks, Spirit Airlines Inc. stock has a high of $55.10.

Spirit Airlines Inc. (NASDAQ: SAVE) shares last traded at $52.81, a decrease of $0.09 per share or -0.17% from the previous closing price. Opening at $53.14, they fluctuated from $52.81 and $53.50 throughout the day.

Spirit Airlines Inc. (NASDAQ: SAVE) currently has a market cap of 3.66B.

Spirit Airlines Inc. (NASDAQ: SAVE) Average Daily Trading Volume

96,975 shares crossed the trading desk yesterday, lower than the average, out of a total float 69,068,000. Momentum traders often use upticks in trading volume to determine heavy volume accumulation or circulation by institutional investors, so look for trading volume to pick up in the coming days.

As with all possible breakouts, investors look for volume to be at least 40%-50% above normal on the breakout to indicate that fund managers and other professional investors are jumping in.

Institutional sponsorship commonly refers to ownership of a stock by mutual funds, banks, pension funds and other large institutions.

Institutional investors such as these retain teams of analysts that research thousands of stocks. So watching their interests is a good way to make sure you are buying the right stocks.

Spirit Airlines Inc. (NASDAQ: SAVE) Moving Averages

A moving average can also act as support or resistance. In an uptrend a 50-day, 100-day or 200-day moving average may act as a support level, as shown in the figure below.

This is because the average acts like a floor (support), so the price bounces up off of it.

In a downtrend a moving average may act as resistance; like a ceiling, the price hits it and then starts to drop again.

Traders are able to make make more effective choices on trades when they track the activity of professional investors.

Trades for Spirit Airlines Inc. (NASDAQ: SAVE) have ranged from $34.99 – 55.10, and the stock now has a 50-day MA of $47.42 and 200-day MA of $43.39. Today’s last price is 4.16%% below the 52 week high of $55.10.

Indeed, earnings growth is among the most critical things to look at in regards to stock investing and, accordingly, investors seek companies that have increased their earnings by at least 25% for 3 consecutive years.

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