The Vanguard Group, Inc. recently announced the acquisition of new stake in Spirit Airlines Inc (NYSE:SAVE). The institutional investor has increased its shareholding in the Industrials company by 0.34% to 10.23 million shares with purchase of 35111.0 shares. This fresh investment now brings its stake to 9.37% valued currently at $167.71 million. In addition, Fidelity Management & Research Co raised its holdings by 67898.0 to 5.3 million shares. And SSgA Funds Management, Inc. has lifted its position by 0.58% or 14292.0 shares – to 2.5 million shares.
Currently, there are 108.94M common shares owned by the public and among those 108.20M shares have been available to trade.
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Insiders at the company have transacted a total of 26 times over the past 12 months, according to data filed with the U.S. Securities and Exchange Commission (SEC). 25 of these insider trades were purchases, accounting for 262,118 shares. Insider sales of the common stock occurred on 1 occasions, with total insider shares sold totaling 2,604 shares.
The top 3 mutual fund holders in Spirit Airlines Inc are Vanguard Total Stock Market ETF, iShares Russell 2000 ETF, and Vanguard Small Cap Index Fund. Vanguard Total Stock Market ETF owns 3.44 million shares of the company’s stock, all valued at over $56.43 million. The company bought an additional 4451.0 shares recently to bring their total holdings to about 3.15% of the shares outstanding. iShares Russell 2000 ETF sold 7830.0 shares to see its total holdings shrink to 2.96 million shares valued at over $48.44 million and representing 2.71% of the shares outstanding. Vanguard Small Cap Index Fund sold 42940.0 shares to bring its total holdings to over 2.78 million shares at a value of $45.57 million. Vanguard Small Cap Index Fund now owns shares totaling to 2.55% of the shares outstanding.
However, the script later moved the day high at 6.65, down -13.43%. The company’s stock has a 5-day price change of -5.29% and -61.76% over the past three months. SAVE shares are trading -61.40% year to date (YTD), with the 12-month market performance down to -66.00% lower. It has a 12-month low price of $3.99 and touched a high of $18.74 over the same period. SAVE has an average intraday trading volume of 14.58 million shares. The stock is trading above its simple moving averages at the SMA20, SMA50, and SMA200, as the current price level is off by -49.02%, -52.58%, and -58.10% respectively.
Institutional ownership of Spirit Airlines Inc (NYSE: SAVE) shares accounts for 68.19% of the company’s 108.94M shares outstanding. Mutual fund holders own 39.25%, while other institutional holders and individual stakeholders account for 40.51% and 27.96% respectively.
It has a market capitalization of $682.31M and a beta (3y monthly) value of 1.34. The earnings-per-share (ttm) stands at -$4.90. Price movements for the stock have been influenced by the stock’s volatility, which stands at 18.72% over the week and 18.67% over the month.
Analysts forecast that Spirit Airlines Inc (SAVE) will achieve an EPS of -$1.47 for the current quarter, -$1.59 for the next quarter and -$3.15 for 2024. The lowest estimate earnings-per-share for the quarter is -$1.73 while analysts give the company a high EPS estimate of -$1.34. Comparatively, EPS for the current quarter was $0.12 a year ago. Earnings per share for the fiscal year are expected to decrease by -88.90%, and -3.22% over the next financial year.
Looking at the support for the SAVE, a number of firms have released research notes about the stock. TD Cowen stated their Market Perform rating for the stock in a research note on January 22, 2024, with the firm’s price target at $11-$5.
