U S Global Investors Inc. acquired a new position in shares of Spirit Airlines, Inc. (NYSE:SAVE – Free Report) during the 3rd quarter, Holdings Channel reports. The fund acquired 12,006,873 shares of the company’s stock, valued at approximately $28,816,000. Spirit Airlines comprises about 2.8% of U S Global Investors Inc.’s holdings, making the stock its 11th biggest holding. U S Global Investors Inc. owned 0.11% of Spirit Airlines at the end of the most recent quarter.
Other institutional investors and hedge funds also recently made changes to their positions in the company. BNP Paribas Financial Markets raised its stake in Spirit Airlines by 2,369.9% during the 1st quarter. BNP Paribas Financial Markets now owns 733,846 shares of the company’s stock worth $3,552,000 after buying an additional 704,134 shares during the period. Federated Hermes Inc. boosted its holdings in shares of Spirit Airlines by 331.2% in the second quarter. Federated Hermes Inc. now owns 432,494 shares of the company’s stock valued at $1,583,000 after buying an additional 332,188 shares during the period. Bayesian Capital Management LP bought a new stake in shares of Spirit Airlines in the first quarter valued at about $829,000. Virtu Financial LLC bought a new stake in shares of Spirit Airlines in the first quarter valued at about $496,000. Finally, AQR Capital Management LLC bought a new stake in shares of Spirit Airlines in the second quarter valued at about $305,000. Institutional investors and hedge funds own 58.73% of the company’s stock.
Analysts Set New Price Targets
A number of brokerages have recently commented on SAVE. Bank of America cut their price target on Spirit Airlines from $3.25 to $2.75 and set an “underperform” rating on the stock in a report on Wednesday, July 17th. TD Cowen downgraded Spirit Airlines from a “hold” rating to a “sell” rating and lowered their target price for the company from $3.00 to $2.00 in a research report on Wednesday, July 17th. Barclays lowered their target price on Spirit Airlines from $4.00 to $3.00 and set an “underweight” rating on the stock in a research report on Wednesday, July 10th. Citigroup lowered their target price on Spirit Airlines from $3.50 to $2.75 and set a “sell” rating on the stock in a research report on Tuesday, July 23rd. Finally, Susquehanna lowered their target price on Spirit Airlines from $2.25 to $1.50 and set a “negative” rating on the stock in a research report on Wednesday, October 9th. Seven investment analysts have rated the stock with a sell rating and two have issued a hold rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Reduce” and a consensus price target of $2.50.
Spirit Airlines Trading Down 1.3 %
NYSE SAVE traded down $0.03 on Tuesday, hitting $2.22. 2,200,915 shares of the company’s stock were exchanged, compared to its average volume of 9,560,807. The stock has a 50-day moving average of $2.35 and a 200-day moving average of $3.12. 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 52 week low of $1.40 and a 52 week high of $17.49.
Spirit Airlines (NYSE:SAVE – Get Free Report) last released its earnings results on Thursday, August 1st. The company reported ($1.44) earnings per share for the quarter, missing the consensus estimate of ($1.30) by ($0.14). The business had revenue of $1.28 billion for the quarter, compared to the consensus estimate of $1.30 billion. Spirit Airlines had a negative return on equity of 57.87% and a negative net margin of 13.20%. The firm’s revenue for the quarter was down 10.6% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.29 earnings per share. On average, analysts expect that Spirit Airlines, Inc. will post -6.96 EPS 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.
Featured Stories
- Five stocks we like better than Spirit Airlines
- Insider Buying Explained: What Investors Need to Know
- These 2 Auto Stocks Are Profiting as Used Cars and Parts Thrive
- How Can Investors Benefit From After-Hours Trading
- Is CoStar Group Stock a Buy Before Earnings? Analysts Think So
- Energy and Oil Stocks Explained
- 3 Stocks Driving the Shift to Nuclear Energy for AI Power
Want to see what other hedge funds are holding SAVE? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Spirit Airlines, Inc. (NYSE:SAVE – Free Report).
Receive News & Ratings for Spirit Airlines Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Spirit Airlines and related companies with MarketBeat.com's FREE daily email newsletter.