Deutsche Bank Aktiengesellschaft Cuts Spirit Airlines (NYSE:SAVE) Price Target to $3.00

Spirit Airlines (NYSE:SAVE) had its price objective lowered by Deutsche Bank Aktiengesellschaft from $4.00 to $3.00 in a report published on Tuesday morning, Benzinga reports. The brokerage currently has a hold rating on the stock.

SAVE has been the topic of a number of other research reports. Barclays started coverage on Spirit Airlines in a research report on Wednesday, March 27th. They issued an underweight rating and a $4.00 price target on the stock. Susquehanna reduced their target price on shares of Spirit Airlines from $5.00 to $4.00 and set a negative rating on the stock in a report on Tuesday, April 9th. TD Cowen lowered their price target on shares of Spirit Airlines from $4.00 to $3.00 and set a hold rating for the company in a report on Tuesday. Evercore ISI reduced their price objective on shares of Spirit Airlines from $18.00 to $3.50 and set an in-line rating on the stock in a report on Thursday, April 4th. Finally, Seaport Res Ptn downgraded shares of Spirit Airlines from a buy rating to a neutral rating in a research note on Wednesday, January 17th. Five research analysts have rated the stock with a sell rating and four have given a hold rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of Reduce and a consensus price target of $4.54.

Spirit Airlines Price Performance

Shares of SAVE opened at $3.31 on Tuesday. The company has a market cap of $362.45 million, a P/E ratio of -0.81 and a beta of 1.41. Spirit Airlines has a fifty-two week low of $3.18 and a fifty-two week high of $19.69. 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 firm’s 50 day moving average price is $4.54 and its 200 day moving average price is $9.20.

Spirit Airlines (NYSE:SAVE) last posted its quarterly earnings results on Monday, May 6th. The company reported ($1.46) EPS for the quarter, missing the consensus estimate of ($1.45) by ($0.01). The business had revenue of $1.27 billion during the quarter, compared to analyst estimates of $1.27 billion. Spirit Airlines had a negative return on equity of 26.38% and a negative net margin of 8.34%. The business’s revenue was down 6.2% on a year-over-year basis. During the same quarter last year, the firm earned ($0.82) EPS. On average, research analysts forecast that Spirit Airlines will post -2.79 earnings per share for the current fiscal year.

Spirit Airlines Dividend Announcement

The business also recently declared a dividend, which was paid on Thursday, February 29th. Investors of record on Friday, February 23rd were paid a dividend of $0.10 per share. The ex-dividend date was Thursday, February 22nd.

Institutional Investors Weigh In On Spirit Airlines

A number of institutional investors and hedge funds have recently added to or reduced their stakes in SAVE. Cambridge Investment Research Advisors Inc. increased its stake in shares of Spirit Airlines by 616.6% during the third quarter. Cambridge Investment Research Advisors Inc. now owns 143,436 shares of the company’s stock worth $2,367,000 after acquiring an additional 123,419 shares during the period. Deuterium Capital Management LLC acquired a new position in Spirit Airlines during the 3rd quarter worth approximately $330,000. Principal Financial Group Inc. lifted its holdings in shares of Spirit Airlines by 39.4% in the 3rd quarter. Principal Financial Group Inc. now owns 16,248 shares of the company’s stock valued at $268,000 after buying an additional 4,591 shares during the period. Wilbanks Smith & Thomas Asset Management LLC lifted its holdings in shares of Spirit Airlines by 112.7% in the 3rd quarter. Wilbanks Smith & Thomas Asset Management LLC now owns 672,186 shares of the company’s stock valued at $11,091,000 after buying an additional 356,184 shares during the period. Finally, Swiss National Bank boosted its stake in shares of Spirit Airlines by 2.0% in the third quarter. Swiss National Bank now owns 60,000 shares of the company’s stock valued at $990,000 after buying an additional 1,200 shares in the last quarter. Hedge funds and other 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.