Deutsche Bank Aktiengesellschaft Trims Spirit Airlines (NYSE:SAVE) Target Price to $3.00

Spirit Airlines (NYSE:SAVE) had its target price lowered by research analysts at Deutsche Bank Aktiengesellschaft from $4.00 to $3.00 in a report issued on Tuesday, Benzinga reports. The firm presently has a “hold” rating on the stock. Deutsche Bank Aktiengesellschaft’s target price would indicate a potential downside of 9.64% from the company’s current price.

A number of other brokerages also recently issued reports on SAVE. Citigroup lowered their price objective on Spirit Airlines from $4.00 to $3.85 and set a “sell” rating for the company in a research report on Wednesday, April 17th. TD Cowen lowered 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. Seaport Res Ptn downgraded Spirit Airlines from a “buy” rating to a “neutral” rating in a research report on Wednesday, January 17th. Susquehanna lowered their target price on Spirit Airlines from $5.00 to $4.00 and set a “negative” rating for the company in a report on Tuesday, April 9th. Finally, Bank of America started coverage on Spirit Airlines in a report on Wednesday, January 17th. They issued an “underperform” rating and a $5.00 target price for the company. Five research analysts have rated the stock with a sell rating and four have assigned a hold rating to the company. According to MarketBeat.com, the stock has an average rating of “Reduce” and a consensus target price of $4.54.

Spirit Airlines Price Performance

NYSE:SAVE traded down $0.03 during trading hours on Tuesday, hitting $3.32. The company’s stock had a trading volume of 7,424,560 shares, compared to its average volume of 13,805,844. The stock has a fifty day simple moving average of $4.59 and a 200-day simple moving average of $9.29. The company has a market capitalization of $363.54 million, a P/E ratio of -0.81 and a beta of 1.41. 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 has a twelve month low of $3.18 and a twelve month high of $19.69.

Spirit Airlines (NYSE:SAVE) last released its quarterly earnings data on Monday, May 6th. The company reported ($1.46) earnings per share for the quarter, missing the consensus estimate of ($1.45) by ($0.01). Spirit Airlines had a negative net margin of 8.34% and a negative return on equity of 26.38%. The business had revenue of $1.27 billion during the quarter, compared to analyst estimates of $1.27 billion. During the same period last year, the business earned ($0.82) earnings per share. The business’s quarterly revenue was down 6.2% compared to the same quarter last year. On average, analysts anticipate that Spirit Airlines will post -2.79 EPS for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the business. Vanguard Group Inc. raised 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 valued at $170,766,000 after buying an additional 68,710 shares during the period. FMR LLC raised its stake in shares of Spirit Airlines by 1.3% during the 3rd quarter. FMR LLC now owns 5,296,283 shares of the company’s stock valued at $87,389,000 after purchasing an additional 67,977 shares during the period. Dimensional Fund Advisors LP raised its stake in shares of Spirit Airlines by 13.1% during the 4th quarter. Dimensional Fund Advisors LP now owns 3,143,384 shares of the company’s stock valued at $51,520,000 after purchasing an additional 363,519 shares during the period. Alpine Associates Management Inc. raised its stake in shares of Spirit Airlines by 29.7% during the 3rd quarter. Alpine Associates Management Inc. now owns 1,904,500 shares of the company’s stock valued at $31,424,000 after purchasing an additional 436,486 shares during the period. Finally, Charles Schwab Investment Management Inc. raised its stake in shares of Spirit Airlines by 3.2% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,057,224 shares of the company’s stock valued at $17,328,000 after purchasing an additional 32,811 shares during the period. Hedge funds and other institutional investors own 58.73% of the company’s stock.

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.