Skytop Capital Management Exits Position in Spirit Airlines Incorporated (SAVE)

Spirit Airlines Incorporated (SAVE) : Skytop Capital Management has sold out all of its stake in Spirit Airlines Incorporated during the most recent quarter, according to the disclosure filed by the company on Aug 15, 2016 with the SEC. The investment management company has sold out 182,427 shares of Spirit Airlines Incorporated which is valued at $7,293,431.

Other Hedge Funds, Including , Quinn Opportunity Partners reduced its stake in SAVE by selling 26,400 shares or 53.29% in the most recent quarter. The Hedge Fund company now holds 23,137 shares of SAVE which is valued at $925,017. Spirit Airlines Incorporated makes up approx 0.33% of Quinn Opportunity Partners’s portfolio.Mackenzie Financial Corp boosted its stake in SAVE in the latest quarter, The investment management firm added 238,026 additional shares and now holds a total of 1,594,425 shares of Spirit Airlines Incorporated which is valued at $63,745,112. Spirit Airlines Incorporated makes up approx 0.35% of Mackenzie Financial Corp’s portfolio. Catalyst Capital Advisors sold out all of its stake in SAVE during the most recent quarter. The investment firm sold 25,000 shares of SAVE which is valued $999,500.Wedbush Securities Inc reduced its stake in SAVE by selling 1,651 shares or 6.03% in the most recent quarter. The Hedge Fund company now holds 25,721 shares of SAVE which is valued at $1,016,751. Spirit Airlines Incorporated makes up approx 0.17% of Wedbush Securities Inc’s portfolio.Emerald Mutual Fund Advisers Trust reduced its stake in SAVE by selling 178,549 shares or 37.95% in the most recent quarter. The Hedge Fund company now holds 291,997 shares of SAVE which is valued at $12,482,872. Spirit Airlines Incorporated makes up approx 0.66% of Emerald Mutual Fund Advisers Trust’s portfolio.

Spirit Airlines Incorporated closed down -0.46 points or -1.15% at $39.53 with 15,96,245 shares getting traded on Thursday. Post opening the session at $40.06, the shares hit an intraday low of $38.75 and an intraday high of $40.06 and the price fluctuated in this range throughout the day.Shares ended Thursday session in Red.

On the company’s financial health, Spirit Airlines Incorporated reported $1.11 EPS for the quarter, beating the analyst consensus estimate by $ 0.03 according to the earnings call on Jul 29, 2016. Analyst had a consensus of $1.08. The company had revenue of $584.10 million for the quarter, compared to analysts expectations of $585.04 million. The company’s revenue was up 5.5% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.03 EPS.

Many Wall Street Analysts have commented on Spirit Airlines Incorporated. Spirit Airlines Incorporated was Upgraded by Raymond James to ” Strong Buy” on Aug 4, 2016. Shares were Reiterated by Deutsche Bank on Aug 1, 2016 to “Buy” and Lowered the Price Target to $ 52 from a previous price target of $56 .Spirit Airlines Incorporated was Upgraded by Credit Suisse to ” Outperform” on Jun 20, 2016.

Spirit Airlines Inc. is an airline company. The Company’s all-Airbus fleet operates more than 300 daily flights to 56 destinations in the United States Caribbean and Latin America. Its ultra-low-cost carrier (ULCC) business model provides low base fares with a range of optional services. The Company’s route network includes approximately 151 markets served by 56 airports throughout North America Central America South America and the Caribbean. The Company operates international services to Aruba the Bahamas Colombia Costa Rica Dominican Republic El Salvador Guatemala Haiti Honduras Jamaica Mexico Nicaragua Panama Peru and St. Maarten as well as Puerto Rico and the United States Virgin Islands.

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