Spirit Airlines (NYSE:SAVE – Free Report) had its price target cut by TD Cowen from $5.00 to $4.00 in a research note released on Tuesday morning, Marketbeat reports. They currently have a hold rating on the stock.
A number of other equities analysts have also commented on the company. Barclays assumed coverage on Spirit Airlines in a research note on Wednesday, March 27th. They issued an underweight rating and a $4.00 price objective on the stock. Seaport Res Ptn lowered Spirit Airlines from a buy rating to a neutral rating in a report on Wednesday, January 17th. Citigroup increased their price objective on Spirit Airlines from $3.95 to $4.00 and gave the company a sell rating in a research report on Monday, February 12th. Bank of America initiated coverage on shares of Spirit Airlines in a research report on Wednesday, January 17th. They set an underperform rating and a $5.00 target price on the stock. Finally, Susquehanna reduced their price target on shares of Spirit Airlines from $5.00 to $4.00 and set a negative rating for the company in a report on Tuesday, April 9th. Five analysts have rated the stock with a sell rating and three have assigned a hold rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of Reduce and a consensus price target of $4.93.
Check Out Our Latest Stock Analysis on SAVE
Spirit Airlines Stock Down 7.6 %
Spirit Airlines (NYSE:SAVE – Get Free Report) last released its quarterly earnings results on Thursday, February 8th. The company reported ($1.36) EPS for the quarter, beating analysts’ consensus estimates of ($1.42) by $0.06. Spirit Airlines had a negative net margin of 8.34% and a negative return on equity of 26.38%. The company had revenue of $1.32 billion for the quarter, compared to analyst estimates of $1.32 billion. During the same quarter last year, the firm posted $0.12 earnings per share. The company’s quarterly revenue was down 5.0% compared to the same quarter last year. As a group, research analysts predict that Spirit Airlines will post -2.75 EPS for the current year.
Spirit Airlines Dividend Announcement
The firm also recently announced a dividend, which was paid on Thursday, February 29th. Stockholders of record on Friday, February 23rd were given a dividend of $0.10 per share. The ex-dividend date of this dividend was Thursday, February 22nd.
Institutional Inflows and Outflows
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Counterpoint Mutual Funds LLC acquired a new position in shares of Spirit Airlines in the 1st quarter worth approximately $142,000. Vanguard Group Inc. raised its stake in Spirit Airlines by 0.7% during the fourth quarter. Vanguard Group Inc. now owns 10,418,903 shares of the company’s stock worth $170,766,000 after acquiring an additional 68,710 shares in the last quarter. Readystate Asset Management LP acquired a new position in Spirit Airlines during the fourth quarter worth $3,072,000. Price T Rowe Associates Inc. MD lifted its holdings in shares of Spirit Airlines by 9.1% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 69,667 shares of the company’s stock valued at $1,142,000 after acquiring an additional 5,801 shares during the period. Finally, Cim Investment Management Inc. boosted its stake in shares of Spirit Airlines by 121.7% in the 4th quarter. Cim Investment Management Inc. now owns 25,937 shares of the company’s stock valued at $425,000 after purchasing an additional 14,236 shares in the last quarter. Institutional investors own 58.73% of the company’s stock.
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.
See Also
- Five stocks we like better than Spirit Airlines
- What is Insider Trading? What You Can Learn from Insider Trading
- Silicon Motion Proves That AI in Motion Stays in Motion
- 3 Fintech Stocks With Good 2021 Prospects
- Undervalued UnitedHealth Group Won’t Be For Long
- Technology Stocks Explained: Here’s What to Know About Tech
- The 5 Stocks Most Sold By Insiders This Year
Receive News & Ratings for Spirit Airlines Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Spirit Airlines and related companies with MarketBeat.com's FREE daily email newsletter.