SkyView Investment Advisors LLC Has $534,000 Position in Spirit Airlines, Inc. (NYSE:SAVE)

SkyView Investment Advisors LLC increased its holdings in Spirit Airlines, Inc. (NYSE:SAVE) by 51.2% in the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 145,844 shares of the company’s stock after purchasing an additional 49,404 shares during the period. SkyView Investment Advisors LLC owned approximately 0.13% of Spirit Airlines worth $534,000 at the end of the most recent quarter.

Other hedge funds have also recently added to or reduced their stakes in the company. TFO Wealth Partners LLC grew its stake in shares of Spirit Airlines by 21,975.0% in the 4th quarter. TFO Wealth Partners LLC now owns 3,532 shares of the company’s stock valued at $58,000 after purchasing an additional 3,516 shares during the period. Signaturefd LLC raised its stake in Spirit Airlines by 127.6% during the second quarter. Signaturefd LLC now owns 7,926 shares of the company’s stock worth $29,000 after acquiring an additional 4,443 shares in the last quarter. Natixis raised its stake in Spirit Airlines by 29.1% during the first quarter. Natixis now owns 12,480 shares of the company’s stock worth $60,000 after acquiring an additional 2,815 shares in the last quarter. Wellington Wealth Strategies LLC. bought a new position in shares of Spirit Airlines during the first quarter valued at $68,000. Finally, First Bank & Trust acquired a new stake in shares of Spirit Airlines in the 1st quarter valued at $70,000. Institutional investors and hedge funds own 58.73% of the company’s stock.

Spirit Airlines Stock Down 0.8 %

Shares of SAVE opened at $2.44 on Monday. The business’s fifty day moving average price is $2.64 and its two-hundred day moving average price is $3.42. The firm has a market capitalization of $267.18 million, a price-to-earnings ratio of -0.55 and a beta of 1.39. Spirit Airlines, Inc. has a 52 week low of $2.28 and a 52 week high of $17.49. The company has a debt-to-equity ratio of 3.86, a quick ratio of 0.94 and a current ratio of 0.94.

Spirit Airlines (NYSE:SAVE) last posted its quarterly earnings results on Thursday, August 1st. The company reported ($1.44) earnings per share (EPS) for the quarter, missing the consensus estimate of ($1.30) by ($0.14). The firm had revenue of $1.28 billion during the quarter, compared to the consensus estimate of $1.30 billion. Spirit Airlines had a negative net margin of 13.20% and a negative return on equity of 57.87%. Spirit Airlines’s revenue was down 10.6% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.29 EPS. On average, analysts predict that Spirit Airlines, Inc. will post -7.12 earnings per share for the current year.

Analysts Set New Price Targets

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

Spirit Airlines 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.