Do Hedge Funds Love Spirit Airlines Incorporated (SAVE)?

As industrywide interest jumped, some big names were breaking ground themselves. Tyvor Capital, managed by John Tompkins, created the most outsized position in Spirit Airlines Incorporated (NASDAQ:SAVE). The fund reportedly had $29.7 million invested in the company at the end of the quarter. Doug Gordon, Jon Hilsabeck and Don Jabro’s Shellback Capital also initiated a $21.7 million position during the quarter. The following funds were also among the new SAVE investors: Robert Polak’s Anchor Bolt Capital, Gregg Moskowitz’s Interval Partners, and Wayne Cooperman’s Cobalt Capital Management.

Let’s now review hedge fund activity in other stocks – not necessarily in the same industry as Spirit Airlines Incorporated (NASDAQ:SAVE) but similarly valued. We will take a look at New Residential Investment Corp (NYSE:NRZ), Energizer Holdings, Inc. (NYSE:ENR), Sensient Technologies Corporation (NYSE:SXT), and ALLETE Inc (NYSE:ALE). This group of stocks’ market caps resemble SAVE’s market cap.

Ticker No of HFs with positions Total Value of HF Positions (x1000) Change in HF Position
NRZ 19 219017 7
ENR 20 273772 -4
SXT 16 175833 7
ALE 11 56449 -5

As you can see these stocks had an average of 17 hedge funds with bullish positions and the average amount invested in these stocks was $181 million. That figure was $338 million in SAVE’s case. Energizer Holdings, Inc. (NYSE:ENR) is the most popular stock in this table. On the other hand ALLETE Inc (NYSE:ALE) is the least popular one with only 11 bullish hedge fund positions. Compared to these stocks Spirit Airlines Incorporated (NASDAQ:SAVE) is more popular among hedge funds. Considering that hedge funds are fond of this stock in relation to its market cap peers, it may be a good idea to analyze it in detail and potentially include it in your portfolio.

Disclosure: none.