Spirit Airlines (NYSE:SAVE) Shares Up 8.4%

Shares of Spirit Airlines, Inc. (NYSE:SAVE - Get Free Report) were up 8.4% on Monday . The stock traded as high as $4.80 and last traded at $4.80. Approximately 3,597,472 shares traded hands during mid-day trading, a decline of 78% from the average daily volume of 16,050,723 shares. The stock had previously closed at $4.43.

Analyst Upgrades and Downgrades

Several research analysts have recently weighed in on SAVE shares. Bank of America assumed coverage on Spirit Airlines in a research note on Wednesday, January 17th. They issued an "underperform" rating and a $5.00 price target for the company. Barclays assumed coverage on Spirit Airlines in a research report on Wednesday, March 27th. They set an "underweight" rating and a $4.00 price objective for the company. Seaport Res Ptn cut Spirit Airlines from a "buy" rating to a "neutral" rating in a research report on Wednesday, January 17th. Citigroup upped their price objective on Spirit Airlines from $3.95 to $4.00 and gave the company a "sell" rating in a research report on Monday, February 12th. Finally, TD Cowen reduced their price objective on Spirit Airlines from $11.00 to $5.00 and set a "market perform" rating for the company in a research report on Monday, January 22nd. Five equities research analysts have rated the stock with a sell rating and three have issued a hold rating to the company's stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Reduce" and an average target price of $5.21.

Spirit Airlines Stock Up 6.5 %

The company has a fifty day simple moving average of $5.61 and a 200-day simple moving average of $11.04. The company has a quick ratio of 0.90, a current ratio of 0.90 and a debt-to-equity ratio of 2.69. The firm has a market cap of $516.75 million, a P/E ratio of -1.17 and a beta of 1.35.

Spirit Airlines (NYSE:SAVE - Get Free Report) last released its quarterly earnings data on Thursday, February 8th. The company reported ($1.36) earnings per share for the quarter, topping analysts' consensus estimates 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%. The business's quarterly revenue was down 5.0% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.12 earnings per share. On average, equities analysts anticipate that Spirit Airlines, Inc. will post -2.8 earnings per share for the current year.

Spirit Airlines Dividend Announcement

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

Hedge Funds Weigh In On Spirit Airlines

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. American Century Companies Inc. boosted its stake in Spirit Airlines by 88.2% during 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. boosted its position in Spirit Airlines by 3.7% during the 3rd 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 in the last quarter. Cambridge Investment Research Advisors Inc. boosted its position in Spirit Airlines by 616.6% during 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 in the last quarter. Alpine Associates Management Inc. boosted its position in Spirit Airlines by 29.7% during 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 in the last quarter. Finally, FMR LLC boosted its position 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 worth $87,389,000 after purchasing an additional 67,977 shares in the last quarter. 58.73% of the stock is owned by institutional investors.

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.