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

Spirit Airlines, Inc. (NYSE:SAVE) has received an average recommendation of “Strong Sell” from the nine research firms that are presently covering the company, Marketbeat reports. Seven investment analysts have rated the stock with a sell recommendation and two have given a hold recommendation to the company. The average 12-month price target among analysts that have updated their coverage on the stock in the last year is $2.50.

SAVE has been the subject of a number of recent analyst reports. Barclays lowered their target price on shares of Spirit Airlines from $4.00 to $3.00 and set an “underweight” rating for the company in a research note on Wednesday, July 10th. Raymond James lowered shares of Spirit Airlines from a “market perform” rating to an “underperform” rating in a report on Friday, July 5th. TD Cowen lowered shares of Spirit Airlines from a “hold” rating to a “sell” rating and cut their price target for the stock from $3.00 to $2.00 in a report on Wednesday, July 17th. Bank of America cut their price target on shares of Spirit Airlines from $3.25 to $2.75 and set an “underperform” rating for the company in a report on Wednesday, July 17th. Finally, Citigroup cut their price target on shares of Spirit Airlines from $3.50 to $2.75 and set a “sell” rating for the company in a report on Tuesday, July 23rd.

Spirit Airlines Trading Down 21.4 %

Shares of SAVE opened at $2.42 on Friday. The company has a market cap of $265.04 million, a P/E ratio of -0.44 and a beta of 1.38. Spirit Airlines has a twelve month low of $1.40 and a twelve month high of $17.01. The company’s fifty day simple moving average is $2.35 and its 200-day simple moving average is $3.10. 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 (NYSE:SAVE) last posted its earnings results on Thursday, August 1st. The company reported ($1.44) EPS for the quarter, missing analysts’ consensus estimates of ($1.30) by ($0.14). The business had revenue of $1.28 billion for the quarter, compared to analysts’ expectations of $1.30 billion. Spirit Airlines had a negative net margin of 13.20% and a negative return on equity of 57.87%. The company’s revenue for the quarter was down 10.6% on a year-over-year basis. During the same period last year, the business posted $0.29 EPS. As a group, analysts expect that Spirit Airlines will post -6.96 EPS for the current year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of the company. Wealth Enhancement Advisory Services LLC grew its stake in shares of Spirit Airlines by 38.8% in the third quarter. Wealth Enhancement Advisory Services LLC now owns 18,821 shares of the company’s stock valued at $45,000 after buying an additional 5,261 shares in the last quarter. Bank of Stockton purchased a new stake in Spirit Airlines during the 3rd quarter worth about $60,000. Ballentine Partners LLC acquired a new position in shares of Spirit Airlines during the third quarter worth about $96,000. U S Global Investors Inc. purchased a new position in Spirit Airlines in the third quarter worth approximately $28,816,000. Finally, High Note Wealth LLC acquired a new position in Spirit Airlines during the 3rd quarter worth approximately $36,000. Institutional investors and hedge funds own 58.73% of the company’s stock.

Spirit Airlines Company Profile

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.