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

Spirit Airlines (NYSE:SAVE - Get Free Report) had its target price cut by investment analysts at Citigroup from $4.00 to $3.85 in a research note issued to investors on Wednesday, Benzinga reports. The firm presently has a "sell" rating on the stock. Citigroup's price objective would indicate a potential downside of 6.44% from the company's current price.

Several other research firms have also recently issued reports on SAVE. Bank of America began coverage on Spirit Airlines in a report on Wednesday, January 17th. They set an "underperform" rating and a $5.00 price objective on the stock. Evercore ISI decreased their price objective on Spirit Airlines from $18.00 to $3.50 and set an "in-line" rating on the stock in a report on Thursday, April 4th. Barclays began coverage on Spirit Airlines in a report on Wednesday, March 27th. They set an "underweight" rating and a $4.00 price objective on the stock. Susquehanna decreased their price objective on Spirit Airlines from $5.00 to $4.00 and set a "negative" rating on the stock in a report on Tuesday, April 9th. Finally, Seaport Res Ptn cut Spirit Airlines from a "buy" rating to a "neutral" rating in a report on Wednesday, January 17th. Five analysts have rated the stock with a sell rating and three have issued a hold rating to the stock. Based on data from MarketBeat.com, Spirit Airlines presently has a consensus rating of "Reduce" and an average price target of $4.91.

Spirit Airlines Price Performance

NYSE:SAVE remained flat at $4.12 during trading hours on Wednesday. The company's stock had a trading volume of 7,080,859 shares, compared to its average volume of 15,151,029. The firm's fifty day simple moving average is $5.34 and its 200-day simple moving average is $10.45. The stock has a market capitalization of $450.50 million, a PE ratio of -1.01 and a beta of 1.35. The company has a debt-to-equity ratio of 2.69, a quick ratio of 0.90 and a current ratio of 0.90. Spirit Airlines has a 52-week low of $3.96 and a 52-week high of $19.69.

Spirit Airlines (NYSE:SAVE - Get Free Report) last announced its earnings results on Thursday, February 8th. The company reported ($1.36) EPS for the quarter, beating analysts' consensus estimates of ($1.42) by $0.06. Spirit Airlines had a negative return on equity of 26.38% and a negative net margin of 8.34%. The firm had revenue of $1.32 billion for the quarter, compared to analysts' expectations of $1.32 billion. During the same quarter in the prior year, the firm earned $0.12 EPS. Spirit Airlines's quarterly revenue was down 5.0% on a year-over-year basis. As a group, research analysts predict that Spirit Airlines will post -2.75 earnings per share for the current year.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in SAVE. Cetera Advisor Networks LLC purchased a new position in Spirit Airlines in the first quarter valued at about $296,000. MetLife Investment Management LLC increased its position in shares of Spirit Airlines by 54.4% during the first quarter. MetLife Investment Management LLC now owns 53,926 shares of the company's stock worth $1,179,000 after acquiring an additional 18,997 shares during the last quarter. Dimensional Fund Advisors LP increased its position in shares of Spirit Airlines by 37.8% during the first quarter. Dimensional Fund Advisors LP now owns 3,637,683 shares of the company's stock worth $79,557,000 after acquiring an additional 997,254 shares during the last quarter. Allianz Asset Management GmbH increased its position in shares of Spirit Airlines by 13.6% during the first quarter. Allianz Asset Management GmbH now owns 12,175 shares of the company's stock worth $266,000 after acquiring an additional 1,458 shares during the last quarter. Finally, Vanguard Group Inc. increased its position in shares of Spirit Airlines by 1.5% during the first quarter. Vanguard Group Inc. now owns 9,935,537 shares of the company's stock worth $217,291,000 after acquiring an additional 148,348 shares during the last quarter. 58.73% of the stock is owned by hedge funds and other institutional investors.

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.