Bank of New York Mellon Corp Sells 52,516 Shares of Spirit Airlines, Inc. (NYSE:SAVE)

Bank of New York Mellon Corp cut its stake in shares of Spirit Airlines, Inc. (NYSE:SAVE) by 4.6% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 1,079,962 shares of the company’s stock after selling 52,516 shares during the quarter. Bank of New York Mellon Corp owned 0.99% of Spirit Airlines worth $3,953,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also bought and sold shares of the company. TFO Wealth Partners LLC lifted its position in Spirit Airlines by 21,975.0% in the 4th quarter. TFO Wealth Partners LLC now owns 3,532 shares of the company’s stock worth $58,000 after buying an additional 3,516 shares during the last quarter. Private Advisor Group LLC bought a new stake in shares of Spirit Airlines in the 4th quarter worth approximately $179,000. Natixis boosted its stake in shares of Spirit Airlines by 29.1% in the 1st quarter. Natixis now owns 12,480 shares of the company’s stock valued at $60,000 after purchasing an additional 2,815 shares in the last quarter. Wellington Wealth Strategies LLC. bought a new position in shares of Spirit Airlines during the 1st quarter valued at $68,000. Finally, First Bank & Trust purchased a new position in Spirit Airlines in the 1st quarter worth $70,000. 58.73% of the stock is currently owned by institutional investors.

Spirit Airlines Trading Down 2.7 %

Spirit Airlines stock opened at $2.50 on Friday. Spirit Airlines, Inc. has a 12 month low of $2.38 and a 12 month high of $17.49. The company has a current ratio of 0.94, a quick ratio of 0.94 and a debt-to-equity ratio of 3.86. The business’s fifty day simple moving average is $2.76 and its two-hundred day simple moving average is $3.64. The company has a market capitalization of $273.75 million, a price-to-earnings ratio of -0.56 and a beta of 1.39.

Spirit Airlines (NYSE:SAVE) last announced its quarterly earnings results on Thursday, August 1st. The company reported ($1.44) earnings per share for the quarter, missing the consensus estimate of ($1.30) by ($0.14). The firm had revenue of $1.28 billion for the quarter, compared to the consensus estimate of $1.30 billion. Spirit Airlines had a negative net margin of 13.20% and a negative return on equity of 57.87%. Spirit Airlines’s revenue was down 10.6% on a year-over-year basis. During the same period last year, the business earned $0.29 EPS. As a group, equities analysts predict that Spirit Airlines, Inc. will post -7.12 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

SAVE has been the topic of several recent research reports. TD Cowen lowered Spirit Airlines from a “hold” rating to a “sell” rating and reduced their price target for the stock from $3.00 to $2.00 in a research report on Wednesday, July 17th. Raymond James downgraded shares of Spirit Airlines from a “market perform” rating to an “underperform” rating in a research note on Friday, July 5th. Susquehanna dropped their price target on shares of Spirit Airlines from $2.50 to $2.25 and set a “negative” rating for the company in a research report on Friday, August 16th. Bank of America cut their price target on shares of Spirit Airlines from $3.25 to $2.75 and set an “underperform” rating on the stock in a report on Wednesday, July 17th. Finally, Deutsche Bank Aktiengesellschaft downgraded shares of Spirit Airlines from a “hold” rating to a “sell” rating and lowered their price objective for the company from $3.00 to $2.00 in a research note on Monday, July 8th. Seven equities research analysts have rated the stock with a sell rating and two have issued a hold rating to the company. According to MarketBeat, Spirit Airlines presently has a consensus rating of “Reduce” and an average price target of $2.61.

About Spirit Airlines

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.