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

Shares of Spirit Airlines, Inc. (NYSE:SAVE) have earned an average rating of “Strong Sell” from the seven brokerages that are currently covering the company, MarketBeat Ratings reports. Four research analysts have rated the stock with a sell recommendation and three have given a hold recommendation to the company. The average 1-year target price among analysts that have covered the stock in the last year is $4.91.

A number of equities analysts recently weighed in on SAVE shares. Citigroup lowered their price objective on shares of Spirit Airlines from $4.00 to $3.85 and set a “sell” rating on the stock in a research report on Wednesday, April 17th. Barclays assumed coverage on shares of Spirit Airlines in a research note on Wednesday, March 27th. They issued an “underweight” rating and a $4.00 target price for the company. Seaport Res Ptn cut Spirit Airlines from a “buy” rating to a “neutral” rating in a report on Wednesday, January 17th. Bank of America assumed coverage on Spirit Airlines in a report on Wednesday, January 17th. They issued an “underperform” rating and a $5.00 price target for the company. Finally, TD Cowen reduced their target price on Spirit Airlines from $5.00 to $4.00 and set a “hold” rating for the company in a research note on Tuesday, April 16th.

Spirit Airlines Stock Down 3.7 %

SAVE stock opened at $3.55 on Friday. The company has a current ratio of 0.90, a quick ratio of 0.90 and a debt-to-equity ratio of 2.69. Spirit Airlines has a twelve month low of $3.47 and a twelve month high of $19.69. The company’s 50 day moving average is $4.95 and its two-hundred day moving average is $9.92. The stock has a market cap of $388.11 million, a P/E ratio of -0.87 and a beta of 1.35.

Spirit Airlines (NYSE:SAVE) last announced its 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. The business had revenue of $1.32 billion for the quarter, compared to analysts’ expectations of $1.32 billion. Spirit Airlines had a negative net margin of 8.34% and a negative return on equity of 26.38%. The company’s quarterly revenue was down 5.0% on a year-over-year basis. During the same period in the previous year, the company posted $0.12 EPS. Research analysts expect that Spirit Airlines will post -2.81 earnings per share for the current fiscal year.

Spirit Airlines Dividend Announcement

The company also recently declared a dividend, which was paid on Thursday, February 29th. Investors of record on Friday, February 23rd were given a dividend of $0.10 per share. The ex-dividend date was Thursday, February 22nd.

Institutional Investors Weigh In On Spirit Airlines

Several institutional investors and hedge funds have recently made changes to their positions in SAVE. International Assets Investment Management LLC increased its position in Spirit Airlines by 467.7% in the fourth quarter. International Assets Investment Management LLC now owns 1,970 shares of the company’s stock worth $32,000 after buying an additional 1,623 shares during the period. First Horizon Advisors Inc. acquired a new position in shares of Spirit Airlines during the fourth quarter valued at $33,000. Cary Street Partners Investment Advisory LLC acquired a new position in shares of Spirit Airlines during the third quarter valued at $50,000. Migdal Insurance & Financial Holdings Ltd. increased its holdings in shares of Spirit Airlines by 862.8% during the fourth quarter. Migdal Insurance & Financial Holdings Ltd. now owns 3,466 shares of the company’s stock valued at $57,000 after purchasing an additional 3,106 shares during the period. Finally, TFO Wealth Partners LLC increased its holdings in shares of Spirit Airlines by 21,975.0% during the fourth quarter. TFO Wealth Partners LLC now owns 3,532 shares of the company’s stock valued at $58,000 after purchasing an additional 3,516 shares during the period. 58.73% of the stock is 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.