Spirit Airlines (NYSE:SAVE) Price Target Cut to $3.00 by Analysts at Susquehanna

Spirit Airlines (NYSE:SAVE) had its price objective cut by Susquehanna from $4.00 to $3.00 in a report released on Wednesday morning, Benzinga reports. They currently have a negative rating on the stock.

Several other equities analysts also recently issued reports on the company. Barclays assumed coverage on Spirit Airlines in a research report on Wednesday, March 27th. They set an underweight rating and a $4.00 price objective for the company. Citigroup cut their target price on Spirit Airlines from $4.00 to $3.85 and set a sell rating for the company in a research report on Wednesday, April 17th. Seaport Res Ptn downgraded Spirit Airlines from a buy rating to a neutral rating in a research report on Wednesday, January 17th. TD Cowen cut their target price on Spirit Airlines from $4.00 to $3.00 and set a hold rating for the company in a research report on Tuesday. Finally, Bank of America assumed coverage on Spirit Airlines in a research report on Wednesday, January 17th. They issued an underperform rating and a $5.00 target price for the company. Five equities research analysts have rated the stock with a sell rating and four have given a hold rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of Reduce and a consensus price target of $3.62.

Spirit Airlines Stock Performance

Shares of NYSE SAVE traded up $0.20 during midday trading on Wednesday, hitting $3.60. 2,351,890 shares of the company’s stock were exchanged, compared to its average volume of 13,619,024. The company has a debt-to-equity ratio of 2.69, a current ratio of 0.90 and a quick ratio of 0.90. The stock’s 50 day moving average price is $4.41 and its 200-day moving average price is $9.07. The firm has a market cap of $394.20 million, a P/E ratio of -0.83 and a beta of 1.41. Spirit Airlines has a twelve month low of $3.18 and a twelve month high of $19.69.

Spirit Airlines (NYSE:SAVE) last issued its quarterly earnings data on Monday, May 6th. The company reported ($1.46) earnings per share (EPS) for the quarter, missing the consensus estimate of ($1.45) by ($0.01). The business had revenue of $1.27 billion for the quarter, compared to analyst estimates of $1.27 billion. Spirit Airlines had a negative return on equity of 26.38% and a negative net margin of 8.34%. The business’s quarterly revenue was down 6.2% on a year-over-year basis. During the same quarter in the prior year, the firm posted ($0.82) earnings per share. Equities research analysts anticipate that Spirit Airlines will post -2.79 EPS for the current year.

Spirit Airlines Announces Dividend

The company also recently announced a dividend, which was paid on Thursday, February 29th. Shareholders of record on Friday, February 23rd were paid a dividend of $0.10 per share. The ex-dividend date of this dividend was Thursday, February 22nd.

Institutional Trading of Spirit Airlines

Large investors have recently added to or reduced their stakes in the company. International Assets Investment Management LLC raised its stake in Spirit Airlines by 467.7% during the 4th quarter. International Assets Investment Management LLC now owns 1,970 shares of the company’s stock valued at $32,000 after purchasing an additional 1,623 shares during the period. First Horizon Advisors Inc. acquired a new stake in Spirit Airlines during the 4th quarter valued at $33,000. Cary Street Partners Investment Advisory LLC acquired a new stake in Spirit Airlines during the 3rd quarter valued at $50,000. Migdal Insurance & Financial Holdings Ltd. increased its stake in shares of 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 during the last quarter. Finally, TFO Wealth Partners LLC increased its stake in shares of Spirit Airlines by 21,975.0% in the fourth quarter. TFO Wealth Partners LLC now owns 3,532 shares of the company’s stock worth $58,000 after acquiring an additional 3,516 shares during the last quarter. 58.73% of the stock is owned by institutional investors and hedge funds.

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.