TD Cowen Lowers Spirit Airlines (NYSE:SAVE) Price Target to $3.00

Spirit Airlines (NYSE:SAVE) had its target price reduced by stock analysts at TD Cowen from $4.00 to $3.00 in a research note issued on Tuesday, Marketbeat reports. The firm presently has a “hold” rating on the stock. TD Cowen’s price target points to a potential downside of 11.89% from the company’s previous close.

A number of other analysts have also recently issued reports on SAVE. Citigroup cut their target price on shares of Spirit Airlines from $4.00 to $3.85 and set a “sell” rating for the company in a research note on Wednesday, April 17th. Seaport Res Ptn downgraded Spirit Airlines from a “buy” rating to a “neutral” rating in a research report on Wednesday, January 17th. Susquehanna dropped their price target on Spirit Airlines from $5.00 to $4.00 and set a “negative” rating for the company in a report on Tuesday, April 9th. Barclays initiated coverage on Spirit Airlines in a report on Wednesday, March 27th. They issued an “underweight” rating and a $4.00 price objective on the stock. Finally, Evercore ISI dropped their price objective on shares of Spirit Airlines from $18.00 to $3.50 and set an “in-line” rating for the company in a research note on Thursday, April 4th. Five equities research analysts have rated the stock with a sell rating and four have issued a hold rating to the stock. According to MarketBeat.com, the company has an average rating of “Reduce” and a consensus price target of $3.62.

Spirit Airlines Stock Up 2.6 %

Spirit Airlines stock opened at $3.41 on Tuesday. The company has a debt-to-equity ratio of 2.69, a current ratio of 0.90 and a quick ratio of 0.90. The company’s 50-day moving average is $4.47 and its 200-day moving average is $9.11. The firm has a market capitalization of $372.85 million, a PE ratio of -0.82 and a beta of 1.41. Spirit Airlines has a fifty-two week low of $3.18 and a fifty-two week high of $19.69.

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

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the company. Swiss National Bank boosted its holdings in Spirit Airlines by 2.0% in the third quarter. Swiss National Bank now owns 60,000 shares of the company’s stock valued at $990,000 after acquiring an additional 1,200 shares during the last quarter. Venture Visionary Partners LLC boosted its holdings in shares of Spirit Airlines by 11.3% during the 4th quarter. Venture Visionary Partners LLC now owns 14,218 shares of the company’s stock worth $233,000 after buying an additional 1,449 shares in the last quarter. Cambridge Investment Research Advisors Inc. boosted its holdings in shares of Spirit Airlines by 1.1% during the 4th quarter. Cambridge Investment Research Advisors Inc. now owns 144,977 shares of the company’s stock worth $2,376,000 after buying an additional 1,541 shares in the last quarter. International Assets Investment Management LLC boosted its holdings in shares of Spirit Airlines by 467.7% during the 4th quarter. International Assets Investment Management LLC now owns 1,970 shares of the company’s stock worth $32,000 after buying an additional 1,623 shares in the last quarter. Finally, Byrne Asset Management LLC boosted its holdings in shares of Spirit Airlines by 81.0% during the 4th quarter. Byrne Asset Management LLC now owns 4,200 shares of the company’s stock worth $69,000 after buying an additional 1,880 shares in the last quarter. Institutional investors and hedge funds 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.