AQR Capital Management LLC Takes $305,000 Position in Spirit Airlines, Inc. (NYSE:SAVE)

AQR Capital Management LLC bought a new stake in shares of Spirit Airlines, Inc. (NYSE:SAVE) in the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor bought 83,468 shares of the company’s stock, valued at approximately $305,000.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in SAVE. BNP Paribas Financial Markets increased its holdings in Spirit Airlines by 2,369.9% during the first 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 last quarter. Federated Hermes Inc. increased its holdings in Spirit Airlines by 331.2% during the second quarter. Federated Hermes Inc. now owns 432,494 shares of the company’s stock valued at $1,583,000 after buying an additional 332,188 shares during the last quarter. Bayesian Capital Management LP purchased a new stake in Spirit Airlines during the first quarter valued at approximately $829,000. Virtu Financial LLC purchased a new stake in Spirit Airlines during the first quarter valued at approximately $496,000. Finally, Vanguard Group Inc. increased its holdings in Spirit Airlines by 0.7% during the first quarter. Vanguard Group Inc. now owns 10,491,947 shares of the company’s stock valued at $50,781,000 after buying an additional 73,044 shares during the last quarter. 58.73% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

SAVE has been the subject of a number of research reports. Deutsche Bank Aktiengesellschaft cut shares of Spirit Airlines from a “hold” rating to a “sell” rating and reduced their target price for the company from $3.00 to $2.00 in a report on Monday, July 8th. Citigroup dropped their price target on shares of Spirit Airlines from $3.50 to $2.75 and set a “sell” rating for the company in a research report on Tuesday, July 23rd. Raymond James lowered shares of Spirit Airlines from a “market perform” rating to an “underperform” rating in a research report on Friday, July 5th. TD Cowen lowered shares of Spirit Airlines from a “hold” rating to a “sell” rating and dropped their price target for the stock from $3.00 to $2.00 in a research report on Wednesday, July 17th. Finally, Susquehanna dropped their price target on shares of Spirit Airlines from $2.25 to $1.50 and set a “negative” rating for the company in a research report on Wednesday, October 9th. Seven analysts have rated the stock with a sell rating and two have issued a hold rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Reduce” and an average price target of $2.50.

Spirit Airlines Price Performance

Shares of NYSE:SAVE opened at $1.63 on Thursday. The firm has a market cap of $178.49 million, a price-to-earnings ratio of -0.37 and a beta of 1.38. The firm has a fifty day moving average price of $2.40 and a 200 day moving average price of $3.19. The company has a debt-to-equity ratio of 3.86, a quick ratio of 0.94 and a current ratio of 0.94. Spirit Airlines, Inc. has a fifty-two week low of $1.40 and a fifty-two week high of $17.49.

Spirit Airlines (NYSE:SAVE) last released its quarterly earnings results on Thursday, August 1st. The company reported ($1.44) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($1.30) by ($0.14). The business had revenue of $1.28 billion for the quarter, compared to analysts’ expectations of $1.30 billion. Spirit Airlines had a negative net margin of 13.20% and a negative return on equity of 57.87%. Spirit Airlines’s revenue for the quarter was down 10.6% compared to the same quarter last year. During the same period in the previous year, the company earned $0.29 EPS. As a group, sell-side analysts expect that Spirit Airlines, Inc. will post -7.02 earnings per share for the current fiscal 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.