Spirit Airlines (NYSE:SAVE) Price Target Cut to $1.50 by Analysts at Susquehanna

Spirit Airlines (NYSE:SAVE) had its price target reduced by Susquehanna from $2.25 to $1.50 in a research note issued on Wednesday, Benzinga reports. The firm currently has a “negative” rating on the stock. Susquehanna’s price target suggests a potential downside of 23.67% from the stock’s previous close.

Other research analysts also recently issued research reports about the stock. Citigroup lowered their price target 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. Deutsche Bank Aktiengesellschaft lowered Spirit Airlines from a “hold” rating to a “sell” rating and lowered their price objective for the company from $3.00 to $2.00 in a research note on Monday, July 8th. TD Cowen cut Spirit Airlines from a “hold” rating to a “sell” rating and dropped their target price for the stock from $3.00 to $2.00 in a report on Wednesday, July 17th. Bank of America decreased their price target on Spirit Airlines from $3.25 to $2.75 and set an “underperform” rating on the stock in a report on Wednesday, July 17th. Finally, Barclays dropped their price objective on shares of Spirit Airlines from $4.00 to $3.00 and set an “underweight” rating for the company in a research note on Wednesday, July 10th. Seven equities research analysts have rated the stock with a sell rating and two have given a hold rating to the company’s stock. Based on data from MarketBeat, Spirit Airlines presently has an average rating of “Reduce” and a consensus target price of $2.50.

Spirit Airlines Price Performance

Shares of SAVE traded up $0.07 during mid-day trading on Wednesday, hitting $1.97. 1,543,952 shares of the stock were exchanged, compared to its average volume of 9,236,371. The company has a debt-to-equity ratio of 3.86, a quick ratio of 0.94 and a current ratio of 0.94. The company has a market cap of $215.18 million, a PE ratio of -0.44 and a beta of 1.38. Spirit Airlines has a 52-week low of $1.40 and a 52-week high of $17.49. The firm has a 50-day moving average of $2.53 and a two-hundred day moving average of $3.31.

Spirit Airlines (NYSE:SAVE) last released its quarterly earnings results on Thursday, August 1st. The company reported ($1.44) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates 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 for the quarter, compared to analysts’ expectations of $1.30 billion. During the same period in the previous year, the company earned $0.29 EPS. Spirit Airlines’s revenue for the quarter was down 10.6% compared to the same quarter last year. On average, equities analysts predict that Spirit Airlines will post -7.12 earnings per share for the current year.

Institutional Trading of Spirit Airlines

Several institutional investors and hedge funds have recently made changes to their positions in the business. Cim Investment Management Inc. grew its holdings in shares of Spirit Airlines by 121.7% in the fourth quarter. Cim Investment Management Inc. now owns 25,937 shares of the company’s stock worth $425,000 after purchasing an additional 14,236 shares during the last quarter. Vanguard Group Inc. grew its stake in Spirit Airlines by 0.7% in the 4th 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. Counterpoint Mutual Funds LLC purchased a new position in shares of Spirit Airlines during the first quarter worth approximately $142,000. First Bank & Trust bought a new stake in shares of Spirit Airlines during the first quarter valued at approximately $70,000. Finally, BNP Paribas Financial Markets boosted its holdings in shares of 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 purchasing an additional 704,134 shares during the period. 58.73% of the stock is currently owned by institutional investors.

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.