Spirit Airlines (NYSE:SAVE) Price Target Lowered to $1.00 at TD Cowen

Spirit Airlines (NYSE:SAVE) had its price target decreased by TD Cowen from $2.00 to $1.00 in a report published on Wednesday,Benzinga reports. TD Cowen currently has a sell rating on the stock.

Several other research firms have also recently weighed in on SAVE. Bank of America cut their price objective on Spirit Airlines from $3.25 to $2.75 and set an “underperform” rating on the stock in a research report on Wednesday, July 17th. Citigroup dropped their price target on Spirit Airlines from $3.50 to $2.75 and set a “sell” rating on the stock in a research report on Tuesday, July 23rd. Finally, Susquehanna reduced their price target on Spirit Airlines from $2.25 to $1.50 and set a “negative” rating on the stock in a research note on Wednesday, October 9th. Seven analysts have rated the stock with a sell rating and two have given a hold rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Reduce” and a consensus target price of $2.00.

Spirit Airlines Stock Down 18.6 %

Shares of NYSE SAVE opened at $1.08 on Wednesday. The firm has a fifty day simple moving average of $2.27 and a two-hundred day simple moving average of $2.91. Spirit Airlines has a 12 month low of $1.03 and a 12 month high of $17.02. The company has a current ratio of 0.94, a quick ratio of 0.94 and a debt-to-equity ratio of 3.86. The firm has a market capitalization of $117.73 million, a PE ratio of -0.17 and a beta of 1.37.

Institutional Investors Weigh In On Spirit Airlines

Hedge funds have recently added to or reduced their stakes in the stock. U S Global Investors Inc. purchased a new position in shares of Spirit Airlines in the 3rd quarter worth about $28,816,000. Federated Hermes Inc. increased its stake in Spirit Airlines by 331.2% during the 2nd quarter. Federated Hermes Inc. now owns 432,494 shares of the company’s stock valued at $1,583,000 after purchasing an additional 332,188 shares in the last quarter. XTX Topco Ltd raised its holdings in Spirit Airlines by 826.8% in the third quarter. XTX Topco Ltd now owns 204,119 shares of the company’s stock worth $490,000 after buying an additional 182,094 shares during the last quarter. Bayesian Capital Management LP bought a new position in shares of Spirit Airlines in the first quarter worth approximately $829,000. Finally, Virtu Financial LLC purchased a new stake in shares of Spirit Airlines during the first quarter valued at approximately $496,000. 58.73% of the stock is owned by institutional investors.

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.