Neo Ivy Capital Management purchased a new position in Spirit Airlines Incorporated (NASDAQ:SAVE) during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund purchased 24,465 shares of the transportation company’s stock, valued at approximately $1,168,000.
Other hedge funds also recently made changes to their positions in the company. Meridian Wealth Management LLC purchased a new stake in Spirit Airlines in the 1st quarter worth $26,000. Steward Partners Investment Advisory LLC purchased a new stake in Spirit Airlines in the 2nd quarter worth $28,000. Zurcher Kantonalbank Zurich Cantonalbank lifted its stake in Spirit Airlines by 20.1% in the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 1,661 shares of the transportation company’s stock worth $79,000 after purchasing an additional 278 shares in the last quarter. Point72 Hong Kong Ltd lifted its stake in Spirit Airlines by 549.0% in the 2nd quarter. Point72 Hong Kong Ltd now owns 1,707 shares of the transportation company’s stock worth $81,000 after purchasing an additional 1,444 shares in the last quarter. Finally, Northwestern Mutual Wealth Management Co. raised its position in shares of Spirit Airlines by 148.4% during the 1st quarter. Northwestern Mutual Wealth Management Co. now owns 1,580 shares of the transportation company’s stock valued at $84,000 after buying an additional 944 shares in the last quarter.
Spirit Airlines stock traded up $0.11 during midday trading on Friday, reaching $38.03. The stock had a trading volume of 825,347 shares, compared to its average volume of 1,128,011. Spirit Airlines Incorporated has a 52-week low of $34.53 and a 52-week high of $65.35. The company has a fifty day moving average of $38.56 and a 200 day moving average of $47.92.
Spirit Airlines (NASDAQ:SAVE) last posted its quarterly earnings data on Wednesday, July 24th. The transportation company reported $1.69 earnings per share for the quarter, topping the Zacks’ consensus estimate of $1.64 by $0.05. The firm had revenue of $1.01 billion during the quarter, compared to analysts’ expectations of $1.01 billion. During the same period last year, the company earned $1.11 earnings per share. The business’s revenue for the quarter was up 18.9% compared to the same quarter last year.
In other news, insider Edward M. Christie III acquired 2,375 shares of Spirit Airlines stock in a transaction that occurred on Tuesday, July 30th. The shares were bought at an average cost of $41.93 per share, with a total value of $99,583.75. The acquisition was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director H. Mcintyre Gardner acquired 2,500 shares of Spirit Airlines stock in a transaction that occurred on Wednesday, July 31st. The stock was purchased at an average cost of $41.92 per share, for a total transaction of $104,800.00. The disclosure for this purchase can be found here. Insiders purchased a total of 5,051 shares of company stock worth $211,885 over the last three months. 0.33% of the stock is currently owned by corporate insiders.
Several brokerages have recently issued reports on SAVE. Cowen decreased their target price on shares of Spirit Airlines from $60.00 to $51.00 and set an “outperform” rating on the stock in a research report on Monday, September 9th. Morgan Stanley set a $38.00 target price on shares of Spirit Airlines and gave the company a “hold” rating in a research report on Monday, September 9th. Citigroup set a $67.00 target price on shares of Spirit Airlines and gave the company a “buy” rating in a research report on Friday, July 26th. Buckingham Research cut shares of Spirit Airlines from a “buy” rating to a “neutral” rating and decreased their target price for the company from $69.00 to $41.00 in a research report on Monday, September 9th. Finally, Imperial Capital decreased their target price on shares of Spirit Airlines from $78.00 to $64.00 and set an “outperform” rating on the stock in a research report on Tuesday, July 30th. Eleven analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. Spirit Airlines presently has a consensus rating of “Hold” and a consensus target price of $57.47.
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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