Spirit Airlines, Inc. (SAVE) Shares Bought by Balyasny Asset Management LLC
Balyasny Asset Management LLC increased its stake in Spirit Airlines, Inc. (NASDAQ:SAVE) by 745.3% during the second quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 123,943 shares of the transportation company’s stock after acquiring an additional 109,280 shares during the quarter. Balyasny Asset Management LLC owned approximately 0.18% of Spirit Airlines worth $6,402,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors also recently modified their holdings of the company. Advisor Group Inc. grew its holdings in shares of Spirit Airlines by 18.8% in the 2nd quarter. Advisor Group Inc. now owns 2,170 shares of the transportation company’s stock worth $113,000 after acquiring an additional 344 shares during the last quarter. Intact Investment Management Inc. acquired a new position in shares of Spirit Airlines in the 2nd quarter worth $238,000. Ramsey Quantitative Systems acquired a new position in shares of Spirit Airlines in the 2nd quarter worth $281,000. Oppenheimer Asset Management Inc. acquired a new position in shares of Spirit Airlines in the 1st quarter worth $346,000. Finally, Karp Capital Management Corp acquired a new position in shares of Spirit Airlines in the 1st quarter worth $368,000. Institutional investors and hedge funds own 96.99% of the company’s stock.
In other news, Director H. Mcintyre Gardner acquired 5,000 shares of the stock in a transaction that occurred on Friday, September 15th. The stock was acquired at an average price of $33.78 per share, for a total transaction of $168,900.00. The purchase was disclosed in a filing with the SEC, which can be accessed through this link. 0.33% of the stock is owned by corporate insiders.
A number of brokerages recently issued reports on SAVE. Deutsche Bank AG cut Spirit Airlines from a “buy” rating to a “hold” rating and set a $38.00 target price on the stock. in a report on Friday. Stifel Nicolaus restated a “buy” rating and issued a $55.00 target price on shares of Spirit Airlines in a report on Thursday, September 28th. Macquarie began coverage on Spirit Airlines in a report on Monday, September 25th. They issued a “neutral” rating and a $33.00 target price on the stock. J P Morgan Chase & Co cut Spirit Airlines from an “overweight” rating to a “neutral” rating and decreased their target price for the stock from $45.00 to $37.00 in a report on Friday, September 15th. Finally, ValuEngine cut Spirit Airlines from a “buy” rating to a “hold” rating in a report on Friday, September 1st. Two research analysts have rated the stock with a sell rating, nine have assigned a hold rating, four have given a buy rating and one has given a strong buy rating to the company’s stock. Spirit Airlines has an average rating of “Hold” and a consensus target price of $47.77.
Shares of Spirit Airlines, Inc. (SAVE) opened at 35.24 on Friday. The firm has a market cap of $2.44 billion, a PE ratio of 10.21 and a beta of 0.66. The stock has a 50 day moving average price of $34.31 and a 200 day moving average price of $47.18. Spirit Airlines, Inc. has a 12 month low of $30.32 and a 12 month high of $60.40.
Spirit Airlines (NASDAQ:SAVE) last released its quarterly earnings data on Thursday, July 27th. The transportation company reported $1.14 EPS for the quarter, beating the Zacks’ consensus estimate of $1.11 by $0.03. Spirit Airlines had a net margin of 9.62% and a return on equity of 17.96%. The business had revenue of $701.68 million during the quarter, compared to analysts’ expectations of $702.29 million. During the same quarter in the prior year, the company earned $1.11 EPS. The firm’s quarterly revenue was up 20.1% on a year-over-year basis. On average, equities research analysts expect that Spirit Airlines, Inc. will post $2.98 EPS for the current year.
Spirit Airlines Company Profile
Spirit Airlines, Inc is an airline company. The Company provides air transportation for passengers. As of December 31, 2016, its all-Airbus Fit Fleet operated over 420 daily flights to 59 destinations in the United States, Caribbean and Latin America. As of December 31, 2016, it had a fleet of 95 Airbus single-aisle aircraft, which are referred to as A320 family aircraft and include the A319, A320 and A321 models, which have common design and equipment but differ most notably in fuselage length, service range and seat capacity.
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