Spirit Airlines (NYSE:SAVE) Shares Gap Down Following Analyst Downgrade

Spirit Airlines, Inc. (NYSE: SAVE) stocks fell ahead of Tuesday’s trading after Susquehanna Bancshares cut its target price on the stock from $ 40.00 to $ 36.00. The stock had previously closed at $ 24.27 but opened at $ 23.25. Susquehanna Bancshares is currently evaluating the share positively. Spirit Airlines shares were last traded at $ 24.19, with a volume of 70,936 shares traded in hands.

Several other equity analysts have also published reports on the company recently. downgraded Spirit Airlines in a research report on Tuesday 15th. Evercore ISI confirmed a “hold” rating in a research report on Thursday, August 12th and set a price target of USD 35.00 on shares of Spirit Airlines . Deutsche Bank Aktiengesellschaft lowered its price target for Spirit Airlines from USD 44.00 to USD 36.00 and issued a buy recommendation for the company in a research report on Tuesday. Wolfe Research upgraded Spirit Airlines from an “underperform” rating to a “peer performance” rating and set a price target of $ 35.00 for the company in a research report on Friday, May 14th. Finally, on Thursday June 10th, MKM Partners began reporting on Spirit Airlines in a research report. They set a “Buy” rating and a target price of $ 44.00 for the company. One analyst has rated the stock with a sell rating, seven with a hold rating, and eight with a buy rating on the company’s stock. The company has an average rating of “Hold” and a consensus price target of $ 36.00.

Several hedge funds and other institutional investors recently bought and sold SAVE shares. Evoke Wealth LLC acquired a new stake in Spirit Airlines worth $ 25,000 in the first quarter. Captrust Financial Advisors acquired a new stake in Spirit Airlines worth $ 26,000 in the first quarter. Credit Agricole SA acquired a new stake in Spirit Airlines worth $ 28,000 in the first quarter. Harvest Fund Management Co. Ltd acquired a new stake in Spirit Airlines worth $ 29,000 in the first quarter. Eventually, Tradition Wealth Management LLC acquired a new stake in Spirit Airlines worth $ 30,000 in the first quarter. 61.49% of the shares are currently owned by institutional investors.


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The company’s 50-day simple moving average is $ 29.56. The company has a leverage ratio of 1.38, a current value of 1.49, and a fast value of 1.49. The stock has a market cap of $ 2.62 billion, a P / E of -3.68, and a beta of 1.72.

Spirit Airlines (NYSE: SAVE) last announced their winning numbers on Tuesday, July 27th. The company reported earnings per share (EPS) ($ 0.34) for the quarter, beating the consensus estimate of ($ 0.87) by $ 0.53. Spirit Airlines had a negative net margin of 29.57% and a negative return on equity of 29.21%. The company had revenue of $ 859.31 million for the quarter, compared to the consensus estimate of $ 818.67 million. Equity research analysts predict that Spirit Airlines, Inc. will post -2.28 EPS for the current year.

About Spirit Airlines (NYSE: SAVE)

Spirit Airlines, Inc is an airline that offers travel to budget conscious customers. Its customers start with unbundled basic tariffs, which do away with the components included in the price of a flight ticket. The company was founded in 1964 by Ned Homfeld and is headquartered in Miramar, FL.

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