Spirit Airlines (NYSE:SAVE) PT Lowered to $3.50 at Citigroup

Spirit Airlines (NYSE:SAVE - Free Report) had its target price reduced by Citigroup from $3.85 to $3.50 in a research report sent to investors on Tuesday, Benzinga reports. They currently have a sell rating on the stock.

Other equities analysts have also recently issued reports about the company. Evercore ISI decreased their target price 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. Susquehanna lowered their target price on shares of Spirit Airlines from $4.00 to $3.00 and set a negative rating for the company in a report on Wednesday, May 8th. TD Cowen dropped their price target on Spirit Airlines from $4.00 to $3.00 and set a hold rating on the stock in a research note on Tuesday, May 7th. Seaport Res Ptn cut Spirit Airlines from a buy rating to a neutral rating in a report on Wednesday, January 17th. Finally, Deutsche Bank Aktiengesellschaft reduced their price target on Spirit Airlines from $4.00 to $3.00 and set a hold rating for the company in a report on Tuesday, May 7th. Five analysts have rated the stock with a sell rating and four have issued a hold rating to the stock. Based on data from MarketBeat, Spirit Airlines presently has a consensus rating of Reduce and an average target price of $3.57.

Spirit Airlines Stock Performance

Spirit Airlines stock traded up $0.10 during mid-day trading on Tuesday, hitting $4.49. 17,436,684 shares of the company's stock traded hands, compared to its average volume of 13,706,843. The firm has a 50 day moving average price of $4.28 and a 200 day moving average price of $8.76. The company has a quick ratio of 0.97, a current ratio of 0.97 and a debt-to-equity ratio of 3.17. The company has a market cap of $491.66 million, a PE ratio of -1.09 and a beta of 1.41. Spirit Airlines has a one year low of $3.18 and a one year high of $19.69.

Spirit Airlines (NYSE:SAVE - Get Free Report) last posted its quarterly earnings data on Monday, May 6th. The company reported ($1.46) EPS for the quarter, missing analysts' consensus estimates of ($1.45) by ($0.01). Spirit Airlines had a negative return on equity of 34.64% and a negative net margin of 9.21%. The firm had revenue of $1.27 billion during the quarter, compared to the consensus estimate of $1.27 billion. During the same period in the prior year, the firm posted ($0.82) EPS. The firm's quarterly revenue was down 6.2% on a year-over-year basis. On average, equities analysts forecast that Spirit Airlines will post -3.11 EPS for the current year.

Institutional Investors Weigh In On Spirit Airlines

A number of institutional investors have recently made changes to their positions in the company. Principal Financial Group Inc. raised its position in shares of Spirit Airlines by 39.4% in the third quarter. Principal Financial Group Inc. now owns 16,248 shares of the company's stock valued at $268,000 after buying an additional 4,591 shares in the last quarter. Wilbanks Smith & Thomas Asset Management LLC grew its stake in shares of Spirit Airlines by 112.7% in the third quarter. Wilbanks Smith & Thomas Asset Management LLC now owns 672,186 shares of the company's stock worth $11,091,000 after purchasing an additional 356,184 shares during the last quarter. Swiss National Bank grew its stake in shares of Spirit Airlines by 2.0% in the third quarter. Swiss National Bank now owns 60,000 shares of the company's stock worth $990,000 after purchasing an additional 1,200 shares during the last quarter. Alpine Associates Management Inc. grew its stake in shares of Spirit Airlines by 29.7% in the third quarter. Alpine Associates Management Inc. now owns 1,904,500 shares of the company's stock worth $31,424,000 after purchasing an additional 436,486 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. boosted its position 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 valued at $16,903,000 after acquiring an additional 37,019 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.