Barclays began coverage on shares of Spirit Airlines (NYSE:SAVE – Free Report) in a research report sent to investors on Wednesday morning, MarketBeat reports. The firm issued an underweight rating and a $4.00 price objective on the stock.
Several other brokerages have also commented on SAVE. Bank of America initiated coverage on Spirit Airlines in a research note on Wednesday, January 17th. They set an underperform rating and a $5.00 price target on the stock. Susquehanna restated a negative rating and set a $5.00 price target (down previously from $15.00) on shares of Spirit Airlines in a research note on Wednesday, January 17th. TD Cowen cut their price target on Spirit Airlines from $11.00 to $5.00 and set a market perform rating on the stock in a research note on Monday, January 22nd. Citigroup raised their price target 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 downgraded Spirit Airlines from a buy rating to a neutral rating in a research report 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. Based on data from MarketBeat, the company presently has an average rating of Reduce and a consensus price target of $7.57.
View Our Latest Stock Report on Spirit Airlines
Spirit Airlines Stock Performance
Spirit Airlines (NYSE:SAVE – Get Free Report) last released its earnings results on Thursday, February 8th. The company reported ($1.36) earnings per share for the quarter, topping analysts’ consensus estimates of ($1.42) by $0.06. The business had revenue of $1.32 billion for the quarter, compared to analyst estimates of $1.32 billion. Spirit Airlines had a negative return on equity of 26.38% and a negative net margin of 8.34%. The business’s revenue was down 5.0% compared to the same quarter last year. During the same quarter last year, the firm posted $0.12 earnings per share. Analysts predict that Spirit Airlines will post -2.8 earnings per share for the current year.
Spirit Airlines Announces Dividend
The firm also recently declared a dividend, which was paid on Thursday, February 29th. Shareholders of record on Friday, February 23rd were issued a $0.10 dividend. The ex-dividend date of this dividend was Thursday, February 22nd.
Institutional Investors Weigh In On Spirit Airlines
Institutional investors have recently added to or reduced their stakes in the business. International Assets Investment Management LLC boosted its holdings in Spirit Airlines by 467.7% in the fourth quarter. International Assets Investment Management LLC now owns 1,970 shares of the company’s stock worth $32,000 after acquiring an additional 1,623 shares in the last quarter. First Horizon Advisors Inc. acquired a new stake in Spirit Airlines in the fourth quarter worth about $33,000. Northwestern Mutual Wealth Management Co. boosted its holdings in Spirit Airlines by 272.4% in the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 2,119 shares of the company’s stock worth $41,000 after acquiring an additional 1,550 shares in the last quarter. Cary Street Partners Investment Advisory LLC acquired a new stake in Spirit Airlines in the third quarter worth about $50,000. Finally, Migdal Insurance & Financial Holdings Ltd. boosted its holdings in Spirit Airlines by 862.8% in the fourth quarter. Migdal Insurance & Financial Holdings Ltd. now owns 3,466 shares of the company’s stock worth $57,000 after acquiring an additional 3,106 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.
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