Spirit Airlines (NYSE:SAVE – Get Free Report) had its price target dropped by research analysts at Citigroup from $4.00 to $3.85 in a note issued to investors on Wednesday, Benzinga reports. The firm currently has a “sell” rating on the stock. Citigroup’s target price suggests a potential downside of 4.70% from the company’s current price.
Several other research analysts have also recently issued reports on the stock. Evercore ISI cut their target price on shares of Spirit Airlines from $18.00 to $3.50 and set an “in-line” rating on the stock in a report on Thursday, April 4th. Barclays began coverage on shares of Spirit Airlines in a report on Wednesday, March 27th. They issued an “underweight” rating and a $4.00 target price on the stock. Seaport Res Ptn cut shares of Spirit Airlines from a “buy” rating to a “neutral” rating in a report on Wednesday, January 17th. Susquehanna cut their target price on shares of Spirit Airlines from $5.00 to $4.00 and set a “negative” rating on the stock in a report on Tuesday, April 9th. Finally, Bank of America began coverage on shares of Spirit Airlines in a report on Wednesday, January 17th. They issued an “underperform” rating and a $5.00 target price on the stock. Five equities research analysts have rated the stock with a sell rating and three have assigned a hold rating to the company. According to data from MarketBeat, Spirit Airlines has an average rating of “Reduce” and an average price target of $4.91.
Read Our Latest Analysis on Spirit Airlines
Spirit Airlines Stock Down 1.7 %
Spirit Airlines (NYSE:SAVE – Get Free Report) last issued its quarterly earnings results on Thursday, February 8th. The company reported ($1.36) EPS for the quarter, beating analysts’ consensus estimates of ($1.42) by $0.06. Spirit Airlines had a negative net margin of 8.34% and a negative return on equity of 26.38%. The business had revenue of $1.32 billion for the quarter, compared to analysts’ expectations of $1.32 billion. During the same period last year, the business earned $0.12 earnings per share. The business’s quarterly revenue was down 5.0% on a year-over-year basis. As a group, analysts expect that Spirit Airlines will post -2.75 EPS for the current fiscal year.
Hedge Funds Weigh In On Spirit Airlines
Institutional investors and hedge funds have recently added to or reduced their stakes in the company. International Assets Investment Management LLC lifted its position in Spirit Airlines by 467.7% during the fourth quarter. International Assets Investment Management LLC now owns 1,970 shares of the company’s stock valued at $32,000 after buying an additional 1,623 shares during the period. First Horizon Advisors Inc. purchased a new position in Spirit Airlines during the fourth quarter valued at $33,000. Northwestern Mutual Wealth Management Co. lifted its position in Spirit Airlines by 272.4% during the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 2,119 shares of the company’s stock valued at $41,000 after buying an additional 1,550 shares during the period. Cary Street Partners Investment Advisory LLC purchased a new position in Spirit Airlines during the third quarter valued at $50,000. Finally, Migdal Insurance & Financial Holdings Ltd. lifted its position in Spirit Airlines by 862.8% during the fourth quarter. Migdal Insurance & Financial Holdings Ltd. now owns 3,466 shares of the company’s stock valued at $57,000 after buying an additional 3,106 shares during the period. Hedge funds and other 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.
See Also
- Five stocks we like better than Spirit Airlines
- REIT Stocks – Best REIT Stocks to Add to Your Portfolio Today
- Comprehensive PepsiCo Stock Analysis
- TSX Venture Exchange (Formerly Canadian Venture Exchange)
- CSX Co.: The Railroad Powering Ahead with an Earnings Beat
- What is an Earnings Surprise?
- 3 Steel Stocks Could Soar on New China Tariffs
Receive News & Ratings for Spirit Airlines Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Spirit Airlines and related companies with MarketBeat.com's FREE daily email newsletter.