Truist Financial Corp Has $112,000 Stock Position in Spirit Airlines, Inc. (NYSE:SAVE)

Truist Financial Corp boosted its holdings in shares of Spirit Airlines, Inc. (NYSE:SAVE) by 52.5% during the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 30,718 shares of the company’s stock after buying an additional 10,580 shares during the quarter. Truist Financial Corp’s holdings in Spirit Airlines were worth $112,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently bought and sold shares of the business. Natixis raised its position in shares of Spirit Airlines by 29.1% in the first quarter. Natixis now owns 12,480 shares of the company’s stock valued at $60,000 after purchasing an additional 2,815 shares during the period. State Board of Administration of Florida Retirement System lifted its position in Spirit Airlines by 9.6% during the first quarter. State Board of Administration of Florida Retirement System now owns 34,351 shares of the company’s stock worth $166,000 after acquiring an additional 3,020 shares during the last quarter. Price T Rowe Associates Inc. MD lifted its position in Spirit Airlines by 5.7% during the first quarter. Price T Rowe Associates Inc. MD now owns 73,622 shares of the company’s stock worth $357,000 after acquiring an additional 3,955 shares during the last quarter. Signaturefd LLC boosted its holdings in shares of Spirit Airlines by 127.6% during the second quarter. Signaturefd LLC now owns 7,926 shares of the company’s stock worth $29,000 after acquiring an additional 4,443 shares during the period. Finally, Edgestream Partners L.P. grew its position in shares of Spirit Airlines by 16.3% in the first quarter. Edgestream Partners L.P. now owns 52,002 shares of the company’s stock valued at $252,000 after purchasing an additional 7,306 shares during the last quarter. Institutional investors and hedge funds own 58.73% of the company’s stock.

Analysts Set New Price Targets

SAVE has been the subject of several research reports. Barclays dropped their price target on Spirit Airlines from $4.00 to $3.00 and set an “underweight” rating for the company in a report on Wednesday, July 10th. Susquehanna reduced their target price on shares of Spirit Airlines from $2.25 to $1.50 and set a “negative” rating for the company in a research report on Wednesday, October 9th. Deutsche Bank Aktiengesellschaft lowered shares of Spirit Airlines from a “hold” rating to a “sell” rating and lowered their price target for the stock from $3.00 to $2.00 in a research report on Monday, July 8th. Bank of America dropped their price objective on shares of Spirit Airlines from $3.25 to $2.75 and set an “underperform” rating for the company in a research note on Wednesday, July 17th. Finally, Raymond James lowered shares of Spirit Airlines from a “market perform” rating to an “underperform” rating in a research report on Friday, July 5th. Seven analysts have rated the stock with a sell rating and two have assigned a hold rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Reduce” and an average price target of $2.50.

Spirit Airlines Trading Down 3.3 %

SAVE opened at $1.47 on Monday. The stock has a market capitalization of $160.97 million, a price-to-earnings ratio of -0.33 and a beta of 1.38. The company has a quick ratio of 0.94, a current ratio of 0.94 and a debt-to-equity ratio of 3.86. Spirit Airlines, Inc. has a twelve month low of $1.40 and a twelve month high of $17.49. The company has a 50-day simple moving average of $2.35 and a 200 day simple moving average of $3.13.

Spirit Airlines (NYSE:SAVE) last issued its earnings results on Thursday, August 1st. The company reported ($1.44) EPS for the quarter, missing the consensus estimate of ($1.30) by ($0.14). The firm had revenue of $1.28 billion during the quarter, compared to analyst estimates 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 quarterly revenue was down 10.6% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.29 earnings per share. Analysts predict that Spirit Airlines, Inc. will post -6.96 EPS for the current fiscal year.

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.