Spirit Airlines (NYSE:SAVE) PT Lowered to $2.75

Spirit Airlines (NYSE:SAVE) had its target price decreased by stock analysts at Bank of America from $3.25 to $2.75 in a research report issued to clients and investors on Wednesday, Benzinga reports. The brokerage presently has an “underperform” rating on the stock. Bank of America‘s price objective would indicate a potential downside of 1.08% from the company’s current price.

SAVE has been the topic of several other research reports. Evercore ISI reduced their target price on shares of Spirit Airlines from $18.00 to $3.50 and set an “in-line” rating on the stock in a report on Thursday, April 4th. Raymond James cut Spirit Airlines from a “market perform” rating to an “underperform” rating in a research note on Friday, July 5th. Barclays decreased their price objective on Spirit Airlines from $4.00 to $3.00 and set an “underweight” rating on the stock in a report on Wednesday, July 10th. Citigroup dropped their target price on Spirit Airlines from $3.85 to $3.50 and set a “sell” rating for the company in a report on Tuesday, May 14th. Finally, TD Cowen decreased their price target on Spirit Airlines from $4.00 to $3.00 and set a “hold” rating on the stock in a research note on Tuesday, May 7th. Eight analysts have rated the stock with a sell rating and two have assigned a hold rating to the company’s stock. According to MarketBeat.com, Spirit Airlines has an average rating of “Reduce” and an average target price of $2.75.

Spirit Airlines Price Performance

SAVE opened at $2.78 on Wednesday. The company has a current ratio of 0.97, a quick ratio of 0.97 and a debt-to-equity ratio of 3.17. The stock has a market capitalization of $304.41 million, a P/E ratio of -0.63 and a beta of 1.40. The stock has a 50-day moving average price of $3.59 and a 200-day moving average price of $5.49. Spirit Airlines has a 12-month low of $2.74 and a 12-month high of $19.20.

Spirit Airlines (NYSE:SAVE) last issued its earnings results on Monday, May 6th. The company reported ($1.46) earnings per share (EPS) for the quarter, missing the consensus estimate of ($1.45) by ($0.01). Spirit Airlines had a negative return on equity of 34.64% and a negative net margin of 9.21%. The firm had revenue of $1.27 billion during the quarter, compared to analysts’ expectations of $1.27 billion. During the same period in the prior year, the company earned ($0.82) EPS. The firm’s quarterly revenue was down 6.2% compared to the same quarter last year. Equities analysts predict that Spirit Airlines will post -4.05 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Spirit Airlines

Several institutional investors and hedge funds have recently modified their holdings of SAVE. International Assets Investment Management LLC boosted its stake in Spirit Airlines by 467.7% in the 4th quarter. International Assets Investment Management LLC now owns 1,970 shares of the company’s stock worth $32,000 after purchasing an additional 1,623 shares in the last quarter. First Horizon Advisors Inc. bought a new position in shares of Spirit Airlines in the fourth quarter worth approximately $33,000. Migdal Insurance & Financial Holdings Ltd. lifted its stake 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 worth $57,000 after buying an additional 3,106 shares in the last quarter. TFO Wealth Partners LLC grew its holdings in shares of Spirit Airlines by 21,975.0% during the fourth quarter. TFO Wealth Partners LLC now owns 3,532 shares of the company’s stock valued at $58,000 after buying an additional 3,516 shares during the last quarter. Finally, Natixis increased its position in shares of Spirit Airlines by 29.1% during the first quarter. Natixis now owns 12,480 shares of the company’s stock valued at $60,000 after acquiring an additional 2,815 shares in the last quarter. 58.73% of the stock is currently owned by institutional investors.

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.