Spirit Airlines (NYSE:SAVE) Downgraded by Raymond James to Underperform

Raymond James downgraded shares of Spirit Airlines (NYSE:SAVE) from a market perform rating to an underperform rating in a research report report published on Friday morning, MarketBeat.com reports.

SAVE has been the subject of a number of other research reports. TD Cowen reduced their price objective on Spirit Airlines from $4.00 to $3.00 and set a hold rating for the company in a research report on Tuesday, May 7th. Susquehanna reduced their price objective on Spirit Airlines from $4.00 to $3.00 and set a negative rating for the company in a research report on Wednesday, May 8th. Deutsche Bank Aktiengesellschaft cut their target price 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. Citigroup cut their target price on Spirit Airlines from $3.85 to $3.50 and set a sell rating on the stock in a research note on Tuesday, May 14th. Finally, Barclays began coverage on Spirit Airlines in a research note on Wednesday, March 27th. They set an underweight rating and a $4.00 target price on the stock. Six analysts have rated the stock with a sell rating and four have given a hold rating to the company’s stock. Based on data from MarketBeat, Spirit Airlines presently has a consensus rating of Reduce and a consensus target price of $3.57.

Spirit Airlines Stock Down 8.6 %

Shares of NYSE:SAVE opened at $3.31 on Friday. Spirit Airlines has a 52-week low of $3.18 and a 52-week high of $19.69. 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 firm has a market capitalization of $362.45 million, a P/E ratio of -0.75 and a beta of 1.40. The stock has a 50 day moving average price of $3.68 and a 200-day moving average price of $6.32.

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

Hedge Funds Weigh In On Spirit Airlines

A number of institutional investors and hedge funds have recently modified their holdings of SAVE. International Assets Investment Management LLC boosted its stake in shares of Spirit Airlines by 467.7% in the 4th quarter. International Assets Investment Management LLC now owns 1,970 shares of the company’s stock worth $32,000 after buying an additional 1,623 shares during the last quarter. First Horizon Advisors Inc. purchased a new position in shares of Spirit Airlines in the 4th quarter worth $33,000. Migdal Insurance & Financial Holdings Ltd. boosted its stake in shares of Spirit Airlines by 862.8% in the 4th quarter. Migdal Insurance & Financial Holdings Ltd. now owns 3,466 shares of the company’s stock worth $57,000 after buying an additional 3,106 shares during the last quarter. TFO Wealth Partners LLC boosted its stake in shares of Spirit Airlines by 21,975.0% in the 4th quarter. TFO Wealth Partners LLC now owns 3,532 shares of the company’s stock worth $58,000 after buying an additional 3,516 shares during the last quarter. Finally, Natixis boosted its stake in shares of Spirit Airlines by 29.1% in the 1st quarter. Natixis now owns 12,480 shares of the company’s stock worth $60,000 after buying an additional 2,815 shares during the last quarter. 58.73% of the stock is currently owned by hedge funds and other institutional investors.

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.