Spirit Airlines Incorporated (SAVE)’s Shares Drop As Analysts Expect Near-Term Downside

Hedge fund activity in Spirit Airlines Incorporated (NASDAQ:SAVE)

At the end of the first quarter, a total of 30 of the hedge funds tracked by Insider Monkey were long in this stock, a drop of 5 from one quarter earlier. With hedgies’ positions undergoing their usual ebb and flow, there exists a few noteworthy hedge fund managers who were upping their stakes considerably.

According to hedge fund experts at Insider Monkey, Highline Capital Management, managed by Jacob Doft, holds the most valuable position in Spirit Airlines Incorporated (NASDAQ:SAVE). Highline Capital Management has a $69.7 million position in the stock consisting of 900,900 shares, comprising 3.2% of its 13F portfolio. On Highline Capital Management’s heels is Anchor Bolt Capital, led by Robert Polak, holding a $67.1 million position of 867,784 shares; 2.7% of its 13F portfolio is allocated to the stock. Some other hedgies that hold long positions consist of David E. Shaw’s D E Shaw, Ken Griffin’s Citadel Investment Group, and Christopher Medlock James’ Partner Fund Management.

Because Spirit Airlines Incorporated (NASDAQ:SAVE) has faced bearish sentiment from the aggregate hedge fund industry, it’s safe to say that there exists a select few hedge funds who sold off their full holdings in the first quarter. It’s worth mentioning that Robert Joseph Caruso‘s Select Equity Group dumped the largest position of all the hedgies followed by Insider Monkey, worth close to $21 million in stock, while Howard Shainker and Akiva Katz of Bow Street LLC were right behind this move, as the fund cut about $7 million worth of shares.

Considering the present weakness and seemingly bleak upcoming financial results on July 24, this might not be the best time to purchase Spirit Airlines.

Disclosure: None