Spirit Airlines (NYSE:SAVE) Price Target Cut to $2.25 by Analysts at Susquehanna

Spirit Airlines (NYSE:SAVE) had its price objective decreased by Susquehanna from $2.50 to $2.25 in a research note published on Friday, Benzinga reports. Susquehanna currently has a negative rating on the stock.

SAVE has been the subject of a number of other reports. Raymond James cut shares of Spirit Airlines from a market perform rating to an underperform rating in a research report on Friday, July 5th. Bank of America dropped their price target on Spirit Airlines from $3.25 to $2.75 and set an underperform rating on the stock in a research report on Wednesday, July 17th. Barclays reduced their price objective on Spirit Airlines from $4.00 to $3.00 and set an underweight rating for the company in a research report on Wednesday, July 10th. Deutsche Bank Aktiengesellschaft cut 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. Finally, Citigroup cut their target price on Spirit Airlines from $3.50 to $2.75 and set a sell rating on the stock in a research note on Tuesday, July 23rd. Eight analysts have rated the stock with a sell rating and two have issued a hold rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of Reduce and a consensus price target of $2.61.

Spirit Airlines Stock Up 2.9 %

SAVE stock opened at $2.87 on Friday. The company has a market capitalization of $314.32 million, a price-to-earnings ratio of -0.65 and a beta of 1.41. 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 business’s 50 day moving average price is $3.14 and its two-hundred day moving average price is $4.15. Spirit Airlines has a fifty-two week low of $2.49 and a fifty-two week high of $17.94.

Spirit Airlines (NYSE:SAVE) last posted its quarterly earnings data 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). The firm had revenue of $1.28 billion during the quarter, compared to the consensus estimate of $1.30 billion. Spirit Airlines had a negative return on equity of 57.87% and a negative net margin of 13.20%. Spirit Airlines’s revenue for the quarter was down 10.6% compared to the same quarter last year. During the same quarter last year, the company posted $0.29 EPS. As a group, analysts forecast that Spirit Airlines will post -6.74 earnings per share for the current fiscal year.

Institutional Trading of Spirit Airlines

Several institutional investors have recently added to or reduced their stakes in the business. Signaturefd LLC lifted its holdings in shares of Spirit Airlines by 127.6% during the second quarter. Signaturefd LLC now owns 7,926 shares of the company’s stock valued at $29,000 after purchasing an additional 4,443 shares in the last quarter. International Assets Investment Management LLC raised its position in Spirit Airlines by 467.7% in the 4th quarter. International Assets Investment Management LLC now owns 1,970 shares of the company’s stock worth $32,000 after buying an additional 1,623 shares during the last quarter. First Horizon Advisors Inc. bought a new position in Spirit Airlines during the 4th quarter valued at about $33,000. Migdal Insurance & Financial Holdings Ltd. boosted its holdings in shares of Spirit Airlines by 862.8% during the 4th quarter. Migdal Insurance & Financial Holdings Ltd. now owns 3,466 shares of the company’s stock valued at $57,000 after acquiring an additional 3,106 shares during the last quarter. Finally, TFO Wealth Partners LLC boosted its holdings in shares of Spirit Airlines by 21,975.0% during the 4th quarter. TFO Wealth Partners LLC now owns 3,532 shares of the company’s stock valued at $58,000 after acquiring an additional 3,516 shares during the last quarter. 58.73% of the stock is currently owned by hedge funds and other 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.