Total Investment Management Inc. Buys 20,237 Shares of Spirit Airlines, Inc. (NYSE:SAVE)

Total Investment Management Inc. grew its stake in shares of Spirit Airlines, Inc. (NYSE:SAVE) by 95.9% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 41,337 shares of the company’s stock after acquiring an additional 20,237 shares during the quarter. Total Investment Management Inc.’s holdings in Spirit Airlines were worth $678,000 as of its most recent SEC filing.

Several other large investors have also recently modified their holdings of SAVE. Patriot Financial Group Insurance Agency LLC raised its holdings in Spirit Airlines by 8.1% in the 3rd quarter. Patriot Financial Group Insurance Agency LLC now owns 24,787 shares of the company’s stock worth $409,000 after acquiring an additional 1,865 shares during the last quarter. Cambridge Investment Research Advisors Inc. lifted its holdings in shares of Spirit Airlines by 616.6% during the third quarter. Cambridge Investment Research Advisors Inc. now owns 143,436 shares of the company’s stock valued at $2,367,000 after purchasing an additional 123,419 shares in the last quarter. Deuterium Capital Management LLC purchased a new stake in shares of Spirit Airlines during the third quarter valued at $330,000. Principal Financial Group Inc. increased its holdings in Spirit Airlines by 39.4% in the 3rd quarter. Principal Financial Group Inc. now owns 16,248 shares of the company’s stock worth $268,000 after buying an additional 4,591 shares in the last quarter. Finally, Wilbanks Smith & Thomas Asset Management LLC raised its position in Spirit Airlines by 112.7% in the 3rd quarter. Wilbanks Smith & Thomas Asset Management LLC now owns 672,186 shares of the company’s stock worth $11,091,000 after buying an additional 356,184 shares during the last quarter. Hedge funds and other institutional investors own 58.73% of the company’s stock.

Spirit Airlines Stock Performance

NYSE:SAVE opened at $3.54 on Friday. The company has a debt-to-equity ratio of 2.69, a current ratio of 0.90 and a quick ratio of 0.90. The stock has a 50-day simple moving average of $4.88 and a two-hundred day simple moving average of $9.78. Spirit Airlines, Inc. has a 52-week low of $3.47 and a 52-week high of $19.69.

Spirit Airlines (NYSE:SAVE) last announced its quarterly earnings data on Thursday, February 8th. The company reported ($1.36) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($1.42) by $0.06. Spirit Airlines had a negative return on equity of 26.38% and a negative net margin of 8.34%. The company had revenue of $1.32 billion during the quarter, compared to the consensus estimate of $1.32 billion. During the same period in the previous year, the company posted $0.12 EPS. The firm’s revenue was down 5.0% on a year-over-year basis. On average, sell-side analysts forecast that Spirit Airlines, Inc. will post -2.77 earnings per share for the current fiscal year.

Spirit Airlines Announces Dividend

The company also recently disclosed a dividend, which was paid on Thursday, February 29th. Stockholders of record on Friday, February 23rd were paid a $0.10 dividend. The ex-dividend date was Thursday, February 22nd.

Analyst Ratings Changes

A number of analysts have recently commented on SAVE shares. Evercore ISI reduced their price target on shares of Spirit Airlines from $18.00 to $3.50 and set an “in-line” rating for the company in a research note on Thursday, April 4th. Bank of America initiated coverage on Spirit Airlines in a report on Wednesday, January 17th. They set an “underperform” rating and a $5.00 price target on the stock. Barclays assumed coverage on Spirit Airlines in a report on Wednesday, March 27th. They issued an “underweight” rating and a $4.00 price objective for the company. Susquehanna lowered their target price on Spirit Airlines from $5.00 to $4.00 and set a “negative” rating on the stock in a report on Tuesday, April 9th. Finally, Citigroup dropped their target price on Spirit Airlines from $4.00 to $3.85 and set a “sell” rating on the stock in a research report on Wednesday, April 17th. Five investment analysts have rated the stock with a sell rating and three have issued a hold rating to the company. According to data from MarketBeat.com, Spirit Airlines presently has an average rating of “Reduce” and a consensus target price of $4.91.

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.