XTX Topco Ltd Cuts Stake in Spirit Airlines, Inc. (NYSE:SAVE)

XTX Topco Ltd trimmed its stake in Spirit Airlines, Inc. (NYSE:SAVE) by 55.6% in the second quarter, Holdings Channel.com reports. The firm owned 22,025 shares of the company’s stock after selling 27,553 shares during the quarter. XTX Topco Ltd’s holdings in Spirit Airlines were worth $81,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently bought and sold shares of SAVE. TFO Wealth Partners LLC boosted its holdings in shares of Spirit Airlines by 21,975.0% in the 4th quarter. TFO Wealth Partners LLC now owns 3,532 shares of the company’s stock valued at $58,000 after purchasing an additional 3,516 shares during the last quarter. Signaturefd LLC boosted its holdings in Spirit Airlines by 127.6% in the second quarter. Signaturefd LLC now owns 7,926 shares of the company’s stock valued at $29,000 after acquiring an additional 4,443 shares during the last quarter. Natixis grew its position in Spirit Airlines by 29.1% during the first quarter. Natixis now owns 12,480 shares of the company’s stock valued at $60,000 after acquiring an additional 2,815 shares during the period. Wellington Wealth Strategies LLC. acquired a new stake in Spirit Airlines during the first quarter worth about $68,000. Finally, First Bank & Trust acquired a new position in shares of Spirit Airlines in the 1st quarter valued at about $70,000. Institutional investors and hedge funds own 58.73% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms recently commented on SAVE. 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. Raymond James lowered shares of Spirit Airlines from a “market perform” rating to an “underperform” rating in a report on Friday, July 5th. Susquehanna lowered their price target on Spirit Airlines from $2.50 to $2.25 and set a “negative” rating for the company in a report on Friday, August 16th. Deutsche Bank Aktiengesellschaft downgraded Spirit Airlines from a “hold” rating to a “sell” rating and decreased their target price for the stock from $3.00 to $2.00 in a research report on Monday, July 8th. Finally, TD Cowen downgraded 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. Seven research analysts have rated the stock with a sell rating and two have issued a hold rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Reduce” and a consensus price target of $2.61.

Spirit Airlines Stock Performance

NYSE:SAVE opened at $2.30 on Wednesday. Spirit Airlines, Inc. has a one year low of $2.28 and a one year 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 50-day simple moving average is $2.62 and its 200 day simple moving average is $3.39.

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

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.