Creative Planning Reduces Holdings in Spirit Airlines, Inc. (NYSE:SAVE)

Creative Planning decreased its position in shares of Spirit Airlines, Inc. (NYSE:SAVE) by 36.7% in the 3rd quarter, Holdings Channel reports. The fund owned 23,859 shares of the company’s stock after selling 13,854 shares during the quarter. Creative Planning’s holdings in Spirit Airlines were worth $57,000 as of its most recent filing with the SEC.

Other large investors also recently added to or reduced their stakes in the company. Signaturefd LLC boosted its position 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 purchasing an additional 4,443 shares during the period. High Note Wealth LLC bought a new stake in Spirit Airlines during the 3rd quarter valued at $36,000. Natixis lifted its position in shares of 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. SeaCrest Wealth Management LLC purchased a new stake in shares of Spirit Airlines during the second quarter worth $63,000. Finally, Wellington Wealth Strategies LLC. bought a new position in shares of Spirit Airlines in the first quarter worth $68,000. Hedge funds and other institutional investors own 58.73% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages have commented on SAVE. Susquehanna cut their target price on Spirit Airlines from $2.25 to $1.50 and set a “negative” rating for the company in a research note on Wednesday, October 9th. Bank of America lowered their price target on shares of Spirit Airlines from $3.25 to $2.75 and set an “underperform” rating on the stock in a report on Wednesday, July 17th. Citigroup decreased their target price on shares of Spirit Airlines from $3.50 to $2.75 and set a “sell” rating on the stock in a report on Tuesday, July 23rd. Finally, TD Cowen downgraded shares of Spirit Airlines from a “hold” rating to a “sell” rating and cut their price target for the company from $3.00 to $2.00 in a report on Wednesday, July 17th. Seven equities research analysts have rated the stock with a sell rating and two have given a hold rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Reduce” and a consensus target price of $2.50.

Spirit Airlines Price Performance

SAVE stock opened at $3.22 on Wednesday. The firm has a 50 day simple moving average of $2.33 and a two-hundred day simple moving average of $2.95. The stock has a market cap of $352.65 million, a PE ratio of -0.50 and a beta of 1.37. 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.

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.