Susquehanna Downgrades Spirit Airlines (NYSE:SAVE) to Neutral

Spirit Airlines (NYSE:SAVE) was downgraded by Susquehanna from a “positive” rating to a “neutral” rating in a research report issued on Thursday, Analyst Price Targets reports. They currently have a $25.00 price objective on the stock, down from their previous price objective of $31.00. Susquehanna’s price objective indicates a potential upside of 7.34% from the stock’s current price.

Several other research firms have also recently issued reports on SAVE. Citigroup lowered their price target on Spirit Airlines from $36.00 to $35.00 and set a “buy” rating on the stock in a report on Wednesday, September 22nd. JPMorgan Chase & Co. cut shares of Spirit Airlines from an “overweight” rating to a “neutral” rating and lowered their target price for the company from $43.00 to $34.00 in a research note on Friday, October 1st. MKM Partners lowered shares of Spirit Airlines from a “buy” rating to a “neutral” rating and set a $25.00 price target for the company. in a research note on Monday, January 3rd. Deutsche Bank Aktiengesellschaft lowered their price objective on shares of Spirit Airlines from $36.00 to $30.00 and set a “buy” rating on the stock in a research note on Thursday, October 28th. Finally, Seaport Global Securities upgraded Spirit Airlines from a “neutral” rating to a “buy” rating and set a $33.00 target price for the company in a research report on Monday, December 13th. One investment analyst has rated the stock with a sell rating, eight have given a hold rating and nine have issued a buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $30.82.

NYSE SAVE opened at $23.29 on Thursday. The company has a 50-day moving average price of $22.64 and a two-hundred day moving average price of $24.70. Spirit Airlines has a 52 week low of $19.52 and a 52 week high of $40.77. The stock has a market cap of $2.52 billion, a price-to-earnings ratio of -4.35 and a beta of 1.53. The company has a current ratio of 1.55, a quick ratio of 1.55 and a debt-to-equity ratio of 1.35.

Spirit Airlines (NYSE:SAVE) last issued its quarterly earnings data on Tuesday, October 26th. The company reported ($0.69) earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of ($1.02) by $0.33. Spirit Airlines had a negative return on equity of 23.44% and a negative net margin of 19.80%. The business had revenue of $922.60 million during the quarter, compared to the consensus estimate of $925.13 million. During the same period in the previous year, the firm posted ($2.32) earnings per share. The business’s revenue was up 129.5% on a year-over-year basis. As a group, equities research analysts expect that Spirit Airlines will post -4.2 earnings per share for the current fiscal year.

Several institutional investors have recently added to or reduced their stakes in SAVE. Vanguard Group Inc. raised its holdings in shares of Spirit Airlines by 12.1% during the second quarter. Vanguard Group Inc. now owns 9,684,912 shares of the company’s stock valued at $294,808,000 after acquiring an additional 1,047,445 shares during the period. U S Global Investors Inc. grew its position in Spirit Airlines by 28.6% during the 3rd quarter. U S Global Investors Inc. now owns 4,293,125 shares of the company’s stock worth $111,364,000 after purchasing an additional 953,581 shares in the last quarter. Apollo Management Holdings L.P. acquired a new stake in Spirit Airlines during the 3rd quarter valued at $76,775,000. Geode Capital Management LLC lifted its holdings in shares of Spirit Airlines by 11.3% in the second quarter. Geode Capital Management LLC now owns 1,765,779 shares of the company’s stock valued at $53,750,000 after purchasing an additional 179,196 shares in the last quarter. Finally, Voloridge Investment Management LLC boosted its position in shares of Spirit Airlines by 435.9% in the third quarter. Voloridge Investment Management LLC now owns 1,152,289 shares of the company’s stock worth $29,890,000 after buying an additional 937,266 shares during the period. 63.87% of the stock is currently owned by institutional investors and hedge funds.

About Spirit Airlines

Spirit Airlines, Inc is an airline that offers travel to price-conscious customers. Its customers start with an unbundled base fares that remove components included in the price of an airline ticket. The company was founded by Ned Homfeld in 1964 and is headquartered in Miramar, FL.

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