Spirit Airlines (NYSE:SAVE) Price Target Cut to $3.85

Spirit Airlines (NYSE:SAVE) had its price objective cut by research analysts at Citigroup from $4.00 to $3.85 in a research report issued on Wednesday, Benzinga reports. The brokerage currently has a “sell” rating on the stock. Citigroup’s price target indicates a potential downside of 6.78% from the company’s current price.

Several other equities research analysts have also commented on SAVE. Evercore ISI reduced their price objective on Spirit Airlines from $18.00 to $3.50 and set an “in-line” rating for the company in a research note on Thursday, April 4th. Seaport Res Ptn lowered Spirit Airlines from a “buy” rating to a “neutral” rating in a research note on Wednesday, January 17th. TD Cowen cut their price target on Spirit Airlines from $5.00 to $4.00 and set a “hold” rating for the company in a research note on Tuesday. Barclays assumed coverage on Spirit Airlines in a research note on Wednesday, March 27th. They issued an “underweight” rating and a $4.00 price target for the company. Finally, Susquehanna cut their price target on Spirit Airlines from $5.00 to $4.00 and set a “negative” rating for the company in a research note on Tuesday, April 9th. Five investment analysts have rated the stock with a sell rating and three have issued a hold rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Reduce” and an average price target of $4.91.

Spirit Airlines Stock Performance

Shares of NYSE:SAVE traded up $0.02 during midday trading on Wednesday, hitting $4.13. The company had a trading volume of 6,001,174 shares, compared to its average volume of 15,134,374. The company has a debt-to-equity ratio of 2.69, a current ratio of 0.90 and a quick ratio of 0.90. The company has a market cap of $452.14 million, a price-to-earnings ratio of -1.01 and a beta of 1.35. Spirit Airlines has a 12-month low of $3.96 and a 12-month high of $19.69. The company has a fifty day moving average of $5.34 and a two-hundred day moving average of $10.45.

Spirit Airlines (NYSE:SAVE) last posted its quarterly earnings data on Thursday, February 8th. The company reported ($1.36) EPS for the quarter, topping the consensus estimate of ($1.42) by $0.06. The firm had revenue of $1.32 billion during the quarter, compared to analyst estimates of $1.32 billion. Spirit Airlines had a negative return on equity of 26.38% and a negative net margin of 8.34%. Spirit Airlines’s revenue was down 5.0% on a year-over-year basis. During the same period in the prior year, the business posted $0.12 EPS. On average, equities research analysts expect that Spirit Airlines will post -2.75 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in SAVE. Cetera Advisor Networks LLC bought a new position in shares of Spirit Airlines during the 1st quarter valued at about $296,000. MetLife Investment Management LLC lifted its holdings in shares of Spirit Airlines by 54.4% in the 1st quarter. MetLife Investment Management LLC now owns 53,926 shares of the company’s stock valued at $1,179,000 after acquiring an additional 18,997 shares during the last quarter. Dimensional Fund Advisors LP lifted its holdings in shares of Spirit Airlines by 37.8% in the 1st quarter. Dimensional Fund Advisors LP now owns 3,637,683 shares of the company’s stock valued at $79,557,000 after acquiring an additional 997,254 shares during the last quarter. Allianz Asset Management GmbH lifted its holdings in shares of Spirit Airlines by 13.6% in the 1st quarter. Allianz Asset Management GmbH now owns 12,175 shares of the company’s stock valued at $266,000 after acquiring an additional 1,458 shares during the last quarter. Finally, Vanguard Group Inc. lifted its holdings in shares of Spirit Airlines by 1.5% in the 1st quarter. Vanguard Group Inc. now owns 9,935,537 shares of the company’s stock valued at $217,291,000 after acquiring an additional 148,348 shares during the last quarter. 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.