Spirit Airlines Inc. (SAVE) traded on unusually high volume on Jun. 08, as the stock gained 0.79% to close at $55.85. On the day, Spirit Airlines Inc. saw 2.07 million shares trade hands on 16,575 trades. Considering that the stock averages only a daily volume of 1.16 million shares a day over the last month, this represents a pretty significant bump in volume over the norm.
Generally speaking, when a stock experiences a sudden spike in trading volume, it may be seen as a bullish signal for investors. An increase in volume means more market awareness for the company, potentially setting up a more meaningful move in stock price. The added volume also provides a level of support and stability for price advances.
The stock has traded between $60.40 and $37.17 over the last 52-weeks, its 50-day SMA is now $55.02, and its 200-day SMA $51.20. Spirit Airlines Inc. has a P/B ratio of 2.71. It also has a P/E ratio of 16.4.
Spirit Airlines Inc is an airline based in Miramar, Florida. The Company’s all-Airbus fleet currently operates more than 385 daily flights to over 56 destinations in the United States, Caribbean and Latin America.