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

Shares of Spirit Airlines, Inc. (NYSE:SAVE) have been assigned a consensus recommendation of “Strong Sell” from the nine analysts that are currently covering the company, Marketbeat.com reports. Seven research analysts have rated the stock with a sell rating and two have assigned a hold rating to the company. The average twelve-month target price among analysts that have updated their coverage on the stock in the last year is $2.61.

Several analysts have commented on the stock. Raymond James cut shares of Spirit Airlines from a “market perform” rating to an “underperform” rating in a research note on Friday, July 5th. Deutsche Bank Aktiengesellschaft lowered Spirit Airlines from a “hold” rating to a “sell” rating and dropped their price target for the company from $3.00 to $2.00 in a research note on Monday, July 8th. TD Cowen downgraded Spirit Airlines from a “hold” rating to a “sell” rating and reduced their price objective for the stock from $3.00 to $2.00 in a research note on Wednesday, July 17th. Barclays lowered their target price on Spirit Airlines from $4.00 to $3.00 and set an “underweight” rating for the company in a research report on Wednesday, July 10th. Finally, Susquehanna reduced their price target on shares of Spirit Airlines from $2.50 to $2.25 and set a “negative” rating on the stock in a research report on Friday, August 16th.

Spirit Airlines Stock Performance

NYSE:SAVE opened at $2.44 on Monday. The stock has a 50-day moving average price of $2.64 and a 200 day moving average price of $3.42. The company has a current ratio of 0.94, a quick ratio of 0.94 and a debt-to-equity ratio of 3.86. Spirit Airlines has a 12-month low of $2.28 and a 12-month high of $17.49. The stock has a market capitalization of $267.18 million, a P/E ratio of -0.55 and a beta of 1.39.

Spirit Airlines (NYSE:SAVE) last released its quarterly earnings data on Thursday, August 1st. The company reported ($1.44) earnings per share (EPS) for the quarter, missing the consensus estimate of ($1.30) by ($0.14). Spirit Airlines had a negative net margin of 13.20% and a negative return on equity of 57.87%. The company had revenue of $1.28 billion for the quarter, compared to the consensus estimate of $1.30 billion. During the same quarter in the previous year, the business earned $0.29 EPS. The company’s quarterly revenue was down 10.6% on a year-over-year basis. Equities research analysts forecast that Spirit Airlines will post -7.12 EPS for the current fiscal year.

Hedge Funds Weigh In On Spirit Airlines

Large investors have recently modified their holdings of the stock. Victory Capital Management Inc. boosted its stake in Spirit Airlines by 22.8% during the fourth quarter. Victory Capital Management Inc. now owns 14,579 shares of the company’s stock worth $239,000 after buying an additional 2,703 shares during the period. Private Advisor Group LLC purchased a new position in shares of Spirit Airlines during the 4th quarter worth about $179,000. Charles Schwab Investment Management Inc. grew its holdings in Spirit Airlines by 3.2% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,057,224 shares of the company’s stock valued at $17,328,000 after purchasing an additional 32,811 shares during the last quarter. Dimensional Fund Advisors LP raised its position in Spirit Airlines by 13.1% in the 4th quarter. Dimensional Fund Advisors LP now owns 3,143,384 shares of the company’s stock worth $51,520,000 after purchasing an additional 363,519 shares during the period. Finally, Cambridge Investment Research Advisors Inc. lifted its stake in Spirit Airlines by 1.1% in the fourth quarter. Cambridge Investment Research Advisors Inc. now owns 144,977 shares of the company’s stock worth $2,376,000 after purchasing an additional 1,541 shares during the last quarter. Institutional investors 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.