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

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

Wall Street Analyst Weigh In

A number of research analysts have recently weighed in on the company. Barclays assumed coverage on Spirit Airlines in a research report on Wednesday. They set an “underweight” rating and a $4.00 price objective on the stock. Seaport Res Ptn cut Spirit Airlines from a “buy” rating to a “neutral” rating in a research report on Wednesday, January 17th. TD Cowen lowered their price objective on Spirit Airlines from $11.00 to $5.00 and set a “market perform” rating on the stock in a research report on Monday, January 22nd. Bank of America assumed coverage on Spirit Airlines in a research note on Wednesday, January 17th. They set an “underperform” rating and a $5.00 target price on the stock. Finally, Citigroup lifted their target price on Spirit Airlines from $3.95 to $4.00 and gave the company a “sell” rating in a research note on Monday, February 12th. Five investment analysts have rated the stock with a sell rating and three have assigned a hold rating to the company’s stock. According to data from MarketBeat.com, Spirit Airlines currently has an average rating of “Reduce” and an average target price of $7.57.

Spirit Airlines Stock Up 4.9 %

The firm has a market capitalization of $530.43 million, a PE ratio of -1.18 and a beta of 1.38. The company has a fifty day simple moving average of $5.94 and a two-hundred day simple moving average of $11.64. 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 (NYSE:SAVE) last released its quarterly earnings results on Thursday, February 8th. The company reported ($1.36) EPS for the quarter, topping the consensus estimate of ($1.42) by $0.06. The firm had revenue of $1.32 billion during the quarter, compared to analyst estimates of $1.32 billion. Spirit Airlines had a negative return on equity of 26.38% and a negative net margin of 8.34%. The business’s revenue for the quarter was down 5.0% compared to the same quarter last year. During the same period in the previous year, the company posted $0.12 EPS. Analysts forecast that Spirit Airlines, Inc. will post -2.8 EPS for the current fiscal year.

Spirit Airlines Announces Dividend

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

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of SAVE. Vanguard Group Inc. boosted its stake in shares of Spirit Airlines by 0.7% in the fourth quarter. Vanguard Group Inc. now owns 10,418,903 shares of the company’s stock worth $170,766,000 after buying an additional 68,710 shares during the last quarter. Readystate Asset Management LP purchased a new position in Spirit Airlines during the fourth quarter worth approximately $3,072,000. Price T Rowe Associates Inc. MD boosted its position in Spirit Airlines by 9.1% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 69,667 shares of the company’s stock worth $1,142,000 after purchasing an additional 5,801 shares in the last quarter. Cim Investment Management Inc. raised its holdings in shares of Spirit Airlines by 121.7% during the fourth quarter. Cim Investment Management Inc. now owns 25,937 shares of the company’s stock valued at $425,000 after acquiring an additional 14,236 shares during the last quarter. Finally, Venator Management LLC acquired a new position in shares of Spirit Airlines during the fourth quarter valued at approximately $164,000. 58.73% of the stock is owned by institutional investors and hedge funds.

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.