Susquehanna Cuts Spirit Airlines (NYSE:SAVE) Price Target to $3.00

Spirit Airlines (NYSE:SAVE) had its price target cut by equities researchers at Susquehanna from $4.00 to $3.00 in a research note issued to investors on Wednesday, Benzinga reports. The brokerage presently has a “negative” rating on the stock. Susquehanna’s price target points to a potential downside of 8.54% from the company’s current price.

Several other research firms also recently commented on SAVE. Bank of America began coverage on Spirit Airlines in a report on Wednesday, January 17th. They set an “underperform” rating and a $5.00 price objective for the company. Evercore ISI decreased their price target on shares of Spirit Airlines from $18.00 to $3.50 and set an “in-line” rating for the company in a research note on Thursday, April 4th. Seaport Res Ptn lowered shares of Spirit Airlines from a “buy” rating to a “neutral” rating in a research note on Wednesday, January 17th. Deutsche Bank Aktiengesellschaft decreased their target price on shares of Spirit Airlines from $4.00 to $3.00 and set a “hold” rating for the company in a research report on Tuesday. Finally, Citigroup cut their price target on Spirit Airlines from $4.00 to $3.85 and set a “sell” rating for the company in a research note on Wednesday, April 17th. Five analysts have rated the stock with a sell rating and four have assigned a hold rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Reduce” and an average target price of $4.42.

Spirit Airlines Stock Performance

NYSE:SAVE opened at $3.28 on Wednesday. The firm has a market capitalization of $359.16 million, a P/E ratio of -0.81 and a beta of 1.41. Spirit Airlines has a twelve month low of $3.18 and a twelve month high of $19.69. The company has a fifty day moving average of $4.54 and a 200-day moving average of $9.20. The company has a quick ratio of 0.90, a current ratio of 0.90 and a debt-to-equity ratio of 2.69.

Spirit Airlines (NYSE:SAVE) last posted its quarterly 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). The company had revenue of $1.27 billion during the quarter, compared to the consensus estimate of $1.27 billion. Spirit Airlines had a negative net margin of 8.34% and a negative return on equity of 26.38%. The company’s revenue for the quarter was down 6.2% on a year-over-year basis. During the same period last year, the firm posted ($0.82) earnings per share. As a group, sell-side analysts anticipate that Spirit Airlines will post -2.79 EPS for the current year.

Institutional Trading of Spirit Airlines

Large investors have recently bought and sold shares of the company. International Assets Investment Management LLC raised its stake in shares of Spirit Airlines by 467.7% during the 4th quarter. International Assets Investment Management LLC now owns 1,970 shares of the company’s stock valued at $32,000 after purchasing an additional 1,623 shares during the period. First Horizon Advisors Inc. purchased a new stake in shares of Spirit Airlines in the 4th quarter valued at about $33,000. Cary Street Partners Investment Advisory LLC bought a new stake in shares of Spirit Airlines during the 3rd quarter valued at about $50,000. Migdal Insurance & Financial Holdings Ltd. grew its holdings in shares of Spirit Airlines by 862.8% during the fourth quarter. Migdal Insurance & Financial Holdings Ltd. now owns 3,466 shares of the company’s stock worth $57,000 after purchasing an additional 3,106 shares in the last quarter. Finally, TFO Wealth Partners LLC increased its position in shares of Spirit Airlines by 21,975.0% in the fourth quarter. TFO Wealth Partners LLC now owns 3,532 shares of the company’s stock worth $58,000 after purchasing an additional 3,516 shares during the last quarter. 58.73% of the stock is owned by hedge funds and other 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.