Spirit Airlines (NYSE:SAVE) Coverage Initiated by Analysts at Barclays

Barclays initiated coverage on shares of Spirit Airlines (NYSE:SAVE) in a research note issued to investors on Wednesday morning, Marketbeat reports. The firm issued an underweight rating and a $4.00 target price on the stock.

Several other research analysts have also recently weighed in on SAVE. Susquehanna restated a negative rating and issued a $5.00 price objective (down from $15.00) on shares of Spirit Airlines in a research report on Wednesday, January 17th. Citigroup lifted their price objective on shares of Spirit Airlines from $3.95 to $4.00 and gave the stock a sell rating in a report on Monday, February 12th. TD Cowen reduced their target price on Spirit Airlines from $11.00 to $5.00 and set a market perform rating on the stock in a research note on Monday, January 22nd. Seaport Res Ptn cut Spirit Airlines from a buy rating to a neutral rating in a report on Wednesday, January 17th. Finally, Bank of America began coverage on shares of Spirit Airlines in a research report on Wednesday, January 17th. They set an underperform rating and a $5.00 price target on the stock. Five research analysts have rated the stock with a sell rating and three have assigned a hold rating to the stock. According to data from MarketBeat, the company currently has an average rating of Reduce and a consensus price target of $7.57.

Spirit Airlines Stock Performance

NYSE:SAVE opened at $4.61 on Wednesday. The business’s fifty day moving average is $5.94 and its 200 day moving average is $11.64. The firm has a market cap of $504.15 million, a price-to-earnings ratio of -1.13 and a beta of 1.38. The company has a debt-to-equity ratio of 2.69, a quick ratio of 0.90 and a current ratio of 0.90. Spirit Airlines has a 52-week low of $3.96 and a 52-week high of $19.69.

Spirit Airlines (NYSE:SAVE) last released its quarterly earnings data 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 company had revenue of $1.32 billion during the quarter, compared to analyst estimates of $1.32 billion. During the same period last year, the business earned $0.12 earnings per share. Spirit Airlines’s revenue was down 5.0% compared to the same quarter last year. Research analysts predict that Spirit Airlines will post -2.8 EPS for the current year.

Spirit Airlines Dividend Announcement

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

Hedge Funds Weigh In On Spirit Airlines

Hedge funds have recently made changes to their positions in the business. Cetera Advisor Networks LLC bought a new position in Spirit Airlines in the 1st quarter worth $296,000. MetLife Investment Management LLC raised its position in shares of Spirit Airlines by 54.4% in the 1st quarter. MetLife Investment Management LLC now owns 53,926 shares of the company’s stock worth $1,179,000 after acquiring an additional 18,997 shares in the last quarter. Dimensional Fund Advisors LP lifted 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. Allianz Asset Management GmbH boosted its position in shares of Spirit Airlines by 13.6% during the first quarter. Allianz Asset Management GmbH now owns 12,175 shares of the company’s stock valued at $266,000 after purchasing an additional 1,458 shares in the last quarter. Finally, Vanguard Group Inc. grew its stake in Spirit Airlines by 1.5% in the first quarter. Vanguard Group Inc. now owns 9,935,537 shares of the company’s stock worth $217,291,000 after purchasing an additional 148,348 shares during the period. 58.73% of the stock is owned by hedge funds and other institutional investors.

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.