Harbor Capital Advisors Inc. Buys 7,562 Shares of Spirit Airlines, Inc. (NYSE:SAVE)

Harbor Capital Advisors Inc. increased its stake in Spirit Airlines, Inc. (NYSE:SAVE) by 17.1% during the third quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 51,852 shares of the company’s stock after purchasing an additional 7,562 shares during the quarter. Harbor Capital Advisors Inc.’s holdings in Spirit Airlines were worth $124,000 at the end of the most recent quarter.

A number of other institutional investors also recently bought and sold shares of the stock. Signaturefd LLC increased its stake in Spirit Airlines by 127.6% in the 2nd quarter. Signaturefd LLC now owns 7,926 shares of the company’s stock worth $29,000 after buying an additional 4,443 shares in the last quarter. High Note Wealth LLC purchased a new stake in Spirit Airlines in the 3rd quarter worth $36,000. Wealth Enhancement Advisory Services LLC increased its stake in Spirit Airlines by 38.8% in the 3rd quarter. Wealth Enhancement Advisory Services LLC now owns 18,821 shares of the company’s stock worth $45,000 after buying an additional 5,261 shares in the last quarter. Natixis increased its stake in Spirit Airlines by 29.1% in the 1st quarter. Natixis now owns 12,480 shares of the company’s stock worth $60,000 after buying an additional 2,815 shares in the last quarter. Finally, Bank of Stockton purchased a new position in shares of Spirit Airlines during the third quarter valued at about $60,000. 58.73% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

SAVE has been the subject of a number of research analyst reports. Bank of America cut their price objective on Spirit Airlines from $3.25 to $2.75 and set an “underperform” rating for the company in a research report on Wednesday, July 17th. Citigroup cut their price objective on Spirit Airlines from $3.50 to $2.75 and set a “sell” rating for the company in a research report on Tuesday, July 23rd. TD Cowen lowered Spirit Airlines from a “hold” rating to a “sell” rating and cut their price objective for the company from $3.00 to $2.00 in a research report on Wednesday, July 17th. Finally, Susquehanna cut their price objective on Spirit Airlines from $2.25 to $1.50 and set a “negative” rating for the company in a research report on Wednesday, October 9th. Seven research analysts have rated the stock with a sell rating and two have assigned a hold rating to the company’s stock. According to data from MarketBeat, Spirit Airlines has a consensus rating of “Reduce” and an average target price of $2.50.

Spirit Airlines Stock Performance

Shares of NYSE SAVE opened at $2.73 on Friday. The business’s 50 day moving average is $2.31 and its two-hundred day moving average is $2.98. The company has a debt-to-equity ratio of 3.86, a current ratio of 0.94 and a quick ratio of 0.94. Spirit Airlines, Inc. has a 1-year low of $1.40 and a 1-year high of $17.01. The stock has a market capitalization of $298.44 million, a P/E ratio of -0.44 and a beta of 1.37.

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.