Spirit Airlines (NYSE:SAVE) Price Target Lowered to $4.00 at Susquehanna

Spirit Airlines (NYSE:SAVE - Free Report) had its price objective reduced by Susquehanna from $5.00 to $4.00 in a research note published on Tuesday morning, Benzinga reports. They currently have a negative rating on the stock.

Other equities research analysts have also issued reports about the stock. Bank of America began coverage on shares of Spirit Airlines in a research note on Wednesday, January 17th. They set an underperform rating and a $5.00 price target on the stock. TD Cowen dropped their price objective on shares of Spirit Airlines from $11.00 to $5.00 and set a market perform rating on the stock in a research note on Monday, January 22nd. Seaport Res Ptn lowered shares of Spirit Airlines from a buy rating to a neutral rating in a research note on Wednesday, January 17th. Barclays initiated coverage on shares of Spirit Airlines in a research note on Wednesday, March 27th. They issued an underweight rating and a $4.00 price objective on the stock. Finally, Evercore ISI dropped 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 research note on Thursday, April 4th. Five analysts have rated the stock with a sell rating and three have assigned a hold rating to the company. According to data from MarketBeat, Spirit Airlines presently has an average rating of Reduce and an average price target of $5.07.

Spirit Airlines Stock Up 4.0 %

Shares of Spirit Airlines stock traded up $0.19 during trading on Tuesday, hitting $4.91. 3,897,519 shares of the stock were exchanged, compared to its average volume of 15,898,376. The stock has a market cap of $537.55 million, a price-to-earnings ratio of -1.16 and a beta of 1.35. The firm's 50-day moving average price is $5.59 and its 200 day moving average price is $10.96. Spirit Airlines has a 12-month low of $3.96 and a 12-month high of $19.69. The company has a debt-to-equity ratio of 2.69, a current ratio of 0.90 and a quick ratio of 0.90.

Spirit Airlines (NYSE:SAVE - Get Free Report) 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. Spirit Airlines had a negative net margin of 8.34% and a negative return on equity of 26.38%. The firm had revenue of $1.32 billion for the quarter, compared to analyst estimates of $1.32 billion. During the same period last year, the business earned $0.12 EPS. Spirit Airlines's revenue for the quarter was down 5.0% compared to the same quarter last year. As a group, analysts forecast that Spirit Airlines will post -2.8 earnings per share for the current fiscal year.

Spirit Airlines Announces Dividend

The business also recently disclosed 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 of this dividend was Thursday, February 22nd.

Institutional Trading of Spirit Airlines

A number of institutional investors have recently added to or reduced their stakes in the stock. American Century Companies Inc. raised its position in shares of Spirit Airlines by 88.2% in the third quarter. American Century Companies Inc. now owns 626,269 shares of the company's stock valued at $10,333,000 after buying an additional 293,517 shares during the last quarter. Charles Schwab Investment Management Inc. raised its stake in Spirit Airlines by 3.7% during the third quarter. Charles Schwab Investment Management Inc. now owns 1,024,413 shares of the company's stock worth $16,903,000 after purchasing an additional 37,019 shares during the period. Cambridge Investment Research Advisors Inc. raised its stake in shares of Spirit Airlines by 616.6% in the 3rd quarter. Cambridge Investment Research Advisors Inc. now owns 143,436 shares of the company's stock valued at $2,367,000 after acquiring an additional 123,419 shares during the period. Alpine Associates Management Inc. raised its stake in shares of Spirit Airlines by 29.7% in the 3rd quarter. Alpine Associates Management Inc. now owns 1,904,500 shares of the company's stock valued at $31,424,000 after acquiring an additional 436,486 shares during the period. Finally, FMR LLC raised its stake in shares of Spirit Airlines by 1.3% in the 3rd quarter. FMR LLC now owns 5,296,283 shares of the company's stock valued at $87,389,000 after acquiring an additional 67,977 shares during the period. Hedge funds and other institutional investors 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.