Angeles Wealth Management LLC Invests $144,000 in Spirit Airlines, Inc. (NYSE:SAVE)

Angeles Wealth Management LLC acquired a new position in Spirit Airlines, Inc. (NYSE:SAVE) in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm acquired 29,689 shares of the company’s stock, valued at approximately $144,000.

Several other hedge funds have also recently made changes to their positions in the business. American Century Companies Inc. grew its stake in shares of Spirit Airlines by 88.2% in the 3rd quarter. American Century Companies Inc. now owns 626,269 shares of the company’s stock valued at $10,333,000 after buying an additional 293,517 shares during the period. BNP Paribas Financial Markets grew its stake in shares of 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 period. Vanguard Group Inc. grew its stake in shares of Spirit Airlines by 0.7% in the 4th quarter. Vanguard Group Inc. now owns 10,418,903 shares of the company’s stock valued at $170,766,000 after buying an additional 68,710 shares during the period. Dimensional Fund Advisors LP grew its stake in shares of Spirit Airlines by 13.1% in the 4th quarter. Dimensional Fund Advisors LP now owns 3,143,384 shares of the company’s stock valued at $51,520,000 after buying an additional 363,519 shares during the period. Finally, Cim Investment Management Inc. grew its stake in shares of Spirit Airlines by 121.7% in the 4th quarter. Cim Investment Management Inc. now owns 25,937 shares of the company’s stock valued at $425,000 after buying an additional 14,236 shares during the period. 58.73% of the stock is owned by institutional investors.

Spirit Airlines Trading Down 2.1 %

Shares of NYSE SAVE traded down $0.06 during midday trading on Thursday, reaching $2.76. The company’s stock had a trading volume of 5,496,266 shares, compared to its average volume of 11,045,456. Spirit Airlines, Inc. has a 12-month low of $2.74 and a 12-month high of $19.20. The firm has a 50 day moving average price of $3.61 and a 200-day moving average price of $5.51. The company has a debt-to-equity ratio of 3.17, a current ratio of 0.97 and a quick ratio of 0.97.

Spirit Airlines (NYSE:SAVE) last announced its earnings results on Monday, May 6th. The company reported ($1.46) earnings per share for the quarter, missing analysts’ consensus estimates of ($1.45) by ($0.01). The business had revenue of $1.27 billion during the quarter, compared to analysts’ expectations of $1.27 billion. Spirit Airlines had a negative return on equity of 34.64% and a negative net margin of 9.21%. Spirit Airlines’s quarterly revenue was down 6.2% on a year-over-year basis. During the same quarter in the previous year, the firm earned ($0.82) EPS. As a group, analysts anticipate that Spirit Airlines, Inc. will post -4.05 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of equities analysts have issued reports on SAVE shares. TD Cowen downgraded 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 research note on Wednesday. Barclays cut their price target on Spirit Airlines from $4.00 to $3.00 and set an “underweight” rating for the company in a research note on Wednesday, July 10th. Evercore ISI cut their price target on Spirit Airlines from $18.00 to $3.50 and set an “in-line” rating for the company in a research note on Thursday, April 4th. Deutsche Bank Aktiengesellschaft downgraded 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 research note on Monday, July 8th. Finally, Bank of America cut their price target on Spirit Airlines from $3.25 to $2.75 and set an “underperform” rating for the company in a research note on Wednesday. Eight analysts have rated the stock with a sell rating and two have assigned a hold rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Reduce” and an average target price of $2.75.

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.