Spirit Airlines (NYSE:SAVE) Shares Up 12%

Spirit Airlines, Inc. (NYSE:SAVE - Get Free Report) rose 12% on Monday . The stock traded as high as $4.70 and last traded at $4.68. Approximately 1,202,546 shares were traded during mid-day trading, a decline of 92% from the average daily volume of 15,282,234 shares. The stock had previously closed at $4.18.

Analyst Ratings Changes

A number of analysts have commented on SAVE shares. Susquehanna decreased their price objective on Spirit Airlines from $5.00 to $4.00 and set a "negative" rating for the company in a report on Tuesday, April 9th. Barclays assumed coverage on Spirit Airlines in a report on Wednesday, March 27th. They set an "underweight" rating and a $4.00 price target for the company. TD Cowen dropped their price objective on 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. Citigroup lifted their price objective on shares of Spirit Airlines from $3.95 to $4.00 and gave the stock a "sell" rating in a report on Monday, February 12th. Finally, Seaport Res Ptn lowered shares of Spirit Airlines from a "buy" rating to a "neutral" rating in a research report on Wednesday, January 17th. Five research analysts have rated the stock with a sell rating and three have assigned a hold rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of "Reduce" and an average target price of $5.07.

Spirit Airlines Stock Up 6.5 %

The stock's fifty day moving average is $5.40 and its two-hundred day moving average is $10.54. The company has a current ratio of 0.90, a quick ratio of 0.90 and a debt-to-equity ratio of 2.69. The company has a market capitalization of $487.19 million, a PE ratio of -1.09 and a beta of 1.35.

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

Spirit Airlines Announces Dividend

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

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the company. International Assets Investment Management LLC lifted its holdings in Spirit Airlines by 467.7% during the fourth quarter. International Assets Investment Management LLC now owns 1,970 shares of the company's stock valued at $32,000 after purchasing an additional 1,623 shares during the last quarter. First Horizon Advisors Inc. purchased a new stake in shares of Spirit Airlines during the fourth quarter worth $33,000. Northwestern Mutual Wealth Management Co. lifted its position in shares of Spirit Airlines by 272.4% during the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 2,119 shares of the company's stock worth $41,000 after acquiring an additional 1,550 shares in the last quarter. Cary Street Partners Investment Advisory LLC bought a new position in shares of Spirit Airlines in the third quarter worth $50,000. Finally, Migdal Insurance & Financial Holdings Ltd. grew its position 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 purchasing an additional 3,106 shares in the last quarter. 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.