Barclays Trims Spirit Airlines (NYSE:SAVE) Target Price to $3.00

Spirit Airlines (NYSE:SAVE) had its target price dropped by analysts at Barclays from $4.00 to $3.00 in a research note issued on Wednesday, Benzinga reports. The firm presently has an “underweight” rating on the stock. Barclays‘s price target points to a potential downside of 2.60% from the stock’s current price.

A number of other research analysts have also recently weighed in on SAVE. Citigroup reduced their target price on Spirit Airlines from $3.85 to $3.50 and set a “sell” rating on the stock in a report on Tuesday, May 14th. TD Cowen reduced their price objective on Spirit Airlines from $4.00 to $3.00 and set a “hold” rating on the stock in a research note on Tuesday, May 7th. Raymond James cut Spirit Airlines from a “market perform” rating to an “underperform” rating in a research note on Friday, July 5th. Deutsche Bank Aktiengesellschaft cut 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 research note on Monday. Finally, Evercore ISI cut their price objective on Spirit Airlines from $18.00 to $3.50 and set an “in-line” rating on the stock in a research note on Thursday, April 4th. Seven investment 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, Spirit Airlines currently has an average rating of “Reduce” and a consensus price target of $3.29.

Spirit Airlines Stock Performance

Spirit Airlines stock opened at $3.08 on Wednesday. The company has a debt-to-equity ratio of 3.17, a quick ratio of 0.97 and a current ratio of 0.97. The stock has a fifty day moving average of $3.64 and a two-hundred day moving average of $5.96. The company has a market capitalization of $337.26 million, a price-to-earnings ratio of -0.69 and a beta of 1.40. Spirit Airlines has a fifty-two week low of $2.91 and a fifty-two week high of $19.69.

Spirit Airlines (NYSE:SAVE) last announced its quarterly earnings data on Monday, May 6th. The company reported ($1.46) EPS for the quarter, missing analysts’ consensus estimates of ($1.45) by ($0.01). The business had revenue of $1.27 billion during the quarter, compared to analysts’ expectations of $1.27 billion. Spirit Airlines had a negative net margin of 9.21% and a negative return on equity of 34.64%. Spirit Airlines’s revenue for the quarter was down 6.2% on a year-over-year basis. During the same period in the prior year, the firm earned ($0.82) EPS. On average, analysts anticipate that Spirit Airlines will post -3.88 EPS for the current fiscal year.

Institutional Trading of Spirit Airlines

Several large investors have recently added to or reduced their stakes in SAVE. International Assets Investment Management LLC increased its position in Spirit Airlines by 467.7% in the 4th quarter. International Assets Investment Management LLC now owns 1,970 shares of the company’s stock valued at $32,000 after acquiring an additional 1,623 shares during the period. First Horizon Advisors Inc. acquired a new stake in Spirit Airlines in the 4th quarter valued at approximately $33,000. Migdal Insurance & Financial Holdings Ltd. increased its position in Spirit Airlines by 862.8% in the 4th quarter. Migdal Insurance & Financial Holdings Ltd. now owns 3,466 shares of the company’s stock valued at $57,000 after acquiring an additional 3,106 shares during the period. TFO Wealth Partners LLC increased its position in Spirit Airlines by 21,975.0% in the 4th quarter. TFO Wealth Partners LLC now owns 3,532 shares of the company’s stock valued at $58,000 after acquiring an additional 3,516 shares during the period. Finally, Natixis increased its position in Spirit Airlines by 29.1% in the 1st quarter. Natixis now owns 12,480 shares of the company’s stock valued at $60,000 after acquiring an additional 2,815 shares during the period. 58.73% of the stock is currently owned by institutional investors and hedge funds.

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.