Good time to buy save stock ?

Spirit Airlines, Inc. (SAVE) does not present a compelling buying opportunity at this time. Here's why:

1. Financial Performance: SAVE reported a wider-than-expected loss in the second quarter of 2024, with a loss of $1.44 per share, missing the Zacks Consensus Estimate of a loss of $1.30 per share. Additionally, operating revenues of $1.28 billion missed the estimated $1.3 billion. This indicates a challenging financial period for the company.

2. Revenue Decline: The top line decreased by 10.6% year-over-year, primarily due to a 12.3% decline in the average yield. Passenger revenues, which account for 98% of the top line, decreased 11.1%. This revenue decline suggests that the company is facing headwinds in its core business.
3. Cost Pressures: Total operating expenses increased 1.5% year-over-year, primarily due to increases in aircraft rent, aircraft fuel, salaries, wages and benefits, landing fees, and other rents. These cost pressures could squeeze margins and make it difficult for the company to improve profitability in the near term.
4. Market Sentiment: Analysts have a "Sell" rating on SAVE stock, with an average price target of $2.61, which represents a 3.16% upside from the latest price. This suggests that analysts do not see a significant upside potential in the near term.
5. Stock Price and Technical Indicators: The stock's closing price as of August 28, 2024, was $2.53. The MACD was at 0.02, KDJ at 10.68, and RSI at 38.1, which are all below their neutral levels, indicating that the stock may be oversold. However, these technical indicators alone do not provide a clear buy signal.

6. Fibonacci Retracement: The 0.382 Fibonacci Retracement over the past year was $13.38, and the 0.618 Fibonacci Retracement was $16.29. These levels could be considered as potential support and resistance levels, but they do not directly indicate a good buying opportunity.

7. Recent Initiatives: Despite the challenges, SAVE has announced a transformation plan to better align with market dynamics, including introducing diverse travel options and aiming for $100 million in annual cost savings. These initiatives could potentially improve the company's long-term prospects, but they may not be enough to drive an immediate stock price increase.

In conclusion, while SAVE has some positive elements, such as a planned cost-saving initiative and a strong fleet efficiency, the current financial performance and market sentiment do not support a strong buy recommendation. Investors should consider the company's ongoing efforts to improve profitability and market conditions before making a decision to buy SAVE stock.