Spirit Airlines, Inc. (NYSE:SAVE) Shares Sold by New York State Common Retirement Fund

New York State Common Retirement Fund lowered its stake in shares of Spirit Airlines, Inc. (NYSE:SAVE - Free Report) by 99.2% in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 44,911 shares of the company's stock after selling 5,609,033 shares during the period. New York State Common Retirement Fund's holdings in Spirit Airlines were worth $736,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds have also modified their holdings of the stock. Deuterium Capital Management LLC purchased a new stake in Spirit Airlines during the 3rd quarter valued at about $330,000. Principal Financial Group Inc. grew its stake in Spirit Airlines by 39.4% during the 3rd quarter. Principal Financial Group Inc. now owns 16,248 shares of the company's stock valued at $268,000 after acquiring an additional 4,591 shares in the last quarter. Wilbanks Smith & Thomas Asset Management LLC grew its stake in Spirit Airlines by 112.7% during the 3rd quarter. Wilbanks Smith & Thomas Asset Management LLC now owns 672,186 shares of the company's stock valued at $11,091,000 after acquiring an additional 356,184 shares in the last quarter. Swiss National Bank grew its stake in Spirit Airlines by 2.0% during the 3rd quarter. Swiss National Bank now owns 60,000 shares of the company's stock valued at $990,000 after acquiring an additional 1,200 shares in the last quarter. Finally, Alpine Associates Management Inc. grew its stake in Spirit Airlines by 29.7% during the 3rd quarter. Alpine Associates Management Inc. now owns 1,904,500 shares of the company's stock valued at $31,424,000 after acquiring an additional 436,486 shares in the last quarter. Hedge funds and other institutional investors own 58.73% of the company's stock.

Spirit Airlines Trading Up 2.3 %

Shares of SAVE stock traded up $0.10 during trading hours on Tuesday, hitting $4.49. The company had a trading volume of 17,348,920 shares, compared to its average volume of 13,706,963. The company's fifty day moving average is $4.28 and its 200 day moving average is $8.76. 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, Inc. has a fifty-two week low of $3.18 and a fifty-two week high of $19.69. The stock has a market capitalization of $491.66 million, a PE ratio of -1.09 and a beta of 1.41.

Spirit Airlines (NYSE:SAVE - Get Free Report) last issued its quarterly earnings data on Monday, May 6th. The company reported ($1.46) EPS for the quarter, missing the consensus estimate of ($1.45) by ($0.01). Spirit Airlines had a negative return on equity of 34.64% and a negative net margin of 9.21%. The company had revenue of $1.27 billion during the quarter, compared to analyst estimates of $1.27 billion. During the same quarter in the prior year, the company posted ($0.82) earnings per share. The business's revenue was down 6.2% compared to the same quarter last year. Research analysts expect that Spirit Airlines, Inc. will post -3.11 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on SAVE. Barclays began coverage on shares of Spirit Airlines in a research note on Wednesday, March 27th. They set an "underweight" rating and a $4.00 price objective for the company. Bank of America assumed coverage on shares of Spirit Airlines in a research note on Wednesday, January 17th. They issued an "underperform" rating and a $5.00 price target for the company. Susquehanna dropped their price target on shares of Spirit Airlines from $4.00 to $3.00 and set a "negative" rating for the company in a research note on Wednesday, May 8th. Deutsche Bank Aktiengesellschaft dropped their price target on shares of Spirit Airlines from $4.00 to $3.00 and set a "hold" rating for the company in a research note on Tuesday, May 7th. Finally, TD Cowen dropped their price target on shares of Spirit Airlines from $4.00 to $3.00 and set a "hold" rating for the company in a research note on Tuesday, May 7th. Five research analysts have rated the stock with a sell rating and four have given a hold rating to the company. According to MarketBeat, Spirit Airlines has an average rating of "Reduce" and an average price target of $3.57.

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.