Arete Wealth Advisors LLC Increases Holdings in Spirit Airlines, Inc. (NYSE:SAVE)

Arete Wealth Advisors LLC increased its stake in Spirit Airlines, Inc. (NYSE:SAVE) by 52.4% during the third quarter, according to its most recent filing with the SEC. The fund owned 33,262 shares of the company’s stock after buying an additional 11,431 shares during the quarter. Arete Wealth Advisors LLC’s holdings in Spirit Airlines were worth $79,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the stock. Signaturefd LLC grew its holdings in Spirit Airlines by 127.6% during the second quarter. Signaturefd LLC now owns 7,926 shares of the company’s stock valued at $29,000 after purchasing an additional 4,443 shares during the period. High Note Wealth LLC bought a new position in shares of Spirit Airlines during the 3rd quarter worth $36,000. Wealth Enhancement Advisory Services LLC grew its stake in shares of Spirit Airlines by 38.8% during the 3rd quarter. Wealth Enhancement Advisory Services LLC now owns 18,821 shares of the company’s stock worth $45,000 after acquiring an additional 5,261 shares during the period. Baron Wealth Management LLC increased its holdings in Spirit Airlines by 39.3% in the 3rd quarter. Baron Wealth Management LLC now owns 20,904 shares of the company’s stock worth $50,000 after acquiring an additional 5,900 shares during the last quarter. Finally, Bank of Stockton bought a new stake in Spirit Airlines in the 3rd quarter valued at about $60,000. 58.73% of the stock is owned by hedge funds and other institutional investors.

Spirit Airlines Stock Performance

NYSE SAVE opened at $1.02 on Friday. The company has a debt-to-equity ratio of 3.86, a current ratio of 0.94 and a quick ratio of 0.94. The company’s 50 day simple moving average is $1.72 and its two-hundred day simple moving average is $2.52. Spirit Airlines, Inc. has a 1 year low of $1.02 and a 1 year high of $17.02. The stock has a market capitalization of $111.71 million, a PE ratio of -0.17 and a beta of 1.37.

Analysts Set New Price Targets

A number of equities analysts have weighed in on SAVE shares. Susquehanna cut their target price 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. TD Cowen cut their price objective on shares of Spirit Airlines from $2.00 to $1.00 and set a “sell” rating for the company in a report on Wednesday, November 13th. Finally, Barclays lowered their target price on shares of Spirit Airlines from $3.00 to $0.50 and set an “underweight” rating on the stock in a report on Thursday, November 14th. Seven equities research analysts have rated the stock with a sell rating and two have issued a hold rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Reduce” and a consensus target price of $2.00.

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.