Vanguard Group Inc. Buys 34,883 Shares of Spirit Airlines, Inc. (NYSE:SAVE)

Vanguard Group Inc. increased its stake in Spirit Airlines, Inc. (NYSE:SAVEFree Report) by 0.3% during the third quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 10,350,193 shares of the company’s stock after purchasing an additional 34,883 shares during the quarter. Vanguard Group Inc. owned approximately 9.48% of Spirit Airlines worth $170,778,000 at the end of the most recent quarter.

A number of other hedge funds also recently modified their holdings of the stock. American Century Companies Inc. raised its holdings in Spirit Airlines by 88.2% during the 3rd quarter. American Century Companies Inc. now owns 626,269 shares of the company’s stock valued at $10,333,000 after acquiring an additional 293,517 shares during the period. SkyView Investment Advisors LLC raised its holdings in Spirit Airlines by 4.0% during the 3rd quarter. SkyView Investment Advisors LLC now owns 80,992 shares of the company’s stock valued at $1,336,000 after acquiring an additional 3,115 shares during the period. Ameriprise Financial Inc. raised its holdings in Spirit Airlines by 124.8% during the 3rd quarter. Ameriprise Financial Inc. now owns 654,626 shares of the company’s stock valued at $10,801,000 after acquiring an additional 363,424 shares during the period. Cary Street Partners Investment Advisory LLC bought a new stake in Spirit Airlines during the 3rd quarter valued at $50,000. Finally, Northern Trust Corp raised its holdings in Spirit Airlines by 0.3% during the 3rd quarter. Northern Trust Corp now owns 899,024 shares of the company’s stock valued at $14,834,000 after acquiring an additional 2,878 shares during the period. Institutional investors own 58.73% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have issued reports on SAVE shares. Seaport Res Ptn cut shares of Spirit Airlines from a “buy” rating to a “neutral” rating in a report on Wednesday, January 17th. Susquehanna restated a “negative” rating and set a $5.00 price target (down from $15.00) on shares of Spirit Airlines in a research report on Wednesday, January 17th. Bank of America began coverage on shares of Spirit Airlines in a research report on Wednesday, January 17th. They set an “underperform” rating and a $5.00 price target for the company. Barclays began coverage on shares of Spirit Airlines in a research report on Wednesday, March 27th. They set an “underweight” rating and a $4.00 price target for the company. Finally, TD Cowen reduced their price target on shares of Spirit Airlines from $11.00 to $5.00 and set a “market perform” rating for the company in a research report on Monday, January 22nd. Five equities research analysts have rated the stock with a sell rating and three have issued a hold rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Reduce” and an average price target of $7.57.

Get Our Latest Research Report on Spirit Airlines

Spirit Airlines Stock Up 4.8 %

Shares of NYSE:SAVE opened at $4.84 on Monday. Spirit Airlines, Inc. has a 52-week low of $3.96 and a 52-week high of $19.69. The firm has a fifty day moving average of $5.88 and a 200 day moving average of $11.44. The firm has a market capitalization of $529.88 million, a PE ratio of -1.18 and a beta of 1.38. The company has a debt-to-equity ratio of 2.69, a quick ratio of 0.90 and a current ratio of 0.90.

Spirit Airlines (NYSE:SAVEGet Free Report) last announced its earnings results on Thursday, February 8th. The company reported ($1.36) earnings per share (EPS) for the quarter, topping the consensus estimate of ($1.42) by $0.06. The company had revenue of $1.32 billion during the quarter, compared to analyst estimates of $1.32 billion. Spirit Airlines had a negative net margin of 8.34% and a negative return on equity of 26.38%. The firm’s quarterly revenue was down 5.0% compared to the same quarter last year. During the same period in the previous year, the business earned $0.12 earnings per share. As a group, research analysts anticipate that Spirit Airlines, Inc. will post -2.8 EPS 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 dividend of $0.10 per share. The ex-dividend date of this dividend was Thursday, February 22nd.

Spirit Airlines Profile

(Free Report)

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.

Further Reading

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Institutional Ownership by Quarter for Spirit Airlines (NYSE:SAVE)

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