First Bank & Trust Acquires New Shares in Spirit Airlines, Inc. (NYSE:SAVE)

First Bank & Trust acquired a new stake in Spirit Airlines, Inc. (NYSE:SAVE) in the first quarter, according to its most recent filing with the SEC. The fund acquired 14,544 shares of the company’s stock, valued at approximately $70,000.

A number of other hedge funds have also bought and sold shares of the business. Counterpoint Mutual Funds LLC purchased a new position in Spirit Airlines in the 1st quarter valued at approximately $142,000. Vanguard Group Inc. grew its stake in 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 in the last quarter. Readystate Asset Management LP purchased a new position in Spirit Airlines in the 4th quarter valued at approximately $3,072,000. Cim Investment Management Inc. grew its stake in 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 in the last quarter. Finally, Sonic GP LLC grew its stake in Spirit Airlines by 40.0% in the 4th quarter. Sonic GP LLC now owns 700,000 shares of the company’s stock valued at $11,473,000 after buying an additional 200,000 shares in the last quarter. 58.73% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of research analysts recently weighed in on SAVE shares. TD Cowen reduced their price objective 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. Deutsche Bank Aktiengesellschaft reduced 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 report on Tuesday, May 7th. Citigroup reduced their price target on shares of Spirit Airlines from $3.85 to $3.50 and set a “sell” rating for the company in a research report on Tuesday, May 14th. Evercore ISI reduced their price target 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. Finally, Barclays initiated coverage on shares of Spirit Airlines in a research report on Wednesday, March 27th. They set an “underweight” rating and a $4.00 price target for the company. Five investment analysts have rated the stock with a sell rating and four have assigned a hold rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Reduce” and a consensus target price of $3.57.

Spirit Airlines Price Performance

NYSE:SAVE traded up $0.02 during midday trading on Friday, hitting $3.66. The company had a trading volume of 4,620,559 shares, compared to its average volume of 5,403,893. Spirit Airlines, Inc. has a 52-week low of $3.18 and a 52-week high of $19.69. The stock’s fifty day moving average price is $3.69 and its 200-day moving average price is $6.72. The company has a market capitalization of $400.77 million, a PE ratio of -0.82 and a beta of 1.40. The company has a quick ratio of 0.97, a current ratio of 0.97 and a debt-to-equity ratio of 3.17.

Spirit Airlines (NYSE:SAVE) last posted its quarterly earnings results on Monday, May 6th. The company reported ($1.46) earnings per share for the quarter, missing the consensus estimate of ($1.45) by ($0.01). The business had revenue of $1.27 billion during the quarter, compared to the consensus estimate of $1.27 billion. Spirit Airlines had a negative return on equity of 34.64% and a negative net margin of 9.21%. The business’s revenue for the quarter was down 6.2% on a year-over-year basis. During the same period in the prior year, the firm earned ($0.82) earnings per share. As a group, research analysts expect that Spirit Airlines, Inc. will post -3.89 earnings per share for the current year.

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.