Spirit Airlines, Inc. (NYSE:SAVE) Shares Sold by Squarepoint Ops LLC

Squarepoint Ops LLC decreased its position in shares of Spirit Airlines, Inc. (NYSE:SAVE) by 89.9% in the 2nd quarter, HoldingsChannel.com reports. The fund owned 88,863 shares of the company’s stock after selling 790,930 shares during the quarter. Squarepoint Ops LLC’s holdings in Spirit Airlines were worth $325,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors also recently modified their holdings of the company. Natixis boosted its holdings in shares of Spirit Airlines by 29.1% during the first quarter. Natixis now owns 12,480 shares of the company’s stock valued at $60,000 after acquiring an additional 2,815 shares during the period. State Board of Administration of Florida Retirement System lifted its holdings in Spirit Airlines by 9.6% in the first quarter. State Board of Administration of Florida Retirement System now owns 34,351 shares of the company’s stock worth $166,000 after purchasing an additional 3,020 shares during the period. Price T Rowe Associates Inc. MD lifted its holdings in Spirit Airlines by 5.7% in the first quarter. Price T Rowe Associates Inc. MD now owns 73,622 shares of the company’s stock worth $357,000 after purchasing an additional 3,955 shares during the period. Signaturefd LLC lifted its holdings in Spirit Airlines by 127.6% in the second quarter. Signaturefd LLC now owns 7,926 shares of the company’s stock worth $29,000 after purchasing an additional 4,443 shares during the period. Finally, Edgestream Partners L.P. lifted its holdings in Spirit Airlines by 16.3% in the first quarter. Edgestream Partners L.P. now owns 52,002 shares of the company’s stock worth $252,000 after purchasing an additional 7,306 shares during the period. Institutional investors and hedge funds own 58.73% of the company’s stock.

Spirit Airlines Price Performance

NYSE SAVE opened at $1.63 on Friday. The stock’s 50-day moving average price is $2.46 and its two-hundred day moving average price is $3.26. The company has a current ratio of 0.94, a quick ratio of 0.94 and a debt-to-equity ratio of 3.86. The company has a market cap of $177.97 million, a PE ratio of -0.26 and a beta of 1.38. Spirit Airlines, Inc. has a 1 year low of $1.40 and a 1 year high of $17.49.

Spirit Airlines (NYSE:SAVE) last posted its quarterly earnings data 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 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 quarterly revenue was down 10.6% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.29 EPS. On average, analysts predict that Spirit Airlines, Inc. will post -7.02 EPS for the current year.

Analyst Ratings Changes

SAVE has been the subject of several research analyst reports. TD Cowen downgraded shares of 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 report on Wednesday, July 17th. Bank of America reduced their price objective on shares of Spirit Airlines from $3.25 to $2.75 and set an “underperform” rating for the company in a report on Wednesday, July 17th. Susquehanna reduced their price objective on shares of Spirit Airlines from $2.25 to $1.50 and set a “negative” rating for the company in a report on Wednesday. Citigroup dropped their price target on shares of 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, Deutsche Bank Aktiengesellschaft cut shares of Spirit Airlines from a “hold” rating to a “sell” rating and dropped their price target for the stock from $3.00 to $2.00 in a research report 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 company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Reduce” and an average price target of $2.50.

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.