Spirit Airlines (NYSE:SAVE) PT Lowered to $3.00

Spirit Airlines (NYSE:SAVE) had its target price dropped by stock analysts at Deutsche Bank Aktiengesellschaft from $4.00 to $3.00 in a research note issued on Tuesday, Benzinga reports. The brokerage currently has a “hold” rating on the stock. Deutsche Bank Aktiengesellschaft’s price objective would indicate a potential downside of 11.89% from the stock’s previous close.

A number of other equities research analysts have also recently issued reports on SAVE. TD Cowen dropped their target price on shares of Spirit Airlines from $4.00 to $3.00 and set a “hold” rating for the company in a research report on Tuesday. Barclays began coverage on shares of Spirit Airlines in a report on Wednesday, March 27th. They set an “underweight” rating and a $4.00 price objective on the stock. Citigroup decreased their price objective 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 lowered shares of Spirit Airlines from a “buy” rating to a “neutral” rating in a report on Wednesday, January 17th. Finally, Evercore ISI decreased 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. Five analysts have rated the stock with a sell rating and four have assigned a hold rating to the company’s stock. Based on data from MarketBeat, Spirit Airlines presently has an average rating of “Reduce” and a consensus target price of $3.62.

Spirit Airlines Trading Up 2.6 %

Shares of SAVE stock opened at $3.41 on Tuesday. The stock has a market cap of $372.85 million, a price-to-earnings ratio of -0.82 and a beta of 1.41. The company has a debt-to-equity ratio of 2.69, a quick ratio of 0.90 and a current ratio of 0.90. The firm has a fifty day moving average of $4.47 and a 200-day moving average of $9.11. Spirit Airlines has a 52-week low of $3.18 and a 52-week high of $19.69.

Spirit Airlines (NYSE:SAVE) last announced its earnings results on Monday, May 6th. The company reported ($1.46) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($1.45) by ($0.01). The firm had revenue of $1.27 billion for 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 company’s revenue for the quarter was down 6.2% compared to the same quarter last year. During the same quarter last year, the business earned ($0.82) EPS. On average, equities research analysts forecast that Spirit Airlines will post -2.79 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of SAVE. International Assets Investment Management LLC boosted its stake in Spirit Airlines by 467.7% during the 4th 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 during the last quarter. First Horizon Advisors Inc. bought a new position in Spirit Airlines during the 4th quarter worth approximately $33,000. Cary Street Partners Investment Advisory LLC acquired a new stake in Spirit Airlines during the 3rd quarter worth approximately $50,000. Migdal Insurance & Financial Holdings Ltd. raised its holdings in Spirit Airlines by 862.8% during the 4th quarter. Migdal Insurance & Financial Holdings Ltd. now owns 3,466 shares of the company’s stock worth $57,000 after buying an additional 3,106 shares during the period. Finally, TFO Wealth Partners LLC raised its holdings in Spirit Airlines by 21,975.0% during the 4th quarter. TFO Wealth Partners LLC now owns 3,532 shares of the company’s stock worth $58,000 after buying an additional 3,516 shares during the period. 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.