Spirit Airlines, Inc. (NYSE:SAVE) Receives Average Rating of “Strong Sell” from Analysts

Shares of Spirit Airlines, Inc. (NYSE:SAVE) have received an average recommendation of “Strong Sell” from the nine research firms that are covering the firm, MarketBeat.com 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 target among brokers that have issued a report on the stock in the last year is $2.61.

Several equities research analysts recently weighed in on SAVE shares. Citigroup reduced their price objective on shares of Spirit Airlines from $3.50 to $2.75 and set a “sell” rating for the company in a report on Tuesday, July 23rd. Barclays cut their price objective on Spirit Airlines from $4.00 to $3.00 and set an “underweight” rating for the company in a report on Wednesday, July 10th. Deutsche Bank Aktiengesellschaft lowered Spirit Airlines from a “hold” rating to a “sell” rating and lowered their target price for the stock from $3.00 to $2.00 in a report on Monday, July 8th. Bank of America cut their target price on shares of Spirit Airlines from $3.25 to $2.75 and set an “underperform” rating for the company in a research note on Wednesday, July 17th. Finally, TD Cowen lowered shares of Spirit Airlines from a “hold” rating to a “sell” rating and decreased their price target for the stock from $3.00 to $2.00 in a research report on Wednesday, July 17th.

Spirit Airlines Trading Down 0.4 %

Shares of NYSE SAVE opened at $2.45 on Monday. The company has a market cap of $268.28 million, a price-to-earnings ratio of -0.55 and a beta of 1.39. Spirit Airlines has a 12-month low of $2.28 and a 12-month 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 stock’s 50 day simple moving average is $2.64 and its 200 day simple moving average is $3.44.

Spirit Airlines (NYSE:SAVE) last posted its earnings results on Thursday, August 1st. The company reported ($1.44) EPS 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 during the quarter, compared to analyst estimates of $1.30 billion. During the same quarter in the prior year, the business earned $0.29 earnings per share. The firm’s revenue was down 10.6% compared to the same quarter last year. Equities research analysts expect that Spirit Airlines will post -7.12 EPS for the current year.

Institutional Investors Weigh In On Spirit Airlines

Institutional investors have recently bought and sold shares of the business. Signaturefd LLC lifted its holdings in shares of Spirit Airlines by 127.6% during the 2nd quarter. Signaturefd LLC now owns 7,926 shares of the company’s stock valued at $29,000 after buying an additional 4,443 shares during the last quarter. TFO Wealth Partners LLC lifted its holdings in shares of Spirit Airlines by 21,975.0% during the 4th quarter. TFO Wealth Partners LLC now owns 3,532 shares of the company’s stock valued at $58,000 after buying an additional 3,516 shares during the last quarter. Natixis lifted its holdings in shares of Spirit Airlines by 29.1% during the 1st quarter. Natixis now owns 12,480 shares of the company’s stock valued at $60,000 after buying an additional 2,815 shares during the last quarter. SeaCrest Wealth Management LLC acquired a new stake in shares of Spirit Airlines during the 2nd quarter valued at about $63,000. Finally, Wellington Wealth Strategies LLC. acquired a new stake in shares of Spirit Airlines during the 1st quarter valued at about $68,000. 58.73% of the stock is currently owned by institutional investors and hedge funds.

About Spirit Airlines

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.