Citigroup Cuts Spirit Airlines (NYSE:SAVE) Price Target to $2.75

Spirit Airlines (NYSE:SAVE) had its price objective lowered by equities researchers at Citigroup from $3.50 to $2.75 in a research note issued on Tuesday, Benzinga reports. The brokerage currently has a “sell” rating on the stock. Citigroup’s target price would indicate a potential downside of 2.83% from the company’s previous close.

SAVE has been the subject of several other research reports. Bank of America cut their price target on Spirit Airlines from $3.25 to $2.75 and set an “underperform” rating for the company in a report on Wednesday, July 17th. Deutsche Bank Aktiengesellschaft cut Spirit Airlines from a “hold” rating to a “sell” rating and cut their price target for the company from $3.00 to $2.00 in a report on Monday, July 8th. Evercore ISI cut their price target on Spirit Airlines from $18.00 to $3.50 and set an “in-line” rating for the company in a report on Thursday, April 4th. Susquehanna cut their price target on Spirit Airlines from $3.00 to $2.50 and set a “negative” rating for the company in a report on Tuesday, July 16th. Finally, Raymond James cut Spirit Airlines from a “market perform” rating to an “underperform” rating in a report on Friday, July 5th. Eight analysts have rated the stock with a sell rating and two have given a hold rating to the company. According to data from MarketBeat, Spirit Airlines currently has an average rating of “Reduce” and a consensus target price of $2.64.

Spirit Airlines Stock Up 0.7 %

Shares of SAVE traded up $0.02 during trading hours on Tuesday, hitting $2.83. 671,055 shares of the company were exchanged, compared to its average volume of 10,910,344. The company has a market cap of $309.89 million, a PE ratio of -0.64 and a beta of 1.40. The firm’s 50 day moving average is $3.54 and its 200-day moving average is $5.15. Spirit Airlines has a 52 week low of $2.70 and a 52 week high of $19.19. The company has a debt-to-equity ratio of 3.17, a quick ratio of 0.97 and a current ratio of 0.97.

Spirit Airlines (NYSE:SAVE) last announced its earnings results on Monday, May 6th. The company reported ($1.46) earnings per share for the quarter, missing the consensus estimate of ($1.45) by ($0.01). Spirit Airlines had a negative net margin of 9.21% and a negative return on equity of 34.64%. The business had revenue of $1.27 billion for the quarter, compared to the consensus estimate of $1.27 billion. During the same quarter in the previous year, the company earned ($0.82) EPS. Spirit Airlines’s revenue for the quarter was down 6.2% compared to the same quarter last year. On average, equities research analysts forecast that Spirit Airlines will post -4.59 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of the company. Vanguard Group Inc. boosted its position in shares of Spirit Airlines by 0.3% in the 3rd quarter. Vanguard Group Inc. now owns 10,350,193 shares of the company’s stock worth $170,778,000 after purchasing an additional 34,883 shares during the last quarter. Patriot Financial Group Insurance Agency LLC boosted its position in shares of Spirit Airlines by 39.0% in the 4th quarter. Patriot Financial Group Insurance Agency LLC now owns 34,459 shares of the company’s stock worth $565,000 after purchasing an additional 9,672 shares during the last quarter. Chevy Chase Trust Holdings LLC bought a new position in shares of Spirit Airlines in the 4th quarter worth $426,000. International Assets Investment Management LLC boosted its position in shares of 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 during the last quarter. Finally, Venture Visionary Partners LLC boosted its position in shares of Spirit Airlines by 11.3% in the 4th quarter. Venture Visionary Partners LLC now owns 14,218 shares of the company’s stock worth $233,000 after purchasing an additional 1,449 shares during 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.