Spirit Airlines (NYSE:SAVE) PT Lowered to $4.00

Spirit Airlines (NYSE:SAVE) had its price objective lowered by research analysts at Susquehanna from $5.00 to $4.00 in a research note issued to investors on Tuesday, Benzinga reports. The firm presently has a “negative” rating on the stock. Susquehanna’s price target points to a potential downside of 10.21% from the company’s current price.

A number of other equities analysts also recently issued reports on the company. Barclays started coverage on Spirit Airlines in a report on Wednesday, March 27th. They issued an “underweight” rating and a $4.00 price target for the company. Evercore ISI lowered their price target on Spirit Airlines from $18.00 to $3.50 and set an “in-line” rating for the company in a report on Thursday, April 4th. TD Cowen reduced their price objective on Spirit Airlines from $11.00 to $5.00 and set a “market perform” rating for the company in a research note on Monday, January 22nd. Citigroup boosted their price objective on Spirit Airlines from $3.95 to $4.00 and gave the company a “sell” rating in a research note on Monday, February 12th. Finally, Seaport Res Ptn cut Spirit Airlines from a “buy” rating to a “neutral” rating in a research note on Wednesday, January 17th. Five research analysts have rated the stock with a sell rating and three have given a hold rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Reduce” and a consensus target price of $5.07.

Spirit Airlines Stock Down 9.3 %

Shares of SAVE opened at $4.46 on Tuesday. The firm has a market cap of $487.73 million, a P/E ratio of -1.09 and a beta of 1.35. The company has a current ratio of 0.90, a quick ratio of 0.90 and a debt-to-equity ratio of 2.69. The company’s 50-day moving average price is $5.52 and its 200 day moving average price is $10.83. Spirit Airlines has a 12-month low of $3.96 and a 12-month high of $19.69.

Spirit Airlines (NYSE:SAVE) last announced its quarterly earnings data on Thursday, February 8th. The company reported ($1.36) EPS for the quarter, topping analysts’ consensus estimates of ($1.42) by $0.06. Spirit Airlines had a negative return on equity of 26.38% and a negative net margin of 8.34%. The business had revenue of $1.32 billion during the quarter, compared to the consensus estimate of $1.32 billion. During the same period in the previous year, the company posted $0.12 earnings per share. The business’s revenue for the quarter was down 5.0% on a year-over-year basis. On average, sell-side analysts forecast that Spirit Airlines will post -2.8 earnings per share for the current year.

Institutional Investors Weigh In On Spirit Airlines

Several large investors have recently modified their holdings of SAVE. Vanguard Group Inc. raised its position in Spirit Airlines by 0.7% in the fourth quarter. Vanguard Group Inc. now owns 10,418,903 shares of the company’s stock worth $170,766,000 after acquiring an additional 68,710 shares in the last quarter. Readystate Asset Management LP purchased a new position in Spirit Airlines in the fourth quarter worth $3,072,000. Price T Rowe Associates Inc. MD raised its position in Spirit Airlines by 9.1% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 69,667 shares of the company’s stock worth $1,142,000 after acquiring an additional 5,801 shares in the last quarter. Cim Investment Management Inc. raised its position in Spirit Airlines by 121.7% in the fourth quarter. Cim Investment Management Inc. now owns 25,937 shares of the company’s stock worth $425,000 after acquiring an additional 14,236 shares in the last quarter. Finally, Venator Management LLC purchased a new position in Spirit Airlines in the fourth quarter worth $164,000. Hedge funds and other institutional investors own 58.73% of the company’s stock.

Spirit Airlines Company Profile

Spirit Airlines, Inc provides airline services. The company also offers hotels and rental cars services. It serves 93 destinations in 15 countries in the United States, Latin America, and the Caribbean. As of December 31, 2023, the company operated a fleet of 205 Airbus single-aisle aircraft. The company was formerly known as Clippert Trucking Company and changed its name to Spirit Airlines, Inc in 1992.