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

Shares of Spirit Airlines, Inc. (NYSE:SAVE) have received a consensus rating of “Strong Sell” from the seven brokerages that are currently covering the firm, Marketbeat Ratings reports. Four equities research analysts have rated the stock with a sell rating and three have issued a hold rating on the company. The average 1-year price objective among brokers that have covered the stock in the last year is $4.91.

A number of brokerages have weighed in on SAVE. Citigroup reduced their price objective on Spirit Airlines from $4.00 to $3.85 and set a “sell” rating for the company in a research note on Wednesday, April 17th. Susquehanna reduced their price objective on Spirit Airlines from $5.00 to $4.00 and set a “negative” rating for the company in a research note on Tuesday, April 9th. TD Cowen reduced their price objective 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. Seaport Res Ptn cut Spirit Airlines from a “buy” rating to a “neutral” rating in a research note on Wednesday, January 17th. Finally, Evercore ISI reduced their price objective on Spirit Airlines from $18.00 to $3.50 and set an “in-line” rating for the company in a research note on Thursday, April 4th.

Spirit Airlines Stock Performance

Shares of SAVE opened at $3.55 on Friday. The stock has a 50 day moving average price of $4.95 and a 200 day moving average price of $9.92. The company has a quick ratio of 0.90, a current ratio of 0.90 and a debt-to-equity ratio of 2.69. The company has a market capitalization of $388.11 million, a price-to-earnings ratio of -0.87 and a beta of 1.35. Spirit Airlines has a 52-week low of $3.47 and a 52-week high of $19.69.

Spirit Airlines (NYSE:SAVE) last announced its quarterly earnings results on Thursday, February 8th. The company reported ($1.36) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($1.42) by $0.06. The firm had revenue of $1.32 billion during the quarter, compared to the consensus estimate of $1.32 billion. Spirit Airlines had a negative return on equity of 26.38% and a negative net margin of 8.34%. The firm’s quarterly revenue was down 5.0% compared to the same quarter last year. During the same period in the prior year, the company posted $0.12 earnings per share. Research analysts predict that Spirit Airlines will post -2.81 EPS for the current fiscal year.

Spirit Airlines Dividend Announcement

The firm also recently disclosed a dividend, which was paid on Thursday, February 29th. Shareholders of record on Friday, February 23rd were given a $0.10 dividend. The ex-dividend date was Thursday, February 22nd.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the business. International Assets Investment Management LLC raised 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 acquiring an additional 1,623 shares in the last quarter. First Horizon Advisors Inc. purchased a new position in Spirit Airlines in the fourth quarter worth $33,000. Cary Street Partners Investment Advisory LLC purchased a new position in Spirit Airlines in the third quarter worth $50,000. Migdal Insurance & Financial Holdings Ltd. grew its holdings in Spirit Airlines by 862.8% in 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 last quarter. Finally, TFO Wealth Partners LLC grew its holdings in Spirit Airlines by 21,975.0% in 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 last quarter. Hedge funds and other institutional investors own 58.73% of the company’s stock.

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.