Readystate Asset Management LP Acquires Shares of 187,420 Spirit Airlines, Inc. (NYSE:SAVE)

Readystate Asset Management LP acquired a new stake in Spirit Airlines, Inc. (NYSE:SAVE) during the 4th quarter, Holdings Channel reports. The institutional investor acquired 187,420 shares of the company’s stock, valued at approximately $3,072,000.

Several other hedge funds also recently bought and sold shares of the business. Cetera Advisor Networks LLC bought a new position in shares of Spirit Airlines during the 1st quarter worth $296,000. MetLife Investment Management LLC grew its position in shares of Spirit Airlines by 54.4% during the 1st quarter. MetLife Investment Management LLC now owns 53,926 shares of the company’s stock worth $1,179,000 after buying an additional 18,997 shares in the last quarter. Dimensional Fund Advisors LP grew its position in shares of Spirit Airlines by 37.8% during the 1st quarter. Dimensional Fund Advisors LP now owns 3,637,683 shares of the company’s stock worth $79,557,000 after buying an additional 997,254 shares in the last quarter. Allianz Asset Management GmbH grew its position in shares of Spirit Airlines by 13.6% during the 1st quarter. Allianz Asset Management GmbH now owns 12,175 shares of the company’s stock worth $266,000 after buying an additional 1,458 shares in the last quarter. Finally, Vanguard Group Inc. lifted its stake in shares of Spirit Airlines by 1.5% during the 1st quarter. Vanguard Group Inc. now owns 9,935,537 shares of the company’s stock worth $217,291,000 after purchasing an additional 148,348 shares during the last quarter. Institutional investors own 58.73% of the company’s stock.

Spirit Airlines Price Performance

Shares of NYSE:SAVE remained flat at $4.12 during trading on Wednesday. The stock had a trading volume of 7,080,859 shares, compared to its average volume of 15,151,029. The company has a quick ratio of 0.90, a current ratio of 0.90 and a debt-to-equity ratio of 2.69. Spirit Airlines, Inc. has a 1 year low of $3.96 and a 1 year high of $19.69. The firm has a market capitalization of $450.50 million, a PE ratio of -1.01 and a beta of 1.35. The business’s 50-day moving average price is $5.28 and its 200-day moving average price is $10.41.

Spirit Airlines (NYSE:SAVE) last issued its quarterly earnings results on Thursday, February 8th. The company reported ($1.36) earnings per share for the quarter, topping the consensus estimate of ($1.42) by $0.06. Spirit Airlines had a negative net margin of 8.34% and a negative return on equity of 26.38%. The company had revenue of $1.32 billion for the quarter, compared to the consensus estimate of $1.32 billion. During the same quarter in the prior year, the company earned $0.12 EPS. Spirit Airlines’s quarterly revenue was down 5.0% on a year-over-year basis. As a group, sell-side analysts forecast that Spirit Airlines, Inc. will post -2.75 earnings per share for the current year.

Spirit Airlines Announces Dividend

The firm also recently announced a dividend, which was paid on Thursday, February 29th. Investors of record on Friday, February 23rd were given a dividend of $0.10 per share. The ex-dividend date of this dividend was Thursday, February 22nd.

Analyst Ratings Changes

A number of brokerages recently weighed in on SAVE. Bank of America began coverage on Spirit Airlines in a research note on Wednesday, January 17th. They set an “underperform” rating and a $5.00 price objective for the company. Susquehanna decreased their price objective on Spirit Airlines from $5.00 to $4.00 and set a “negative” rating for the company in a research note on Tuesday, April 9th. Barclays started coverage on Spirit Airlines in a research note on Wednesday, March 27th. They issued an “underweight” rating and a $4.00 price target for the company. Citigroup dropped their price target on Spirit Airlines from $4.00 to $3.85 and set a “sell” rating on the stock in a research note on Wednesday. Finally, Evercore ISI decreased their price objective on shares of Spirit Airlines from $18.00 to $3.50 and set an “in-line” rating for the company in a research report on Thursday, April 4th. Five research analysts have rated the stock with a sell rating and three have issued a hold rating to the stock. According to MarketBeat.com, Spirit Airlines currently has an average rating of “Reduce” and an average price target of $4.91.

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.