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

Spirit Airlines, Inc. (NYSE:SAVEGet Free Report) has received a consensus rating of “Reduce” from the eight brokerages that are covering the stock, Marketbeat Ratings reports. Four analysts have rated the stock with a sell rating and four have assigned a hold rating to the company. The average 12 month price objective among analysts that have issued ratings on the stock in the last year is $3.57.

A number of brokerages have recently issued reports on SAVE. TD Cowen dropped their price target on shares of 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 dropped their price target on shares of Spirit Airlines from $18.00 to $3.50 and set an “in-line” rating on the stock in a report on Thursday, April 4th. Susquehanna dropped their price objective on shares of Spirit Airlines from $4.00 to $3.00 and set a “negative” rating on the stock in a report on Wednesday, May 8th. Deutsche Bank Aktiengesellschaft dropped their price objective on shares of Spirit Airlines from $4.00 to $3.00 and set a “hold” rating on the stock in a report on Tuesday, May 7th. Finally, Barclays began coverage on shares of Spirit Airlines in a report on Wednesday, March 27th. They issued an “underweight” rating and a $4.00 price objective on the stock.

Check Out Our Latest Report on SAVE

Hedge Funds Weigh In On Spirit Airlines

Several large investors have recently added to or reduced their stakes in the company. Virtu Financial LLC purchased a new position in Spirit Airlines during the first quarter valued at approximately $496,000. Bayesian Capital Management LP purchased a new position in Spirit Airlines during the first quarter valued at approximately $829,000. Price T Rowe Associates Inc. MD lifted its holdings in Spirit Airlines by 5.7% during the first quarter. Price T Rowe Associates Inc. MD now owns 73,622 shares of the company’s stock valued at $357,000 after purchasing an additional 3,955 shares in the last quarter. Wellington Wealth Strategies LLC. purchased a new position in Spirit Airlines during the first quarter valued at approximately $68,000. Finally, Natixis lifted its holdings in 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. Hedge funds and other institutional investors own 58.73% of the company’s stock.

Spirit Airlines Stock Performance

Shares of NYSE SAVE opened at $3.89 on Friday. The firm’s 50-day moving average price is $3.75 and its 200-day moving average price is $7.10. 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 company has a market cap of $425.41 million, a PE ratio of -0.87 and a beta of 1.40. Spirit Airlines has a 52-week low of $3.18 and a 52-week high of $19.69.

Spirit Airlines (NYSE:SAVEGet Free Report) last announced 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 net margin of 9.21% and a negative return on equity of 34.64%. The business’s revenue was down 6.2% compared to the same quarter last year. During the same period in the previous year, the business earned ($0.82) EPS. As a group, analysts anticipate that Spirit Airlines will post -3.89 EPS for the current year.

Spirit Airlines Company Profile

(Get Free Report

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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Analyst Recommendations for Spirit Airlines (NYSE:SAVE)

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