SG Americas Securities LLC Sells 14,667 Shares of Spirit Airlines, Inc. (NYSE:SAVE)

SG Americas Securities LLC decreased its stake in shares of Spirit Airlines, Inc. (NYSE:SAVE) by 38.3% during the 2nd quarter, according to the company in its most recent filing with the SEC. The firm owned 23,665 shares of the company’s stock after selling 14,667 shares during the quarter. SG Americas Securities LLC’s holdings in Spirit Airlines were worth $87,000 as of its most recent filing with the SEC.

Other large investors have also made changes to their positions in the company. International Assets Investment Management LLC increased its position in shares of Spirit Airlines by 467.7% during the fourth quarter. International Assets Investment Management LLC now owns 1,970 shares of the company’s stock valued at $32,000 after purchasing an additional 1,623 shares during the period. Handelsbanken Fonder AB increased its holdings in Spirit Airlines by 107.6% in the 4th quarter. Handelsbanken Fonder AB now owns 32,600 shares of the company’s stock valued at $534,000 after buying an additional 16,900 shares during the period. Victory Capital Management Inc. raised its stake in shares of Spirit Airlines by 22.8% in the 4th quarter. Victory Capital Management Inc. now owns 14,579 shares of the company’s stock valued at $239,000 after buying an additional 2,703 shares in the last quarter. First Horizon Advisors Inc. acquired a new position in shares of Spirit Airlines in the 4th quarter valued at $33,000. Finally, Levin Capital Strategies L.P. bought a new position in shares of Spirit Airlines during the 4th quarter worth about $246,000. Institutional investors and hedge funds own 58.73% of the company’s stock.

Spirit Airlines Stock Down 1.5 %

Shares of NYSE SAVE opened at $2.63 on Wednesday. Spirit Airlines, Inc. has a 12-month low of $2.49 and a 12-month high of $17.94. The firm’s 50-day simple moving average is $3.04 and its 200 day simple moving average is $3.99. The company has a quick ratio of 0.94, a current ratio of 0.94 and a debt-to-equity ratio of 3.86. The company has a market cap of $287.99 million, a price-to-earnings ratio of -0.59 and a beta of 1.41.

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). The company had revenue of $1.28 billion for the quarter, compared to analyst estimates of $1.30 billion. Spirit Airlines had a negative return on equity of 57.87% and a negative net margin of 13.20%. Spirit Airlines’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 posted $0.29 earnings per share. On average, research analysts expect that Spirit Airlines, Inc. will post -6.74 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several research analysts recently issued reports on SAVE shares. Raymond James lowered shares of Spirit Airlines from a “market perform” rating to an “underperform” rating in a research report on Friday, July 5th. Deutsche Bank Aktiengesellschaft downgraded Spirit Airlines from a “hold” rating to a “sell” rating and cut their target price for the stock from $3.00 to $2.00 in a research report on Monday, July 8th. Bank of America lowered their price target on Spirit Airlines from $3.25 to $2.75 and set an “underperform” rating on the stock in a research report on Wednesday, July 17th. Susquehanna dropped their price objective on Spirit Airlines from $2.50 to $2.25 and set a “negative” rating for the company in a research note on Friday, August 16th. Finally, TD Cowen downgraded shares of 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 research note on Wednesday, July 17th. Seven investment analysts have rated the stock with a sell rating and two have assigned a hold rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Reduce” and an average target price of $2.61.

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.