Spirit Airlines (NYSE:SAVE) Price Target Lowered to $3.00 at Susquehanna

Spirit Airlines (NYSE:SAVE - Free Report) had its target price reduced by Susquehanna from $4.00 to $3.00 in a report released on Wednesday morning, Benzinga reports. They currently have a negative rating on the stock.

SAVE has been the subject of several other research reports. Seaport Res Ptn cut Spirit Airlines from a buy rating to a neutral rating in a research note on Wednesday, January 17th. Bank of America initiated coverage on shares of Spirit Airlines in a report on Wednesday, January 17th. They set an underperform rating and a $5.00 price target for the company. TD Cowen reduced their price objective on shares of Spirit Airlines from $4.00 to $3.00 and set a hold rating on the stock in a report on Tuesday. Citigroup dropped their target price on Spirit Airlines from $4.00 to $3.85 and set a sell rating on the stock in a report on Wednesday, April 17th. Finally, Barclays began coverage on Spirit Airlines in a research note on Wednesday, March 27th. They issued an underweight rating and a $4.00 price target on the stock. Five research analysts have rated the stock with a sell rating and four have assigned a hold rating to the company's stock. According to data from MarketBeat.com, the stock presently has an average rating of Reduce and an average price target of $4.42.

Spirit Airlines Stock Up 2.6 %

Spirit Airlines stock traded up $0.08 during mid-day trading on Wednesday, reaching $3.41. 7,268,392 shares of the company's stock were exchanged, compared to its average volume of 13,752,529. The company has a quick ratio of 0.90, a current ratio of 0.90 and a debt-to-equity ratio of 2.69. Spirit Airlines has a twelve month low of $3.18 and a twelve month high of $19.69. The company has a market cap of $372.85 million, a P/E ratio of -0.82 and a beta of 1.41. The company has a fifty day moving average of $4.47 and a 200-day moving average of $9.11.

Spirit Airlines (NYSE:SAVE - Get Free Report) last announced its quarterly earnings data on Monday, May 6th. The company reported ($1.46) earnings per share (EPS) for the quarter, missing the consensus estimate of ($1.45) by ($0.01). Spirit Airlines had a negative net margin of 8.34% and a negative return on equity of 26.38%. The company had revenue of $1.27 billion during the quarter, compared to analyst estimates of $1.27 billion. During the same quarter in the previous year, the business posted ($0.82) earnings per share. The firm's revenue was down 6.2% on a year-over-year basis. Sell-side analysts expect that Spirit Airlines will post -2.79 EPS for the current year.

Spirit Airlines Dividend Announcement

The company also recently announced a dividend, which was paid on Thursday, February 29th. Investors of record on Friday, February 23rd were given a $0.10 dividend. The ex-dividend date was Thursday, February 22nd.

Institutional Investors Weigh In On Spirit Airlines

Large investors have recently modified their holdings of the company. International Assets Investment Management LLC increased its holdings in shares of Spirit Airlines by 467.7% in the 4th quarter. International Assets Investment Management LLC now owns 1,970 shares of the company's stock valued at $32,000 after acquiring an additional 1,623 shares during the period. First Horizon Advisors Inc. acquired a new position in Spirit Airlines in the fourth quarter valued at $33,000. Cary Street Partners Investment Advisory LLC purchased a new stake in shares of Spirit Airlines in the third quarter valued at about $50,000. Migdal Insurance & Financial Holdings Ltd. raised its holdings in shares of Spirit Airlines by 862.8% in the fourth quarter. Migdal Insurance & Financial Holdings Ltd. now owns 3,466 shares of the company's stock valued at $57,000 after buying an additional 3,106 shares during the last quarter. Finally, TFO Wealth Partners LLC boosted its stake 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 buying an additional 3,516 shares during the period. 58.73% of the stock is owned by institutional investors and hedge funds.

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.