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

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

Several brokerages have commented on SAVE. Bank of America began coverage on shares of Spirit Airlines in a research note on Wednesday, January 17th. They issued an “underperform” rating and a $5.00 price target on the stock. Citigroup reduced their target price on shares of Spirit Airlines from $4.00 to $3.85 and set a “sell” rating on the stock in a report on Wednesday, April 17th. Seaport Res Ptn downgraded shares of Spirit Airlines from a “buy” rating to a “neutral” rating in a report on Wednesday, January 17th. 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. Finally, TD Cowen reduced their target price on shares of Spirit Airlines from $5.00 to $4.00 and set a “hold” rating on the stock in a report on Tuesday, April 16th.

Spirit Airlines Stock Down 6.0 %

Shares of SAVE stock opened at $3.54 on Friday. The stock has a market cap of $387.08 million, a P/E ratio of -0.86 and a beta of 1.35. Spirit Airlines has a 52 week low of $3.47 and a 52 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 company’s fifty day simple moving average is $4.77 and its two-hundred day simple moving average is $9.56.

Spirit Airlines (NYSE:SAVE) last announced its quarterly earnings results on Thursday, February 8th. The company reported ($1.36) EPS for the quarter, topping the consensus estimate of ($1.42) by $0.06. The business had revenue of $1.32 billion for the quarter, compared to analysts’ expectations of $1.32 billion. Spirit Airlines had a negative net margin of 8.34% and a negative return on equity of 26.38%. The business’s quarterly revenue was down 5.0% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.12 EPS. Analysts predict that Spirit Airlines will post -2.77 EPS for the current fiscal year.

Spirit Airlines Dividend Announcement

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

Hedge Funds Weigh In On Spirit Airlines

Several hedge funds have recently added to or reduced their stakes in the company. Capital Performance Advisors LLP purchased a new position in shares of Spirit Airlines during the first quarter worth approximately $148,000. First Bank & Trust purchased a new position in shares of Spirit Airlines during the first quarter worth approximately $70,000. Counterpoint Mutual Funds LLC purchased a new position in shares of Spirit Airlines during the first quarter worth approximately $142,000. Vanguard Group Inc. increased its position in shares of Spirit Airlines by 0.7% during the fourth quarter. Vanguard Group Inc. now owns 10,418,903 shares of the company’s stock worth $170,766,000 after acquiring an additional 68,710 shares during the period. Finally, Readystate Asset Management LP purchased a new position in shares of Spirit Airlines during the fourth quarter worth approximately $3,072,000. 58.73% of the stock is currently owned by institutional investors.

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.