Brokerages Set Spirit Airlines, Inc. (NYSE:SAVE) PT at $2.50

Shares of Spirit Airlines, Inc. (NYSE:SAVE) have been assigned an average recommendation of “Strong Sell” from the nine ratings firms that are covering the stock, MarketBeat reports. Seven investment analysts have rated the stock with a sell recommendation and two have assigned a hold recommendation to the company. The average 12 month price objective among brokerages that have issued a report on the stock in the last year is $2.00.

A number of research firms have weighed in on SAVE. Barclays decreased their price target on Spirit Airlines from $3.00 to $0.50 and set an “underweight” rating for the company in a research note on Thursday. TD Cowen cut their price objective on Spirit Airlines from $2.00 to $1.00 and set a “sell” rating for the company in a report on Wednesday. Susquehanna lowered their target price on Spirit Airlines from $2.25 to $1.50 and set a “negative” rating on the stock in a report on Wednesday, October 9th. Finally, Citigroup cut 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.

Institutional Investors Weigh In On Spirit Airlines

A number of large investors have recently made changes to their positions in SAVE. U S Global Investors Inc. acquired a new position in Spirit Airlines in the 3rd quarter valued at approximately $28,816,000. Vanguard Group Inc. raised its holdings in shares of Spirit Airlines by 0.7% during the first quarter. Vanguard Group Inc. now owns 10,491,947 shares of the company’s stock worth $50,781,000 after acquiring an additional 73,044 shares in the last quarter. Charles Schwab Investment Management Inc. boosted its position in Spirit Airlines by 8.7% during the third quarter. Charles Schwab Investment Management Inc. now owns 931,241 shares of the company’s stock valued at $2,235,000 after purchasing an additional 74,753 shares during the last quarter. Federated Hermes Inc. grew its stake in Spirit Airlines by 331.2% in the second quarter. Federated Hermes Inc. now owns 432,494 shares of the company’s stock valued at $1,583,000 after purchasing an additional 332,188 shares in the last quarter. Finally, Roman Butler Fullerton & Co. increased its position in Spirit Airlines by 48.5% in the 3rd quarter. Roman Butler Fullerton & Co. now owns 264,429 shares of the company’s stock worth $635,000 after purchasing an additional 86,396 shares during the last quarter. Institutional investors and hedge funds own 58.73% of the company’s stock.

Spirit Airlines Stock Performance

Shares of SAVE stock opened at $1.32 on Tuesday. Spirit Airlines has a 12-month low of $1.13 and a 12-month high of $17.02. The company has a debt-to-equity ratio of 3.86, a current ratio of 0.94 and a quick ratio of 0.94. The firm has a market capitalization of $144.56 million, a price-to-earnings ratio of -0.21 and a beta of 1.37. The business has a 50 day simple moving average of $2.32 and a 200 day simple moving average of $2.94.

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.