Ballentine Partners LLC Makes New $96,000 Investment in Spirit Airlines, Inc. (NYSE:SAVE)

Ballentine Partners LLC acquired a new stake in shares of Spirit Airlines, Inc. (NYSE:SAVE) during the third quarter, HoldingsChannel.com reports. The fund acquired 39,918 shares of the company’s stock, valued at approximately $96,000.

Other institutional investors have also made changes to their positions in the company. U S Global Investors Inc. bought a new stake in Spirit Airlines during the third quarter worth approximately $28,816,000. Vanguard Group Inc. boosted its holdings in shares of Spirit Airlines by 0.7% during 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 during the period. BNP Paribas Financial Markets grew its stake in Spirit Airlines by 2,369.9% in the 1st quarter. BNP Paribas Financial Markets now owns 733,846 shares of the company’s stock valued at $3,552,000 after buying an additional 704,134 shares during the last quarter. Federated Hermes Inc. raised its holdings in Spirit Airlines by 331.2% in the 2nd quarter. Federated Hermes Inc. now owns 432,494 shares of the company’s stock worth $1,583,000 after acquiring an additional 332,188 shares during the period. Finally, American Century Companies Inc. lifted its position in Spirit Airlines by 11.8% during the 2nd quarter. American Century Companies Inc. now owns 179,934 shares of the company’s stock worth $659,000 after acquiring an additional 19,038 shares during the last quarter. 58.73% of the stock is owned by institutional investors.

Spirit Airlines Stock Down 3.7 %

Shares of SAVE stock opened at $2.51 on Thursday. Spirit Airlines, Inc. has a one year low of $1.40 and a one year high of $17.01. 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 fifty day moving average price of $2.33 and a 200 day moving average price of $3.03. The stock has a market cap of $274.34 million, a P/E ratio of -0.41 and a beta of 1.38.

Spirit Airlines (NYSE:SAVE) last released its quarterly earnings data on Thursday, August 1st. The company reported ($1.44) EPS for the quarter, missing analysts’ consensus estimates of ($1.30) by ($0.14). The business had revenue of $1.28 billion for the quarter, compared to the consensus estimate 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 was down 10.6% on a year-over-year basis. During the same period in the previous year, the business posted $0.29 earnings per share. Analysts predict that Spirit Airlines, Inc. will post -6.97 earnings per share for the current year.

Analyst Ratings Changes

Several brokerages have recently issued reports on SAVE. Deutsche Bank Aktiengesellschaft downgraded Spirit Airlines from a “hold” rating to a “sell” rating and lowered their price target for the company from $3.00 to $2.00 in a research report on Monday, July 8th. Susquehanna dropped their price target on Spirit Airlines from $2.25 to $1.50 and set a “negative” rating on the stock in a research report on Wednesday, October 9th. TD Cowen cut Spirit Airlines from a “hold” rating to a “sell” rating and reduced their price objective for the company from $3.00 to $2.00 in a research report on Wednesday, July 17th. Citigroup lowered their price objective on shares of Spirit Airlines from $3.50 to $2.75 and set a “sell” rating on the stock in a research note on Tuesday, July 23rd. Finally, Raymond James cut shares of Spirit Airlines from a “market perform” rating to an “underperform” rating in a research note on Friday, July 5th. Seven analysts have rated the stock with a sell rating and two have given a hold rating to the company. Based on data from MarketBeat.com, Spirit Airlines has a consensus rating of “Reduce” and an average price target of $2.50.

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.