Envestnet Asset Management Inc. Increases Stake in Spirit Airlines Incorporated (NASDAQ:SAVE)

Envestnet Asset Management Inc. increased its position in shares of Spirit Airlines Incorporated (NASDAQ:SAVE) by 42.5% during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 27,002 shares of the transportation company’s stock after buying an additional 8,050 shares during the period. Envestnet Asset Management Inc.’s holdings in Spirit Airlines were worth $980,000 at the end of the most recent quarter.

Several other institutional investors have also recently made changes to their positions in SAVE. Invesco Ltd. increased its stake in shares of Spirit Airlines by 328.2% during the second quarter. Invesco Ltd. now owns 3,135,363 shares of the transportation company’s stock valued at $149,652,000 after buying an additional 2,403,128 shares during the period. Nuveen Asset Management LLC purchased a new position in shares of Spirit Airlines during the second quarter valued at $83,714,000. Scout Investments Inc. increased its stake in shares of Spirit Airlines by 421.7% during the second quarter. Scout Investments Inc. now owns 901,161 shares of the transportation company’s stock valued at $43,012,000 after buying an additional 728,431 shares during the period. Letko Brosseau & Associates Inc. increased its stake in shares of Spirit Airlines by 136.7% during the second quarter. Letko Brosseau & Associates Inc. now owns 1,011,820 shares of the transportation company’s stock valued at $48,294,000 after buying an additional 584,275 shares during the period. Finally, Mackenzie Financial Corp increased its stake in shares of Spirit Airlines by 27.4% during the second quarter. Mackenzie Financial Corp now owns 2,531,404 shares of the transportation company’s stock valued at $120,824,000 after buying an additional 544,424 shares during the period.

Shares of NASDAQ SAVE opened at $38.98 on Friday. The business has a 50-day simple moving average of $36.69 and a two-hundred day simple moving average of $43.63. Spirit Airlines Incorporated has a fifty-two week low of $32.97 and a fifty-two week high of $65.35.

Spirit Airlines (NASDAQ:SAVE) last issued its quarterly earnings results on Wednesday, October 23rd. The transportation company reported $1.32 earnings per share for the quarter, topping the consensus estimate of $1.23 by $0.09. The business had revenue of $991.97 million during the quarter, compared to analyst estimates of $987.68 million. Spirit Airlines’s revenue was up 9.7% compared to the same quarter last year. During the same period in the prior year, the business posted $1.47 EPS.

A number of equities research analysts recently weighed in on SAVE shares. Credit Suisse Group reaffirmed a “hold” rating and set a $43.00 price objective on shares of Spirit Airlines in a research report on Monday, October 28th. Citigroup started coverage on Spirit Airlines in a research report on Thursday, October 31st. They set a “buy” rating and a $46.00 price objective on the stock. Buckingham Research downgraded Spirit Airlines from a “buy” rating to a “neutral” rating and dropped their price objective for the company from $69.00 to $41.00 in a research report on Monday, September 9th. Vertical Research started coverage on Spirit Airlines in a research report on Thursday, August 22nd. They set a “hold” rating on the stock. Finally, TheStreet downgraded Spirit Airlines from a “b-” rating to a “c” rating in a research report on Wednesday, August 21st. One equities research analyst has rated the stock with a sell rating, eleven have given a hold rating and six have issued a buy rating to the stock. The stock currently has a consensus rating of “Hold” and a consensus price target of $51.27.

Spirit Airlines Company Profile

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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Institutional Ownership by Quarter for Spirit Airlines (NASDAQ:SAVE)

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