Brokerages Set Spirit Airlines, Inc. (NYSE:SAVE) PT at $3.57

Shares of Spirit Airlines, Inc. (NYSE:SAVE) have received a consensus recommendation of “Reduce” from the eight brokerages that are presently covering the stock, Marketbeat.com reports. Four investment analysts have rated the stock with a sell rating and four have issued a hold rating on the company. The average 1 year price objective among analysts that have updated their coverage on the stock in the last year is $3.57.

Several equities analysts recently weighed in on SAVE shares. Susquehanna dropped their price objective on Spirit Airlines from $4.00 to $3.00 and set a “negative” rating for the company in a research note on Wednesday, May 8th. TD Cowen cut their price objective on Spirit Airlines from $4.00 to $3.00 and set a “hold” rating for the company in a research report on Tuesday, May 7th. Deutsche Bank Aktiengesellschaft lowered their target price on Spirit Airlines from $4.00 to $3.00 and set a “hold” rating on the stock in a report on Tuesday, May 7th. Evercore ISI reduced their price objective on Spirit Airlines from $18.00 to $3.50 and set an “in-line” rating on the stock in a research report on Thursday, April 4th. Finally, Barclays started coverage on shares of Spirit Airlines in a research report on Wednesday, March 27th. They issued an “underweight” rating and a $4.00 price objective for the company.

Spirit Airlines Price Performance

SAVE stock opened at $3.60 on Tuesday. The business has a 50 day moving average price of $4.13 and a 200 day moving average price of $8.34. Spirit Airlines has a fifty-two week low of $3.18 and a fifty-two week high of $19.69. The company has a quick ratio of 0.97, a current ratio of 0.97 and a debt-to-equity ratio of 3.17. The stock has a market cap of $394.20 million, a price-to-earnings ratio of -0.81 and a beta of 1.41.

Spirit Airlines (NYSE:SAVE) last released its quarterly earnings results on Monday, May 6th. The company reported ($1.46) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($1.45) by ($0.01). The company had revenue of $1.27 billion for the quarter, compared to analysts’ expectations of $1.27 billion. Spirit Airlines had a negative return on equity of 34.64% and a negative net margin of 9.21%. The business’s quarterly revenue was down 6.2% compared to the same quarter last year. During the same period in the prior year, the business earned ($0.82) EPS. Equities research analysts anticipate that Spirit Airlines will post -3.38 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Spirit Airlines

A number of hedge funds have recently bought and sold shares of SAVE. Virtu Financial LLC acquired a new stake in shares of Spirit Airlines during the 1st quarter worth approximately $496,000. Bayesian Capital Management LP bought a new stake in Spirit Airlines during the 1st quarter valued at $829,000. Price T Rowe Associates Inc. MD boosted its position in Spirit Airlines by 5.7% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 73,622 shares of the company’s stock worth $357,000 after acquiring an additional 3,955 shares during the period. Wellington Wealth Strategies LLC. acquired a new position in shares of Spirit Airlines during the first quarter valued at $68,000. Finally, Natixis raised its stake in shares of Spirit Airlines by 29.1% during the first quarter. Natixis now owns 12,480 shares of the company’s stock valued at $60,000 after purchasing an additional 2,815 shares in the last quarter. Institutional investors and hedge funds 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.