Spirit Airlines (NYSE:SAVE) Given New $3.85 Price Target at Citigroup

Spirit Airlines (NYSE:SAVE) had its target price dropped by equities researchers at Citigroup from $4.00 to $3.85 in a research note issued on Wednesday, Benzinga reports. The brokerage presently has a “sell” rating on the stock. Citigroup’s price objective would suggest a potential downside of 4.70% from the company’s current price.

Several other equities analysts also recently commented on the company. TD Cowen cut their price objective on Spirit Airlines from $5.00 to $4.00 and set a “hold” rating on the stock in a research report on Tuesday. Bank of America assumed coverage on Spirit Airlines in a research report on Wednesday, January 17th. They issued an “underperform” rating and a $5.00 price objective on the stock. Susquehanna cut their price objective on Spirit Airlines from $5.00 to $4.00 and set a “negative” rating on the stock in a research report on Tuesday, April 9th. Seaport Res Ptn downgraded Spirit Airlines from a “buy” rating to a “neutral” rating in a research report on Wednesday, January 17th. Finally, Barclays started coverage on Spirit Airlines in a research report on Wednesday, March 27th. They issued an “underweight” rating and a $4.00 price objective on the stock. Five analysts have rated the stock with a sell rating and three have assigned a hold rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Reduce” and a consensus price target of $4.91.

Spirit Airlines Stock Performance

NYSE:SAVE opened at $4.04 on Wednesday. The stock’s fifty day moving average is $5.22 and its 200 day moving average is $10.36. Spirit Airlines has a fifty-two week low of $3.96 and a fifty-two week high of $19.69. The firm has a market capitalization of $442.30 million, a PE ratio of -0.99 and a beta of 1.35. The company has a debt-to-equity ratio of 2.69, a quick ratio of 0.90 and a current ratio of 0.90.

Spirit Airlines (NYSE:SAVE) last released its quarterly earnings results on Thursday, February 8th. The company reported ($1.36) earnings per share for the quarter, beating the consensus estimate of ($1.42) by $0.06. Spirit Airlines had a negative return on equity of 26.38% and a negative net margin of 8.34%. The company had revenue of $1.32 billion for the quarter, compared to analyst estimates of $1.32 billion. During the same quarter in the prior year, the firm posted $0.12 EPS. Spirit Airlines’s quarterly revenue was down 5.0% compared to the same quarter last year. On average, sell-side analysts anticipate that Spirit Airlines will post -2.75 earnings per share for the current year.

Hedge Funds Weigh In On Spirit Airlines

A number of hedge funds and other institutional investors have recently made changes to their positions in SAVE. International Assets Investment Management LLC lifted its stake in shares of Spirit Airlines by 467.7% during the 4th quarter. International Assets Investment Management LLC now owns 1,970 shares of the company’s stock worth $32,000 after purchasing an additional 1,623 shares during the last quarter. First Horizon Advisors Inc. purchased a new stake in shares of Spirit Airlines during the 4th quarter worth $33,000. Northwestern Mutual Wealth Management Co. lifted its stake in shares of Spirit Airlines by 272.4% during the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 2,119 shares of the company’s stock worth $41,000 after purchasing an additional 1,550 shares during the last quarter. Cary Street Partners Investment Advisory LLC purchased a new stake in shares of Spirit Airlines during the 3rd quarter worth $50,000. Finally, Migdal Insurance & Financial Holdings Ltd. lifted its stake in shares of Spirit Airlines by 862.8% during the 4th quarter. Migdal Insurance & Financial Holdings Ltd. now owns 3,466 shares of the company’s stock worth $57,000 after purchasing an additional 3,106 shares during 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.