Robert D. Johnson, a director at Spirit Airlines , Inc. (NYSE:OTC:SAVEQ), recently sold a total of 24,735 shares of the company's common stock. The sale comes as the airline, currently valued at $97.15 million, has seen its stock decline by 96% year-to-date. According to InvestingPro analysis, the company currently trades near its Fair Value. The shares were sold at a weighted average price of $0.6143 per share, resulting in a total transaction value of approximately $15,194. Following this transaction, Johnson now holds 16,900 shares, including restricted stock units. The sale was executed in multiple trades with prices ranging from $0.61 to $0.6181. InvestingPro subscribers have access to 20+ additional insights about Spirit Airlines, including detailed analysis of its financial health, which is currently rated as WEAK, with a concerning debt-to-equity ratio of 15.41.
In other recent news, Spirit Airlines has been making significant financial moves. The airline has entered into an agreement to sell 23 of its A320ceo/A321ceo aircraft to GA Telesis, LLC for about $519 million, a strategic decision expected to bolster its liquidity by an estimated $225 million by the end of 2025. This development comes amidst Spirit's ongoing negotiations with creditors and its anticipated filing for Chapter 11 bankruptcy.
Spirit Airlines is also facing a downgrade, with analysts from TD Cowen and Citi maintaining a Sell rating on the company. This stance reflects the airline's current financial challenges, including the breakdown of merger talks with Frontier Airlines and the potential cancellation of existing equity shares due to ongoing negotiations with creditors.
In addition to these developments, Spirit Airlines has been affected by an FAA prohibition on U.S. flights to Haiti following a safety incident. Despite these challenges, the airline is making efforts to navigate industry difficulties and work towards financial stability. These are the recent developments for Spirit Airlines as it continues to adapt to industry and financial challenges.
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