Spirit Airlines, Inc. (NYSE:SAVE) Receives $2.50 Average PT from Analysts

Shares of Spirit Airlines, Inc. (NYSE:SAVE - Get Free Report) have earned a consensus recommendation of "Strong Sell" from the nine brokerages that are currently covering the company, Marketbeat.com reports. Seven analysts have rated the stock with a sell rating and two have assigned a hold rating to the company. The average 12 month price target among brokers that have covered the stock in the last year is $2.50.

A number of analysts have issued reports on the company. Citigroup cut their target price on Spirit Airlines from $3.50 to $2.75 and set a "sell" rating for the company in a research note on Tuesday, July 23rd. Bank of America cut their target price on Spirit Airlines from $3.25 to $2.75 and set an "underperform" rating for the company in a research note on Wednesday, July 17th. TD Cowen downgraded Spirit Airlines from a "hold" rating to a "sell" rating and cut their target price for the stock from $3.00 to $2.00 in a research note on Wednesday, July 17th. Finally, Susquehanna cut their target price on Spirit Airlines from $2.25 to $1.50 and set a "negative" rating for the company in a research note on Wednesday, October 9th.

Institutional Investors Weigh In On Spirit Airlines

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. U S Global Investors Inc. purchased a new position in Spirit Airlines in the third quarter valued at about $28,816,000. Federated Hermes Inc. boosted its holdings in Spirit Airlines by 331.2% in the second quarter. Federated Hermes Inc. now owns 432,494 shares of the company's stock valued at $1,583,000 after purchasing an additional 332,188 shares during the last quarter. Bayesian Capital Management LP purchased a new position in Spirit Airlines in the first quarter valued at about $829,000. Virtu Financial LLC bought a new position in Spirit Airlines during the 1st quarter worth approximately $496,000. Finally, Roman Butler Fullerton & Co. lifted its holdings in Spirit Airlines by 48.5% during the 3rd quarter. Roman Butler Fullerton & Co. now owns 264,429 shares of the company's stock worth $635,000 after buying an additional 86,396 shares during the last quarter. 58.73% of the stock is currently owned by institutional investors and hedge funds.

Spirit Airlines Price Performance

NYSE SAVE traded down $0.31 during mid-day trading on Tuesday, hitting $3.09. The stock had a trading volume of 7,620,227 shares, compared to its average volume of 10,313,929. The firm's 50 day moving average is $2.33 and its 200 day moving average is $2.95. Spirit Airlines has a twelve month low of $1.40 and a twelve month high of $17.01. The company has a debt-to-equity ratio of 3.86, a current ratio of 0.94 and a quick ratio of 0.94. The stock has a market capitalization of $338.41 million, a price-to-earnings ratio of -0.50 and a beta of 1.37.

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.