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

Shares of Spirit Airlines, Inc. (NYSE:SAVE) have been given a consensus recommendation of “Strong Sell” by the nine analysts that are covering the company, Marketbeat.com reports. Seven research analysts have rated the stock with a sell rating and two have issued a hold rating on the company. The average twelve-month target price among brokers that have issued ratings on the stock in the last year is $2.50.

SAVE has been the topic of a number of recent analyst reports. Raymond James downgraded Spirit Airlines from a “market perform” rating to an “underperform” rating in a research note on Friday, July 5th. TD Cowen lowered shares of Spirit Airlines from a “hold” rating to a “sell” rating and dropped their price target for the company from $3.00 to $2.00 in a research report on Wednesday, July 17th. Bank of America decreased their price objective on shares of Spirit Airlines from $3.25 to $2.75 and set an “underperform” rating for the company in a report on Wednesday, July 17th. Citigroup dropped their target price on shares of Spirit Airlines from $3.50 to $2.75 and set a “sell” rating on the stock in a report on Tuesday, July 23rd. Finally, Deutsche Bank Aktiengesellschaft lowered shares of Spirit Airlines from a “hold” rating to a “sell” rating and cut their target price for the stock from $3.00 to $2.00 in a research report on Monday, July 8th.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the company. Vanguard Group Inc. boosted its stake in Spirit Airlines by 0.7% in the first quarter. Vanguard Group Inc. now owns 10,491,947 shares of the company’s stock valued at $50,781,000 after acquiring an additional 73,044 shares during the last quarter. BNP Paribas Financial Markets lifted its stake in Spirit Airlines by 2,369.9% in the first quarter. BNP Paribas Financial Markets now owns 733,846 shares of the company’s stock valued at $3,552,000 after buying an additional 704,134 shares during the period. Federated Hermes Inc. boosted its holdings in Spirit Airlines by 331.2% during the second quarter. Federated Hermes Inc. now owns 432,494 shares of the company’s stock worth $1,583,000 after buying an additional 332,188 shares during the last quarter. American Century Companies Inc. boosted its holdings in Spirit Airlines by 11.8% during the second quarter. American Century Companies Inc. now owns 179,934 shares of the company’s stock worth $659,000 after buying an additional 19,038 shares during the last quarter. Finally, Roman Butler Fullerton & Co. grew its position in shares of Spirit Airlines by 6.3% during the 2nd quarter. Roman Butler Fullerton & Co. now owns 178,033 shares of the company’s stock worth $652,000 after buying an additional 10,595 shares during the period. Institutional investors own 58.73% of the company’s stock.

Spirit Airlines Stock Down 3.3 %

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

Spirit Airlines (NYSE:SAVE) last issued its earnings results 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). The firm had revenue of $1.28 billion during the quarter, compared to analyst estimates of $1.30 billion. Spirit Airlines had a negative return on equity of 57.87% and a negative net margin of 13.20%. The business’s revenue for the quarter was down 10.6% on a year-over-year basis. During the same period in the previous year, the company earned $0.29 earnings per share. On average, research analysts predict that Spirit Airlines will post -6.96 EPS for the current fiscal year.

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.