Private Advisor Group LLC Takes Position in Spirit Airlines, Inc. (NYSE:SAVE)

Private Advisor Group LLC acquired a new position in shares of Spirit Airlines, Inc. (NYSE:SAVE) in the fourth quarter, HoldingsChannel reports. The fund acquired 10,945 shares of the company’s stock, valued at approximately $179,000.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in SAVE. American Century Companies Inc. raised its holdings in 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. Charles Schwab Investment Management Inc. increased its position in shares of Spirit Airlines by 3.7% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,024,413 shares of the company’s stock valued at $16,903,000 after buying an additional 37,019 shares in the last quarter. Alpine Associates Management Inc. raised its stake in Spirit Airlines by 29.7% during the 3rd quarter. Alpine Associates Management Inc. now owns 1,904,500 shares of the company’s stock worth $31,424,000 after buying an additional 436,486 shares during the period. FMR LLC lifted its holdings in Spirit Airlines by 1.3% during the third quarter. FMR LLC now owns 5,296,283 shares of the company’s stock worth $87,389,000 after acquiring an additional 67,977 shares in the last quarter. Finally, Vanguard Group Inc. grew its stake in Spirit Airlines by 0.3% in the third quarter. Vanguard Group Inc. now owns 10,350,193 shares of the company’s stock valued at $170,778,000 after acquiring an additional 34,883 shares during the period. Institutional investors own 58.73% of the company’s stock.

Analysts Set New Price Targets

SAVE has been the topic of a number of research analyst reports. TD Cowen dropped their price target on Spirit Airlines from $4.00 to $3.00 and set a “hold” rating on the stock in a research report on Tuesday, May 7th. Evercore ISI cut their price target on shares of Spirit Airlines from $18.00 to $3.50 and set an “in-line” rating on the stock in a research note on Thursday, April 4th. Citigroup lowered their price objective on shares of Spirit Airlines from $3.85 to $3.50 and set a “sell” rating for the company in a research report on Tuesday, May 14th. Barclays assumed coverage on shares of Spirit Airlines in a research report on Wednesday, March 27th. They issued an “underweight” rating and a $4.00 price objective on the stock. Finally, Susquehanna reduced their target price on shares of Spirit Airlines from $4.00 to $3.00 and set a “negative” rating for the company in a research note on Wednesday, May 8th. Five analysts have rated the stock with a sell rating and four have given a hold rating to the company. According to MarketBeat, the company currently has an average rating of “Reduce” and an average target price of $3.57.

Spirit Airlines Stock Up 3.9 %

Spirit Airlines stock opened at $3.73 on Monday. The company has a current ratio of 0.97, a quick ratio of 0.97 and a debt-to-equity ratio of 3.17. Spirit Airlines, Inc. has a 1-year low of $3.18 and a 1-year high of $19.69. The company has a fifty day simple moving average of $4.12 and a 200 day simple moving average of $8.26. The company has a market cap of $408.44 million, a P/E ratio of -0.84 and a beta of 1.41.

Spirit Airlines (NYSE:SAVE) last announced its quarterly earnings data on Monday, May 6th. The company reported ($1.46) earnings per share for the quarter, missing the consensus estimate of ($1.45) by ($0.01). The company had revenue of $1.27 billion during the quarter, compared to the consensus estimate of $1.27 billion. Spirit Airlines had a negative net margin of 9.21% and a negative return on equity of 34.64%. Spirit Airlines’s revenue was down 6.2% on a year-over-year basis. During the same quarter in the previous year, the business earned ($0.82) EPS. Research analysts anticipate that Spirit Airlines, Inc. will post -3.67 earnings per share for the current fiscal year.

Spirit Airlines Company 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.