Spirit Airlines (NYSE:SAVE) Now Covered by Barclays

Investment analysts at Barclays assumed coverage on shares of Spirit Airlines (NYSE:SAVE - Get Free Report) in a research report issued to clients and investors on Wednesday, MarketBeat Ratings reports. The brokerage set an "underweight" rating and a $4.00 price target on the stock. Barclays's target price indicates a potential downside of 13.14% from the stock's previous close.

Several other research analysts have also commented on the stock. TD Cowen reduced their price objective on shares of Spirit Airlines from $11.00 to $5.00 and set a "market perform" rating for the company in a research note on Monday, January 22nd. Susquehanna reiterated a "negative" rating and set a $5.00 price objective (down previously from $15.00) on shares of Spirit Airlines in a research note on Wednesday, January 17th. Bank of America assumed coverage on shares of Spirit Airlines in a research note on Wednesday, January 17th. They set an "underperform" rating and a $5.00 price objective for the company. Seaport Res Ptn lowered shares of Spirit Airlines from a "buy" rating to a "neutral" rating in a research note on Wednesday, January 17th. Finally, Citigroup boosted their target price on shares of Spirit Airlines from $3.95 to $4.00 and gave the stock a "sell" rating in a research report on Monday, February 12th. Five analysts have rated the stock with a sell rating and three have assigned a hold rating to the company's stock. Based on data from MarketBeat, Spirit Airlines has an average rating of "Reduce" and an average target price of $7.57.

Spirit Airlines Trading Down 0.8 %

SAVE traded down $0.03 on Wednesday, reaching $4.61. 6,057,893 shares of the company traded hands, compared to its average volume of 17,401,475. Spirit Airlines has a one year low of $3.96 and a one year high of $19.69. The firm has a fifty day simple moving average of $5.97 and a two-hundred day simple moving average of $11.69. The company has a market cap of $504.16 million, a P/E ratio of -1.13 and a beta of 1.38. 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 (NYSE:SAVE - Get Free Report) last posted its quarterly earnings results on Thursday, February 8th. The company reported ($1.36) EPS for the quarter, beating the consensus estimate of ($1.42) by $0.06. Spirit Airlines had a negative net margin of 8.34% and a negative return on equity of 26.38%. The business had revenue of $1.32 billion during the quarter, compared to analyst estimates of $1.32 billion. During the same quarter in the previous year, the business posted $0.12 EPS. The company's quarterly revenue was down 5.0% compared to the same quarter last year. As a group, equities research analysts expect that Spirit Airlines will post -2.8 earnings per share for the current year.

Hedge Funds Weigh In On Spirit Airlines

A number of institutional investors have recently modified their holdings of the stock. American Century Companies Inc. increased its stake in shares of Spirit Airlines by 88.2% in the 3rd quarter. American Century Companies Inc. now owns 626,269 shares of the company's stock valued at $10,333,000 after purchasing an additional 293,517 shares in the last quarter. Charles Schwab Investment Management Inc. increased its stake in shares of Spirit Airlines by 3.7% in 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 purchasing an additional 37,019 shares in the last quarter. Cambridge Investment Research Advisors Inc. increased its stake in shares of Spirit Airlines by 616.6% in the 3rd quarter. Cambridge Investment Research Advisors Inc. now owns 143,436 shares of the company's stock valued at $2,367,000 after purchasing an additional 123,419 shares in the last quarter. Alpine Associates Management Inc. increased its stake in shares of Spirit Airlines by 29.7% in the 3rd quarter. Alpine Associates Management Inc. now owns 1,904,500 shares of the company's stock valued at $31,424,000 after purchasing an additional 436,486 shares in the last quarter. Finally, FMR LLC increased its stake 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 valued at $87,389,000 after purchasing an additional 67,977 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.