Spirit Airlines (NYSE:SAVE) Price Target Cut to $1.50 by Analysts at Susquehanna

Spirit Airlines (NYSE:SAVE) had its price target reduced by Susquehanna from $2.25 to $1.50 in a research note published on Wednesday, Benzinga reports. They currently have a negative rating on the stock.

A number of other equities analysts also recently commented on the stock. Citigroup decreased their price objective on shares of Spirit Airlines from $3.50 to $2.75 and set a sell rating for the company in a report on Tuesday, July 23rd. Barclays decreased their price target on shares of Spirit Airlines from $4.00 to $3.00 and set an underweight rating for the company in a report on Wednesday, July 10th. Deutsche Bank Aktiengesellschaft lowered shares of Spirit Airlines from a hold rating to a sell rating and dropped their price objective for the stock from $3.00 to $2.00 in a research note on Monday, July 8th. Raymond James cut Spirit Airlines from a market perform rating to an underperform rating in a research report on Friday, July 5th. Finally, TD Cowen lowered shares of Spirit Airlines from a hold rating to a sell rating and lowered their price target for the stock from $3.00 to $2.00 in a research report on Wednesday, July 17th. Seven research analysts have rated the stock with a sell rating and two 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 $2.50.

Spirit Airlines Stock Performance

Spirit Airlines stock opened at $1.61 on Wednesday. Spirit Airlines has a 52 week low of $1.40 and a 52 week high of $17.49. The company has a current ratio of 0.94, a quick ratio of 0.94 and a debt-to-equity ratio of 3.86. The stock has a market cap of $176.33 million, a P/E ratio of -0.26 and a beta of 1.38. The stock has a 50 day moving average of $2.46 and a 200-day moving average of $3.25.

Spirit Airlines (NYSE:SAVE) last posted its quarterly earnings data on Thursday, August 1st. The company reported ($1.44) EPS for the quarter, missing analysts’ consensus estimates of ($1.30) by ($0.14). The company had revenue of $1.28 billion for the quarter, compared to the consensus estimate of $1.30 billion. Spirit Airlines had a negative net margin of 13.20% and a negative return on equity of 57.87%. The company’s revenue was down 10.6% compared to the same quarter last year. During the same quarter last year, the company earned $0.29 earnings per share. On average, analysts expect that Spirit Airlines will post -7.02 EPS for the current fiscal year.

Institutional Trading of Spirit Airlines

Several institutional investors have recently modified their holdings of SAVE. BNP Paribas Financial Markets lifted its holdings in Spirit Airlines by 2,369.9% in the 1st quarter. BNP Paribas Financial Markets now owns 733,846 shares of the company’s stock valued at $3,552,000 after acquiring an additional 704,134 shares during the last quarter. Vanguard Group Inc. boosted its position in shares of Spirit Airlines by 0.7% in the 4th quarter. Vanguard Group Inc. now owns 10,418,903 shares of the company’s stock valued at $170,766,000 after purchasing an additional 68,710 shares during the period. Cim Investment Management Inc. increased its stake in Spirit Airlines by 121.7% in the 4th quarter. Cim Investment Management Inc. now owns 25,937 shares of the company’s stock worth $425,000 after purchasing an additional 14,236 shares in the last quarter. Susquehanna Fundamental Investments LLC acquired a new stake in Spirit Airlines during the 1st quarter worth about $352,000. Finally, Bayesian Capital Management LP purchased a new stake in Spirit Airlines during the first quarter valued at about $829,000. Institutional investors and hedge funds 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.