Essex Investment Management Co. LLC raised its position in shares of Spirit Airlines, Inc. (NASDAQ:SAVE) by 79.5% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 83,092 shares of the transportation company’s stock after buying an additional 36,797 shares during the period. Essex Investment Management Co. LLC owned 0.12% of Spirit Airlines worth $4,292,000 as of its most recent filing with the SEC.
A number of other hedge funds and other institutional investors have also modified their holdings of SAVE. Guggenheim Capital LLC raised its position in shares of Spirit Airlines by 6.5% in the fourth quarter. Guggenheim Capital LLC now owns 40,824 shares of the transportation company’s stock worth $2,362,000 after buying an additional 2,479 shares during the period. AQR Capital Management LLC raised its position in shares of Spirit Airlines by 49.7% in the fourth quarter. AQR Capital Management LLC now owns 12,710 shares of the transportation company’s stock worth $735,000 after buying an additional 4,218 shares during the period. Norges Bank acquired a new position in shares of Spirit Airlines during the fourth quarter worth about $14,285,000. Teachers Advisors LLC raised its position in shares of Spirit Airlines by 8.4% in the fourth quarter. Teachers Advisors LLC now owns 77,124 shares of the transportation company’s stock worth $4,462,000 after buying an additional 6,000 shares during the period. Finally, Macquarie Group Ltd. acquired a new position in shares of Spirit Airlines during the fourth quarter worth about $4,114,000. Institutional investors and hedge funds own 98.47% of the company’s stock.
Shares of Spirit Airlines, Inc. (NASDAQ SAVE) opened at 38.28 on Thursday. The company has a 50-day moving average of $46.15 and a 200 day moving average of $51.84. Spirit Airlines, Inc. has a 52-week low of $37.17 and a 52-week high of $60.40. The firm has a market cap of $2.66 billion, a P/E ratio of 11.10 and a beta of 0.57.
Spirit Airlines (NASDAQ:SAVE) last released its earnings results on Thursday, July 27th. The transportation company reported $1.14 EPS for the quarter, topping analysts’ consensus estimates of $1.11 by $0.03. Spirit Airlines had a return on equity of 17.96% and a net margin of 9.62%. The firm had revenue of $701.68 million for the quarter, compared to analysts’ expectations of $702.29 million. During the same period in the prior year, the firm posted $1.11 earnings per share. The company’s quarterly revenue was up 20.1% on a year-over-year basis. On average, equities analysts expect that Spirit Airlines, Inc. will post $3.61 earnings per share for the current year.
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A number of research analysts recently issued reports on SAVE shares. Imperial Capital reiterated an “outperform” rating and issued a $70.00 price objective (up previously from $68.00) on shares of Spirit Airlines in a report on Thursday, April 20th. Citigroup Inc. reiterated a “neutral” rating and issued a $60.00 price objective (up previously from $58.00) on shares of Spirit Airlines in a report on Saturday, April 22nd. Stifel Nicolaus reiterated a “buy” rating and issued a $75.00 price objective on shares of Spirit Airlines in a report on Saturday, April 22nd. Wolfe Research upgraded shares of Spirit Airlines from a “market perform” rating to an “outperform” rating in a report on Friday, June 2nd. Finally, BidaskClub lowered shares of Spirit Airlines from a “hold” rating to a “sell” rating in a report on Friday, June 23rd. Two investment analysts have rated the stock with a sell rating, five have given a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the company. Spirit Airlines presently has a consensus rating of “Hold” and a consensus target price of $53.54.
About Spirit Airlines
Spirit Airlines, Inc is an airline company. The Company provides air transportation for passengers. As of December 31, 2016, its all-Airbus Fit Fleet operated over 420 daily flights to 59 destinations in the United States, Caribbean and Latin America. As of December 31, 2016, it had a fleet of 95 Airbus single-aisle aircraft, which are referred to as A320 family aircraft and include the A319, A320 and A321 models, which have common design and equipment but differ most notably in fuselage length, service range and seat capacity.
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