Spirit Airlines (NYSE:SAVE) Lowered to “Underperform” at Raymond James

Spirit Airlines (NYSE:SAVE) was downgraded by equities research analysts at Raymond James from a “market perform” rating to an “underperform” rating in a research note issued to investors on Friday, Marketbeat Ratings reports.

A number of other analysts have also recently commented on SAVE. 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. Evercore ISI decreased their price objective on Spirit Airlines from $18.00 to $3.50 and set an “in-line” rating for the company in a research report on Thursday, April 4th. Deutsche Bank Aktiengesellschaft lowered their target price on Spirit Airlines from $4.00 to $3.00 and set a “hold” rating for the company in a research note on Tuesday, May 7th. 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. Finally, Citigroup reduced their target price on shares of Spirit Airlines from $3.85 to $3.50 and set a “sell” rating for the company in a research note on Tuesday, May 14th. Six research analysts have rated the stock with a sell rating and four have assigned a hold rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Reduce” and a consensus target price of $3.57.

Spirit Airlines Trading Down 0.8 %

Shares of SAVE opened at $3.62 on Friday. The firm has a market capitalization of $396.39 million, a PE ratio of -0.82 and a beta of 1.40. The company has a quick ratio of 0.97, a current ratio of 0.97 and a debt-to-equity ratio of 3.17. Spirit Airlines has a 12-month low of $3.18 and a 12-month high of $19.69. The stock’s fifty day simple moving average is $3.68 and its 200-day simple moving average is $6.41.

Spirit Airlines (NYSE:SAVE) last released its earnings results on Monday, May 6th. The company reported ($1.46) earnings per share for the quarter, missing the consensus estimate of ($1.45) by ($0.01). Spirit Airlines had a negative net margin of 9.21% and a negative return on equity of 34.64%. The company had revenue of $1.27 billion during the quarter, compared to analyst estimates of $1.27 billion. During the same period in the previous year, the company posted ($0.82) EPS. The company’s quarterly revenue was down 6.2% compared to the same quarter last year. As a group, research analysts predict that Spirit Airlines will post -3.88 earnings per share for the current year.

Hedge Funds Weigh In On Spirit Airlines

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Virtu Financial LLC acquired a new stake in Spirit Airlines in the first quarter valued at $496,000. Bayesian Capital Management LP bought a new stake in Spirit Airlines in the first quarter valued at approximately $829,000. Price T Rowe Associates Inc. MD lifted its position in shares of Spirit Airlines by 5.7% in the first quarter. Price T Rowe Associates Inc. MD now owns 73,622 shares of the company’s stock valued at $357,000 after buying an additional 3,955 shares during the last quarter. Wellington Wealth Strategies LLC. acquired a new position in shares of Spirit Airlines during the 1st quarter worth approximately $68,000. Finally, Natixis raised its stake in Spirit Airlines by 29.1% in the 1st quarter. Natixis now owns 12,480 shares of the company’s stock valued at $60,000 after acquiring an additional 2,815 shares during the period. 58.73% of the stock is owned by institutional investors.

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.