Vanguard Group Inc. Buys 68,710 Shares of Spirit Airlines, Inc. (NYSE:SAVE)

Vanguard Group Inc. lifted its position in shares of Spirit Airlines, Inc. (NYSE:SAVE) by 0.7% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 10,418,903 shares of the company’s stock after purchasing an additional 68,710 shares during the period. Vanguard Group Inc. owned 9.52% of Spirit Airlines worth $170,766,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in SAVE. American Century Companies Inc. increased its position in shares of Spirit Airlines by 88.2% in the third quarter. American Century Companies Inc. now owns 626,269 shares of the company’s stock worth $10,333,000 after purchasing an additional 293,517 shares during the period. Dimensional Fund Advisors LP raised its position in shares of Spirit Airlines by 13.1% in the 4th quarter. Dimensional Fund Advisors LP now owns 3,143,384 shares of the company’s stock valued at $51,520,000 after buying an additional 363,519 shares in the last quarter. Cim Investment Management Inc. lifted its holdings in shares of Spirit Airlines by 121.7% during the 4th quarter. Cim Investment Management Inc. now owns 25,937 shares of the company’s stock worth $425,000 after acquiring an additional 14,236 shares during the period. Wealthsource Partners LLC boosted its position in shares of Spirit Airlines by 6.9% during the 4th quarter. Wealthsource Partners LLC now owns 33,946 shares of the company’s stock worth $556,000 after acquiring an additional 2,190 shares in the last quarter. Finally, Readystate Asset Management LP bought a new position in Spirit Airlines in the fourth quarter valued at approximately $3,072,000. 58.73% of the stock is owned by institutional investors and hedge funds.

Spirit Airlines Stock Down 0.7 %

NYSE:SAVE opened at $3.63 on Thursday. The company has a debt-to-equity ratio of 3.17, a current ratio of 0.97 and a quick ratio of 0.97. Spirit Airlines, Inc. has a one year low of $3.18 and a one year high of $19.69. The firm’s 50 day simple moving average is $3.68 and its 200 day simple moving average is $6.43. The company has a market cap of $396.94 million, a PE ratio of -0.82 and a beta of 1.40.

Spirit Airlines (NYSE:SAVE) last posted its quarterly earnings data on Monday, May 6th. The company reported ($1.46) earnings per share for the quarter, missing analysts’ consensus estimates of ($1.45) by ($0.01). The company had revenue of $1.27 billion during the quarter, compared to analyst estimates of $1.27 billion. Spirit Airlines had a negative net margin of 9.21% and a negative return on equity of 34.64%. The business’s revenue for the quarter was down 6.2% on a year-over-year basis. During the same quarter in the previous year, the company earned ($0.82) earnings per share. On average, research analysts anticipate that Spirit Airlines, Inc. will post -3.88 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of equities research analysts have weighed in on the company. Deutsche Bank Aktiengesellschaft reduced their target price on Spirit Airlines from $4.00 to $3.00 and set a “hold” rating on the stock in a report on Tuesday, May 7th. Citigroup decreased their target price on Spirit Airlines from $3.85 to $3.50 and set a “sell” rating on the stock in a research report on Tuesday, May 14th. TD Cowen lowered their target price on Spirit Airlines from $4.00 to $3.00 and set a “hold” rating for the company in a research note on Tuesday, May 7th. Susquehanna reduced their price target on shares of Spirit Airlines from $4.00 to $3.00 and set a “negative” rating on the stock in a research note on Wednesday, May 8th. Finally, Barclays began coverage on shares of Spirit Airlines in a research report on Wednesday, March 27th. They set an “underweight” rating and a $4.00 price objective for the company. Five investment analysts have rated the stock with a sell rating and four have given a hold rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Reduce” and an average target price of $3.57.

Spirit Airlines Profile

Spirit Airlines, Inc provides airline services. The company also offers hotels and rental cars services. It serves 93 destinations in 15 countries in the United States, Latin America, and the Caribbean. As of December 31, 2023, the company operated a fleet of 205 Airbus single-aisle aircraft. The company was formerly known as Clippert Trucking Company and changed its name to Spirit Airlines, Inc in 1992.