Brokerages Set Spirit Airlines, Inc. (NYSE:SAVE) Target Price at $2.00

Shares of Spirit Airlines, Inc. (NYSE:SAVE) have been assigned an average rating of “Strong Sell” from the nine research firms that are currently covering the company, Marketbeat reports. Seven analysts have rated the stock with a sell rating and two have given a hold rating to the company. The average 1 year price target among brokerages that have updated their coverage on the stock in the last year is $2.00.

SAVE has been the topic of a number of research analyst reports. 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. TD Cowen lowered their target price on Spirit Airlines from $2.00 to $1.00 and set a “sell” rating on the stock in a report on Wednesday, November 13th. Finally, Barclays lowered their target price on Spirit Airlines from $3.00 to $0.50 and set an “underweight” rating on the stock in a report on Thursday, November 14th.

Spirit Airlines Stock Down 5.6 %

Shares of SAVE stock opened at $1.02 on Friday. The stock’s 50 day simple moving average is $1.84 and its 200 day simple moving average is $2.61. 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 has a twelve month low of $1.02 and a twelve month high of $17.02. The company has a market capitalization of $111.71 million, a price-to-earnings ratio of -0.17 and a beta of 1.37.

Hedge Funds Weigh In On Spirit Airlines

Several institutional investors have recently bought and sold shares of SAVE. SkyView Investment Advisors LLC raised its position in shares of Spirit Airlines by 23.1% during the third quarter. SkyView Investment Advisors LLC now owns 179,604 shares of the company’s stock worth $431,000 after acquiring an additional 33,760 shares during the last quarter. XTX Topco Ltd raised its position in shares of Spirit Airlines by 826.8% during the third quarter. XTX Topco Ltd now owns 204,119 shares of the company’s stock worth $490,000 after acquiring an additional 182,094 shares during the last quarter. Centiva Capital LP bought a new stake in shares of Spirit Airlines during the third quarter worth $168,000. Arete Wealth Advisors LLC raised its position in shares of Spirit Airlines by 52.4% during the third quarter. Arete Wealth Advisors LLC now owns 33,262 shares of the company’s stock worth $79,000 after acquiring an additional 11,431 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. raised its position in shares of Spirit Airlines by 8.7% during the third quarter. Charles Schwab Investment Management Inc. now owns 931,241 shares of the company’s stock worth $2,235,000 after acquiring an additional 74,753 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.