Spirit Airlines, Inc. (NYSE:SAVE) Given Average Rating of "Strong Sell" by Brokerages

Spirit Airlines, Inc. (NYSE:SAVE - Get Free Report) has received a consensus recommendation of "Strong Sell" from the nine research firms that are presently covering the firm, MarketBeat.com reports. Seven investment analysts have rated the stock with a sell recommendation and two have given a hold recommendation to the company. The average 12 month price objective among brokers that have updated their coverage on the stock in the last year is $2.61.

SAVE has been the topic of several research analyst reports. TD Cowen cut Spirit Airlines from a "hold" rating to a "sell" rating and lowered their price target for the company from $3.00 to $2.00 in a research report on Wednesday, July 17th. Susquehanna dropped their price target on shares of Spirit Airlines from $2.50 to $2.25 and set a "negative" rating on the stock in a research report on Friday, August 16th. Deutsche Bank Aktiengesellschaft lowered shares of Spirit Airlines from a "hold" rating to a "sell" rating and reduced their price objective for the company from $3.00 to $2.00 in a research report on Monday, July 8th. Bank of America lowered their price objective on shares of Spirit Airlines from $3.25 to $2.75 and set an "underperform" rating on the stock in a research note on Wednesday, July 17th. Finally, Barclays cut their target price on shares of Spirit Airlines from $4.00 to $3.00 and set an "underweight" rating for the company in a research note on Wednesday, July 10th.

Spirit Airlines Price Performance

SAVE stock traded down $0.12 during trading on Monday, hitting $2.38. The company had a trading volume of 5,151,528 shares, compared to its average volume of 9,292,603. The firm has a market capitalization of $260.61 million, a price-to-earnings ratio of -0.54 and a beta of 1.39. The company has a current ratio of 0.94, a quick ratio of 0.94 and a debt-to-equity ratio of 3.86. The business has a 50 day moving average of $2.69 and a 200 day moving average of $3.50. Spirit Airlines has a fifty-two week low of $2.38 and a fifty-two week high of $17.49.

Spirit Airlines (NYSE:SAVE - Get Free Report) last posted its quarterly earnings data on Thursday, August 1st. The company reported ($1.44) earnings per share (EPS) for the quarter, missing the consensus estimate of ($1.30) by ($0.14). Spirit Airlines had a negative net margin of 13.20% and a negative return on equity of 57.87%. The company had revenue of $1.28 billion during the quarter, compared to the consensus estimate of $1.30 billion. During the same quarter last year, the business earned $0.29 earnings per share. The company's revenue was down 10.6% on a year-over-year basis. As a group, research analysts predict that Spirit Airlines will post -7.12 earnings per share for the current year.

Hedge Funds Weigh In On Spirit Airlines

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in SAVE. Signaturefd LLC grew its stake in Spirit Airlines by 127.6% during the 2nd quarter. Signaturefd LLC now owns 7,926 shares of the company's stock valued at $29,000 after acquiring an additional 4,443 shares in the last quarter. TFO Wealth Partners LLC boosted its holdings in shares of Spirit Airlines by 21,975.0% during the fourth quarter. TFO Wealth Partners LLC now owns 3,532 shares of the company's stock worth $58,000 after purchasing an additional 3,516 shares during the period. Natixis grew its position in Spirit Airlines by 29.1% during the first quarter. Natixis now owns 12,480 shares of the company's stock valued at $60,000 after purchasing an additional 2,815 shares in the last quarter. SeaCrest Wealth Management LLC acquired a new position in Spirit Airlines in the 2nd quarter valued at approximately $63,000. Finally, Wellington Wealth Strategies LLC. purchased a new stake in Spirit Airlines in the 1st quarter worth approximately $68,000. 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.