Spirit Airlines, Inc. (NYSE:SAVE) Given Average Rating of “Strong Sell” by Analysts

Spirit Airlines, Inc. (NYSE:SAVE) has been assigned a consensus rating of “Strong Sell” from the nine brokerages that are covering the stock, MarketBeat Ratings reports. Seven research analysts have rated the stock with a sell recommendation and two have assigned a hold recommendation to the company. The average twelve-month price objective among analysts that have covered the stock in the last year is $2.00.

A number of analysts have weighed in on the stock. Susquehanna dropped their target price on shares of Spirit Airlines from $2.25 to $1.50 and set a “negative” rating on the stock in a report on Wednesday, October 9th. TD Cowen dropped their target price on shares of Spirit Airlines from $2.00 to $1.00 and set a “sell” rating on the stock in a report on Wednesday, November 13th. Finally, Barclays dropped their target price on shares of Spirit Airlines from $3.00 to $0.50 and set an “underweight” rating on the stock in a report on Thursday, November 14th.

Spirit Airlines Stock Performance

Shares of SAVE opened at $1.02 on Friday. The stock has a market capitalization of $111.71 million, a PE ratio of -0.17 and a beta of 1.37. The business’s fifty day moving average price is $1.87 and its 200 day moving average price is $2.65. The company has a debt-to-equity ratio of 3.86, a current ratio of 0.94 and a quick ratio of 0.94. Spirit Airlines has a 12-month low of $1.02 and a 12-month high of $17.02.

Institutional Investors Weigh In On Spirit Airlines

Hedge funds have recently added to or reduced their stakes in the stock. Price T Rowe Associates Inc. MD increased its holdings in shares of Spirit Airlines by 5.7% during the first quarter. Price T Rowe Associates Inc. MD now owns 73,622 shares of the company’s stock valued at $357,000 after purchasing an additional 3,955 shares during the period. Signaturefd LLC increased its holdings in shares of Spirit Airlines by 127.6% during the second quarter. Signaturefd LLC now owns 7,926 shares of the company’s stock valued at $29,000 after purchasing an additional 4,443 shares during the period. Wealth Enhancement Advisory Services LLC increased its holdings in shares of Spirit Airlines by 38.8% during the third quarter. Wealth Enhancement Advisory Services LLC now owns 18,821 shares of the company’s stock valued at $45,000 after purchasing an additional 5,261 shares during the period. Baron Wealth Management LLC increased its holdings in shares of Spirit Airlines by 39.3% during the third quarter. Baron Wealth Management LLC now owns 20,904 shares of the company’s stock valued at $50,000 after purchasing an additional 5,900 shares during the period. Finally, Harbor Capital Advisors Inc. increased its holdings in shares of Spirit Airlines by 17.1% during the third quarter. Harbor Capital Advisors Inc. now owns 51,852 shares of the company’s stock valued at $124,000 after purchasing an additional 7,562 shares during the period. 58.73% of the stock is currently owned by 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.