Spirit Airlines, Inc. (NYSE:SAVE) Position Boosted by Nisa Investment Advisors LLC

Nisa Investment Advisors LLC boosted its holdings in Spirit Airlines, Inc. (NYSE:SAVE) by 950.3% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 18,663 shares of the company’s stock after acquiring an additional 16,886 shares during the quarter. Nisa Investment Advisors LLC’s holdings in Spirit Airlines were worth $68,000 at the end of the most recent quarter.

Other hedge funds have also recently added to or reduced their stakes in the company. Vanguard Group Inc. raised its stake in shares of Spirit Airlines by 0.7% in the 1st quarter. Vanguard Group Inc. now owns 10,491,947 shares of the company’s stock worth $50,781,000 after buying an additional 73,044 shares in the last quarter. Dimensional Fund Advisors LP raised its position in Spirit Airlines by 13.1% in the fourth quarter. Dimensional Fund Advisors LP now owns 3,143,384 shares of the company’s stock worth $51,520,000 after acquiring an additional 363,519 shares in the last quarter. Charles Schwab Investment Management Inc. lifted its holdings in Spirit Airlines by 3.2% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,057,224 shares of the company’s stock valued at $17,328,000 after acquiring an additional 32,811 shares during the last quarter. IPG Investment Advisors LLC boosted its position in shares of Spirit Airlines by 41.1% during the 4th quarter. IPG Investment Advisors LLC now owns 980,655 shares of the company’s stock valued at $16,073,000 after purchasing an additional 285,615 shares in the last quarter. Finally, BNP Paribas Financial Markets grew its stake in shares of Spirit Airlines by 2,369.9% in the 1st quarter. BNP Paribas Financial Markets now owns 733,846 shares of the company’s stock worth $3,552,000 after purchasing an additional 704,134 shares during the last quarter. Institutional investors own 58.73% of the company’s stock.

Analyst Ratings Changes

A number of analysts recently weighed in on the stock. Deutsche Bank Aktiengesellschaft cut shares of Spirit Airlines from a “hold” rating to a “sell” rating and reduced their target price for the stock from $3.00 to $2.00 in a report on Monday, July 8th. Raymond James cut Spirit Airlines from a “market perform” rating to an “underperform” rating in a report on Friday, July 5th. TD Cowen downgraded Spirit Airlines from a “hold” rating to a “sell” rating and reduced their target price for the company from $3.00 to $2.00 in a report on Wednesday, July 17th. Bank of America dropped their price target on Spirit Airlines from $3.25 to $2.75 and set an “underperform” rating on the stock in a research note on Wednesday, July 17th. Finally, Citigroup reduced their price objective on shares of Spirit Airlines from $3.50 to $2.75 and set a “sell” rating for the company in a research note on Tuesday, July 23rd. Seven research analysts have rated the stock with a sell rating and two have issued a hold rating to the company. According to data from MarketBeat, Spirit Airlines has an average rating of “Reduce” and an average target price of $2.61.

Spirit Airlines Trading Up 2.9 %

NYSE:SAVE opened at $2.80 on Monday. The company has a debt-to-equity ratio of 3.86, a current ratio of 0.94 and a quick ratio of 0.94. The stock has a market cap of $306.60 million, a PE ratio of -0.63 and a beta of 1.41. The stock’s 50-day moving average is $3.08 and its two-hundred day moving average is $4.07. Spirit Airlines, Inc. has a fifty-two week low of $2.49 and a fifty-two week high of $17.94.

Spirit Airlines (NYSE:SAVE) last posted its quarterly earnings results on Thursday, August 1st. The company reported ($1.44) EPS for the quarter, missing the consensus estimate of ($1.30) by ($0.14). The company had revenue of $1.28 billion for the quarter, compared to analysts’ expectations of $1.30 billion. Spirit Airlines had a negative net margin of 13.20% and a negative return on equity of 57.87%. The company’s revenue was down 10.6% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.29 earnings per share. As a group, equities research analysts forecast that Spirit Airlines, Inc. will post -6.74 earnings per share for the current fiscal year.

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.