Spirit Airlines, Inc. (NYSE:SAVE) Given Average Rating of “Strong Sell” by Brokerages

Spirit Airlines, Inc. (NYSE:SAVE) has been assigned an average rating of “Strong Sell” from the nine ratings firms that are covering the company, Marketbeat Ratings reports. Seven analysts have rated the stock with a sell recommendation and two have issued a hold recommendation on the company. The average 1 year price objective among brokers that have issued ratings on the stock in the last year is $2.64.

SAVE has been the subject of several research reports. Citigroup lowered their price objective on shares of Spirit Airlines from $3.50 to $2.75 and set a “sell” rating for the company in a research note on Tuesday, July 23rd. Barclays cut their price objective 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. Raymond James cut shares of Spirit Airlines from a “market perform” rating to an “underperform” rating in a research note on Friday, July 5th. TD Cowen cut shares of Spirit Airlines from a “hold” rating to a “sell” rating and cut their target price for the stock from $3.00 to $2.00 in a research note on Wednesday, July 17th. Finally, Susquehanna lowered their price target on shares of Spirit Airlines from $3.00 to $2.50 and set a “negative” rating on the stock in a research report on Tuesday, July 16th.

Spirit Airlines Stock Up 4.2 %

Shares of SAVE stock opened at $2.75 on Friday. The company’s fifty day simple moving average is $3.28 and its two-hundred day simple moving average is $4.39. 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 stock has a market cap of $301.13 million, a P/E ratio of -0.62 and a beta of 1.41. Spirit Airlines has a 52 week low of $2.54 and a 52 week high of $17.94.

Spirit Airlines (NYSE:SAVE) last issued its earnings results 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 analysts’ expectations of $1.30 billion. Spirit Airlines had a negative return on equity of 53.58% and a negative net margin of 13.20%. The business’s revenue was down 10.6% compared to the same quarter last year. During the same period last year, the business posted $0.29 earnings per share. Analysts predict that Spirit Airlines will post -4.79 EPS for the current fiscal year.

Institutional Trading of Spirit Airlines

Several hedge funds have recently made changes to their positions in the company. Federated Hermes Inc. lifted its stake in shares of Spirit Airlines by 331.2% in the 2nd quarter. Federated Hermes Inc. now owns 432,494 shares of the company’s stock worth $1,583,000 after acquiring an additional 332,188 shares during the period. American Century Companies Inc. increased its holdings in shares of Spirit Airlines by 11.8% in the 2nd quarter. American Century Companies Inc. now owns 179,934 shares of the company’s stock valued at $659,000 after purchasing an additional 19,038 shares in the last quarter. Signaturefd LLC increased its holdings in shares of Spirit Airlines by 127.6% in the 2nd quarter. Signaturefd LLC now owns 7,926 shares of the company’s stock valued at $29,000 after purchasing an additional 4,443 shares in the last quarter. SeaCrest Wealth Management LLC purchased a new position in shares of Spirit Airlines in the 2nd quarter valued at about $63,000. Finally, Nisa Investment Advisors LLC increased its holdings in shares of Spirit Airlines by 950.3% in the 2nd quarter. Nisa Investment Advisors LLC now owns 18,663 shares of the company’s stock valued at $68,000 after purchasing an additional 16,886 shares in the last quarter. Institutional investors and hedge funds 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.