Brokerages Set Spirit Airlines, Inc. (NYSE:SAVE) Price Target at $4.91

Spirit Airlines, Inc. (NYSE:SAVE) has been given an average rating of “Strong Sell” by the seven research firms that are covering the firm, MarketBeat Ratings reports. Four research analysts have rated the stock with a sell rating and three have given a hold rating to the company. The average 12 month target price among brokerages that have covered the stock in the last year is $4.91.

SAVE has been the subject of several analyst reports. Barclays initiated coverage on shares of Spirit Airlines in a research note on Wednesday, March 27th. They issued an “underweight” rating and a $4.00 target price for the company. Citigroup decreased their target price on shares of Spirit Airlines from $4.00 to $3.85 and set a “sell” rating for the company in a research note on Wednesday, April 17th. Susquehanna decreased their target price on shares of Spirit Airlines from $5.00 to $4.00 and set a “negative” rating for the company in a research note on Tuesday, April 9th. Evercore ISI decreased their target price on shares of Spirit Airlines from $18.00 to $3.50 and set an “in-line” rating for the company in a research note on Thursday, April 4th. Finally, TD Cowen cut their price target on shares of Spirit Airlines from $5.00 to $4.00 and set a “hold” rating on the stock in a report on Tuesday, April 16th.

Spirit Airlines Price Performance

SAVE opened at $3.54 on Friday. The company has a quick ratio of 0.90, a current ratio of 0.90 and a debt-to-equity ratio of 2.69. Spirit Airlines has a 52-week low of $3.47 and a 52-week high of $19.69. The company has a 50 day moving average of $4.88 and a two-hundred day moving average of $9.74. The company has a market cap of $387.56 million, a P/E ratio of -0.87 and a beta of 1.35.

Spirit Airlines (NYSE:SAVE) last announced its earnings results on Thursday, February 8th. The company reported ($1.36) earnings per share for the quarter, beating the consensus estimate of ($1.42) by $0.06. The business had revenue of $1.32 billion during the quarter, compared to the consensus estimate of $1.32 billion. Spirit Airlines had a negative net margin of 8.34% and a negative return on equity of 26.38%. The business’s quarterly revenue was down 5.0% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.12 earnings per share. On average, analysts expect that Spirit Airlines will post -2.77 earnings per share for the current year.

Spirit Airlines Announces Dividend

The business also recently declared a dividend, which was paid on Thursday, February 29th. Investors of record on Friday, February 23rd were issued a $0.10 dividend. The ex-dividend date of this dividend was Thursday, February 22nd.

Institutional Trading of Spirit Airlines

Institutional investors and hedge funds have recently modified their holdings of the business. American Century Companies Inc. raised its holdings in shares of Spirit Airlines by 88.2% during the third quarter. American Century Companies Inc. now owns 626,269 shares of the company’s stock worth $10,333,000 after purchasing an additional 293,517 shares during the period. Charles Schwab Investment Management Inc. raised its holdings in shares of Spirit Airlines by 3.7% during the third quarter. Charles Schwab Investment Management Inc. now owns 1,024,413 shares of the company’s stock worth $16,903,000 after purchasing an additional 37,019 shares during the period. Cambridge Investment Research Advisors Inc. raised its holdings in shares of Spirit Airlines by 616.6% during the third quarter. Cambridge Investment Research Advisors Inc. now owns 143,436 shares of the company’s stock worth $2,367,000 after purchasing an additional 123,419 shares during the period. Alpine Associates Management Inc. raised its holdings in shares of Spirit Airlines by 29.7% during the third quarter. Alpine Associates Management Inc. now owns 1,904,500 shares of the company’s stock worth $31,424,000 after purchasing an additional 436,486 shares during the period. Finally, FMR LLC raised its holdings in shares of Spirit Airlines by 1.3% during the third quarter. FMR LLC now owns 5,296,283 shares of the company’s stock worth $87,389,000 after purchasing an additional 67,977 shares during the period. 58.73% of the stock is owned by institutional investors and hedge funds.

About Spirit Airlines

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.