Squarepoint Ops LLC Cuts Stake in Spirit Airlines, Inc. (NYSE:SAVE)

Squarepoint Ops LLC lowered its position in shares of Spirit Airlines, Inc. (NYSE:SAVE) by 89.9% in the second quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 88,863 shares of the company’s stock after selling 790,930 shares during the quarter. Squarepoint Ops LLC owned 0.08% of Spirit Airlines worth $325,000 as of its most recent filing with the SEC.

Other large investors also recently bought and sold shares of the company. Vanguard Group Inc. increased its holdings in shares of Spirit Airlines by 0.7% in the 1st quarter. Vanguard Group Inc. now owns 10,491,947 shares of the company’s stock valued at $50,781,000 after purchasing an additional 73,044 shares in the last quarter. BNP Paribas Financial Markets increased its holdings in shares of Spirit Airlines by 2,369.9% in the 1st quarter. BNP Paribas Financial Markets now owns 733,846 shares of the company’s stock valued at $3,552,000 after purchasing an additional 704,134 shares in the last quarter. Federated Hermes Inc. increased its holdings in shares of Spirit Airlines by 331.2% in the 2nd quarter. Federated Hermes Inc. now owns 432,494 shares of the company’s stock valued at $1,583,000 after purchasing an additional 332,188 shares in the last quarter. American Century Companies Inc. increased its holdings in shares of Spirit Airlines by 11.8% in the 2nd quarter. American Century Companies Inc. now owns 179,934 shares of the company’s stock valued at $659,000 after purchasing an additional 19,038 shares in the last quarter. Finally, Roman Butler Fullerton & Co. increased its holdings in shares of Spirit Airlines by 6.3% in the 2nd quarter. Roman Butler Fullerton & Co. now owns 178,033 shares of the company’s stock valued at $652,000 after purchasing an additional 10,595 shares in the last quarter. Hedge funds and other institutional investors own 58.73% of the company’s stock.

Spirit Airlines Price Performance

Spirit Airlines stock opened at $1.63 on Friday. Spirit Airlines, Inc. has a 12-month low of $1.40 and a 12-month high of $17.49. The stock has a market capitalization of $177.97 million, a P/E ratio of -0.26 and a beta of 1.38. The firm’s 50-day moving average is $2.46 and its two-hundred day moving average is $3.26. The company has a debt-to-equity ratio of 3.86, a current ratio of 0.94 and a quick ratio of 0.94.

Spirit Airlines (NYSE:SAVE) last released its earnings results on Thursday, August 1st. The company reported ($1.44) earnings per share (EPS) for the quarter, missing the consensus estimate of ($1.30) by ($0.14). Spirit Airlines had a negative return on equity of 57.87% and a negative net margin of 13.20%. The company had revenue of $1.28 billion during the quarter, compared to analyst estimates of $1.30 billion. During the same period in the prior year, the business posted $0.29 earnings per share. Spirit Airlines’s revenue was down 10.6% on a year-over-year basis. Equities analysts predict that Spirit Airlines, Inc. will post -7.02 earnings per share for the current year.

Analyst Upgrades and Downgrades

SAVE has been the subject of a number of research analyst reports. Deutsche Bank Aktiengesellschaft downgraded shares of Spirit Airlines from a “hold” rating to a “sell” rating and cut their price target for the company from $3.00 to $2.00 in a report on Monday, July 8th. Citigroup dropped their target price on shares of Spirit Airlines from $3.50 to $2.75 and set a “sell” rating for the company in a report on Tuesday, July 23rd. Raymond James downgraded shares of Spirit Airlines from a “market perform” rating to an “underperform” rating in a report on Friday, July 5th. TD Cowen downgraded shares of Spirit Airlines from a “hold” rating to a “sell” rating and dropped their target price for the company from $3.00 to $2.00 in a report on Wednesday, July 17th. Finally, Barclays dropped their target price on shares of Spirit Airlines from $4.00 to $3.00 and set an “underweight” rating for the company in a report on Wednesday, July 10th. Seven equities research analysts have rated the stock with a sell rating and two have issued a hold rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Reduce” and a consensus price target of $2.50.

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.