Spirit Airlines, Inc. (NYSE:SAVE) Receives $2.50 Average Price Target from Analysts

Spirit Airlines, Inc. (NYSE:SAVE) has been given an average recommendation of “Strong Sell” by the nine brokerages that are currently covering the company, Marketbeat Ratings reports. Seven investment analysts have rated the stock with a sell rating and two have assigned a hold rating to the company. The average 1 year price objective among brokerages that have issued a report on the stock in the last year is $2.50.

A number of brokerages have weighed in on SAVE. TD Cowen lowered shares of Spirit Airlines from a “hold” rating to a “sell” rating and cut their price target for the company from $3.00 to $2.00 in a research note on Wednesday, July 17th. Citigroup lowered their target price on Spirit Airlines from $3.50 to $2.75 and set a “sell” rating for the company in a report on Tuesday, July 23rd. Deutsche Bank Aktiengesellschaft lowered Spirit Airlines from a “hold” rating to a “sell” rating and cut their price target for the company from $3.00 to $2.00 in a report on Monday, July 8th. Susquehanna decreased their price objective on Spirit Airlines from $2.25 to $1.50 and set a “negative” rating for the company in a report on Wednesday, October 9th. Finally, Raymond James downgraded Spirit Airlines from a “market perform” rating to an “underperform” rating in a research report on Friday, July 5th.

Spirit Airlines Stock Performance

SAVE stock opened at $1.47 on Friday. Spirit Airlines has a 1-year low of $1.40 and a 1-year high of $17.49. The company has a current ratio of 0.94, a quick ratio of 0.94 and a debt-to-equity ratio of 3.86. The firm has a market cap of $160.97 million, a PE ratio of -0.33 and a beta of 1.38. The business’s 50-day moving average price is $2.35 and its two-hundred day moving average price is $3.13.

Spirit Airlines (NYSE:SAVE) last released its quarterly earnings data on Thursday, August 1st. The company reported ($1.44) earnings per share for the quarter, missing the consensus estimate of ($1.30) by ($0.14). Spirit Airlines had a negative net margin of 13.20% and a negative return on equity of 57.87%. The business had revenue of $1.28 billion for the quarter, compared to the consensus estimate of $1.30 billion. During the same quarter last year, the firm earned $0.29 EPS. The company’s revenue for the quarter was down 10.6% on a year-over-year basis. As a group, research analysts forecast that Spirit Airlines will post -6.96 earnings per share for the current year.

Hedge Funds Weigh In On Spirit Airlines

Several institutional investors and hedge funds have recently modified their holdings of the stock. High Note Wealth LLC acquired a new stake in Spirit Airlines during the 3rd quarter worth approximately $36,000. Truist Financial Corp boosted its position in shares of Spirit Airlines by 52.5% in the second quarter. Truist Financial Corp now owns 30,718 shares of the company’s stock valued at $112,000 after acquiring an additional 10,580 shares during the period. SkyView Investment Advisors LLC grew its stake in shares of Spirit Airlines by 51.2% in the second quarter. SkyView Investment Advisors LLC now owns 145,844 shares of the company’s stock valued at $534,000 after acquiring an additional 49,404 shares in the last quarter. Susquehanna Fundamental Investments LLC increased its position in Spirit Airlines by 39.1% during the second quarter. Susquehanna Fundamental Investments LLC now owns 101,059 shares of the company’s stock worth $370,000 after acquiring an additional 28,421 shares during the period. Finally, Scientech Research LLC acquired a new stake in Spirit Airlines in the 2nd quarter worth about $81,000. 58.73% of the stock is currently 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.