Spirit Airlines, Inc. (NYSE:SAVE) Given Consensus Rating of “Strong Sell” by Brokerages

Spirit Airlines, Inc. (NYSE:SAVE) has earned an average recommendation of “Strong Sell” from the nine research firms that are presently covering the stock, Marketbeat.com reports. Seven research analysts have rated the stock with a sell recommendation and two have assigned a hold recommendation to the company. The average twelve-month price target among brokers that have issued ratings on the stock in the last year is $2.00.

SAVE has been the subject of a number of research reports. Barclays reduced their price objective on Spirit Airlines from $3.00 to $0.50 and set an “underweight” rating for the company in a research report on Thursday, November 14th. Citigroup decreased their price target on shares of Spirit Airlines from $3.50 to $2.75 and set a “sell” rating on the stock in a research note on Tuesday, July 23rd. Susquehanna dropped their price objective on shares of Spirit Airlines from $2.25 to $1.50 and set a “negative” rating for the company in a research note on Wednesday, October 9th. Finally, TD Cowen decreased their target price on shares of Spirit Airlines from $2.00 to $1.00 and set a “sell” rating on the stock in a research report on Wednesday, November 13th.

Spirit Airlines Stock Performance

Shares of SAVE opened at $1.08 on Tuesday. The company has a quick ratio of 0.94, a current ratio of 0.94 and a debt-to-equity ratio of 3.86. The company has a 50-day simple moving average of $2.24 and a 200-day simple moving average of $2.88. Spirit Airlines has a 52 week low of $1.02 and a 52 week high of $17.02.

Institutional Investors Weigh In On Spirit Airlines

A number of hedge funds have recently made changes to their positions in SAVE. Signaturefd LLC grew its stake in Spirit Airlines by 127.6% during the second quarter. Signaturefd LLC now owns 7,926 shares of the company’s stock worth $29,000 after buying an additional 4,443 shares during the last quarter. High Note Wealth LLC bought a new stake in Spirit Airlines during the 3rd quarter worth approximately $36,000. Wealth Enhancement Advisory Services LLC increased its holdings in Spirit Airlines by 38.8% during the 3rd quarter. Wealth Enhancement Advisory Services LLC now owns 18,821 shares of the company’s stock valued at $45,000 after purchasing an additional 5,261 shares in the last quarter. Baron Wealth Management LLC raised its position in Spirit Airlines by 39.3% in the 3rd quarter. Baron Wealth Management LLC now owns 20,904 shares of the company’s stock valued at $50,000 after purchasing an additional 5,900 shares during the last quarter. Finally, Natixis raised its position in Spirit Airlines by 29.1% in the 1st quarter. Natixis now owns 12,480 shares of the company’s stock valued at $60,000 after purchasing an additional 2,815 shares during the last quarter. Institutional investors and hedge funds 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.