Spirit Airlines (NYSE:SAVE) Price Target Lowered to $3.85 at Citigroup

Spirit Airlines (NYSE:SAVE) had its target price trimmed by Citigroup from $4.00 to $3.85 in a report released on Wednesday morning, Benzinga reports. The brokerage currently has a sell rating on the stock.

A number of other analysts have also commented on the stock. Seaport Res Ptn lowered shares of Spirit Airlines from a buy rating to a neutral rating in a report on Wednesday, January 17th. Evercore ISI dropped their price objective 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. TD Cowen reduced their target price on Spirit Airlines from $5.00 to $4.00 and set a hold rating on the stock in a report on Tuesday. Susquehanna lowered their price target on Spirit Airlines from $5.00 to $4.00 and set a negative rating for the company in a research note on Tuesday, April 9th. Finally, Bank of America began coverage on shares of Spirit Airlines in a research report on Wednesday, January 17th. They issued an underperform rating and a $5.00 price target on the stock. Five analysts have rated the stock with a sell rating and three have given a hold rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of Reduce and an average target price of $4.91.

Spirit Airlines Stock Up 0.4 %

NYSE SAVE opened at $4.05 on Wednesday. The stock has a market capitalization of $442.85 million, a P/E ratio of -0.99 and a beta of 1.35. Spirit Airlines has a 52 week low of $3.96 and a 52 week high of $19.69. The company has a debt-to-equity ratio of 2.69, a quick ratio of 0.90 and a current ratio of 0.90. The stock has a fifty day moving average of $5.17 and a 200-day moving average of $10.28.

Spirit Airlines (NYSE:SAVE) last announced its quarterly earnings data on Thursday, February 8th. The company reported ($1.36) earnings per share for the quarter, topping the consensus estimate of ($1.42) by $0.06. Spirit Airlines had a negative return on equity of 26.38% and a negative net margin of 8.34%. The firm had revenue of $1.32 billion during the quarter, compared to analysts’ expectations of $1.32 billion. During the same period in the previous year, the business posted $0.12 EPS. The company’s quarterly revenue was down 5.0% compared to the same quarter last year. On average, equities research analysts forecast that Spirit Airlines will post -2.8 EPS for the current year.

Spirit Airlines Announces Dividend

The business also recently announced a dividend, which was paid on Thursday, February 29th. Shareholders of record on Friday, February 23rd were issued a dividend of $0.10 per share. The ex-dividend date of this dividend was Thursday, February 22nd.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in SAVE. Vanguard Group Inc. raised its holdings in shares of Spirit Airlines by 0.7% during the fourth quarter. Vanguard Group Inc. now owns 10,418,903 shares of the company’s stock worth $170,766,000 after acquiring an additional 68,710 shares during the period. FMR LLC increased its holdings in Spirit Airlines by 1.3% during the 3rd quarter. FMR LLC now owns 5,296,283 shares of the company’s stock worth $87,389,000 after purchasing an additional 67,977 shares in the last quarter. Dimensional Fund Advisors LP raised its stake in shares of Spirit Airlines by 37.8% in the 1st quarter. Dimensional Fund Advisors LP now owns 3,637,683 shares of the company’s stock valued at $79,557,000 after purchasing an additional 997,254 shares during the period. Geode Capital Management LLC boosted its position in shares of Spirit Airlines by 2.7% during the second quarter. Geode Capital Management LLC now owns 2,142,802 shares of the company’s stock worth $36,770,000 after buying an additional 55,929 shares during the period. Finally, Alpine Associates Management Inc. grew its holdings in shares of Spirit Airlines by 29.7% during the third quarter. Alpine Associates Management Inc. now owns 1,904,500 shares of the company’s stock worth $31,424,000 after buying an additional 436,486 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.