Spirit Airlines (NYSE:SAVE) Stock Price Up 5.6%

Spirit Airlines, Inc. (NYSE:SAVE)’s share price rose 5.6% during trading on Thursday . The stock traded as high as $4.91 and last traded at $4.88. Approximately 3,896,680 shares changed hands during trading, a decline of 77% from the average daily volume of 17,178,014 shares. The stock had previously closed at $4.62.

Analysts Set New Price Targets

SAVE has been the topic of several research analyst reports. Barclays initiated coverage on shares of Spirit Airlines in a report on Wednesday. They set an “underweight” rating and a $4.00 price target on the stock. Susquehanna restated a “negative” rating and set a $5.00 price target (down from $15.00) on shares of Spirit Airlines in a report on Wednesday, January 17th. Seaport Res Ptn lowered shares of Spirit Airlines from a “buy” rating to a “neutral” rating in a research note on Wednesday, January 17th. Citigroup lifted their price objective on shares of Spirit Airlines from $3.95 to $4.00 and gave the company a “sell” rating in a research note on Monday, February 12th. Finally, TD Cowen reduced their price objective on shares of Spirit Airlines from $11.00 to $5.00 and set a “market perform” rating for the company in a research note on Monday, January 22nd. Five equities research analysts have rated the stock with a sell rating and three have given a hold rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Reduce” and a consensus target price of $7.57.

Spirit Airlines Stock Performance

The firm has a market cap of $530.43 million, a P/E ratio of -1.18 and a beta of 1.38. The stock’s 50 day moving average is $5.94 and its two-hundred day moving average is $11.64. The company has a debt-to-equity ratio of 2.69, a current ratio of 0.90 and a quick ratio of 0.90.

Spirit Airlines (NYSE:SAVE) last posted its earnings results on Thursday, February 8th. The company reported ($1.36) earnings per share for the quarter, beating analysts’ consensus estimates of ($1.42) by $0.06. The business had revenue of $1.32 billion for the quarter, compared to analysts’ expectations of $1.32 billion. Spirit Airlines had a negative net margin of 8.34% and a negative return on equity of 26.38%. The firm’s revenue for the quarter was down 5.0% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.12 earnings per share. As a group, equities analysts predict that Spirit Airlines, Inc. will post -2.8 EPS for the current year.

Spirit Airlines Announces Dividend

The business also recently announced a dividend, which was paid on Thursday, February 29th. Stockholders of record on Friday, February 23rd were given a dividend of $0.10 per share. The ex-dividend date of this dividend was Thursday, February 22nd.

Hedge Funds Weigh In On Spirit Airlines

Large investors have recently bought and sold shares of the business. International Assets Investment Management LLC raised its holdings in Spirit Airlines by 467.7% in the fourth quarter. International Assets Investment Management LLC now owns 1,970 shares of the company’s stock worth $32,000 after purchasing an additional 1,623 shares during the period. First Horizon Advisors Inc. acquired a new stake in Spirit Airlines in the fourth quarter worth $33,000. Northwestern Mutual Wealth Management Co. raised its holdings in Spirit Airlines by 272.4% in the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 2,119 shares of the company’s stock worth $41,000 after purchasing an additional 1,550 shares during the period. Cary Street Partners Investment Advisory LLC acquired a new stake in Spirit Airlines in the third quarter worth $50,000. Finally, Migdal Insurance & Financial Holdings Ltd. raised its holdings in Spirit Airlines by 862.8% in 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 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.