Deutsche Bank Aktiengesellschaft Lowers Spirit Airlines (NYSE:SAVE) to Sell

Deutsche Bank Aktiengesellschaft lowered shares of Spirit Airlines (NYSE:SAVEFree Report) from a hold rating to a sell rating in a research report report published on Monday morning, MarketBeat reports. The brokerage currently has $2.00 price objective on the stock, down from their previous price objective of $3.00.

Other research analysts also recently issued research reports about the stock. Raymond James downgraded shares of Spirit Airlines from a market perform rating to an underperform rating in a research note on Friday, July 5th. Susquehanna reduced their price target on shares of Spirit Airlines from $4.00 to $3.00 and set a negative rating on the stock in a research note on Wednesday, May 8th. Barclays initiated coverage on shares of Spirit Airlines in a research note on Wednesday, March 27th. They issued an underweight rating and a $4.00 price target on the stock. Citigroup reduced their price target on shares of 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, TD Cowen reduced their price target on shares of Spirit Airlines from $4.00 to $3.00 and set a hold rating on the stock in a research note on Tuesday, May 7th. Seven analysts have rated the stock with a sell rating and three have assigned a hold rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of Reduce and an average price target of $3.43.

Get Our Latest Report on SAVE

Spirit Airlines Trading Down 2.9 %

Shares of SAVE opened at $3.05 on Monday. Spirit Airlines has a twelve month low of $3.03 and a twelve month high of $19.69. The company has a market cap of $333.98 million, a P/E ratio of -0.69 and a beta of 1.40. The company has a current ratio of 0.97, a quick ratio of 0.97 and a debt-to-equity ratio of 3.17. The company’s fifty day simple moving average is $3.65 and its 200-day simple moving average is $5.98.

Spirit Airlines (NYSE:SAVEGet Free Report) last announced its earnings results 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 9.21% and a negative return on equity of 34.64%. The firm had revenue of $1.27 billion during the quarter, compared to analysts’ expectations of $1.27 billion. During the same period in the prior year, the company posted ($0.82) EPS. The company’s revenue was down 6.2% compared to the same quarter last year. As a group, analysts expect that Spirit Airlines will post -3.88 EPS for the current year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of SAVE. American Century Companies Inc. grew its position in shares of Spirit Airlines by 88.2% in the 3rd quarter. American Century Companies Inc. now owns 626,269 shares of the company’s stock worth $10,333,000 after buying an additional 293,517 shares during the last quarter. Vanguard Group Inc. grew its position in shares of Spirit Airlines by 0.3% in the 3rd quarter. Vanguard Group Inc. now owns 10,350,193 shares of the company’s stock worth $170,778,000 after buying an additional 34,883 shares during the last quarter. Wealthsource Partners LLC grew its position in shares of Spirit Airlines by 6.9% in the 4th quarter. Wealthsource Partners LLC now owns 33,946 shares of the company’s stock worth $556,000 after buying an additional 2,190 shares during the last quarter. Patriot Financial Group Insurance Agency LLC grew its position in shares of Spirit Airlines by 39.0% in the 4th quarter. Patriot Financial Group Insurance Agency LLC now owns 34,459 shares of the company’s stock worth $565,000 after buying an additional 9,672 shares during the last quarter. Finally, Chevy Chase Trust Holdings LLC purchased a new position in shares of Spirit Airlines in the 4th quarter worth approximately $426,000. Hedge funds and other institutional investors own 58.73% of the company’s stock.

Spirit Airlines Company Profile

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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.

Further Reading

Analyst Recommendations for Spirit Airlines (NYSE:SAVE)

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