Spirit Airlines (NYSE:SAVE) Given New $3.00 Price Target at TD Cowen

Spirit Airlines (NYSE:SAVE) had its price objective reduced by TD Cowen from $4.00 to $3.00 in a report released on Tuesday, MarketBeat.com reports. The firm currently 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.

Other research analysts also recently issued research reports about the company. Evercore ISI lowered their target price on Spirit Airlines from $18.00 to $3.50 and set an “in-line” rating on the stock in a report on Thursday, April 4th. Seaport Res Ptn downgraded Spirit Airlines from a “buy” rating to a “neutral” rating in a research note on Wednesday, January 17th. Susquehanna decreased their price objective on Spirit Airlines from $5.00 to $4.00 and set a “negative” rating on the stock in a research note on Tuesday, April 9th. Citigroup decreased their price objective on Spirit Airlines from $4.00 to $3.85 and set a “sell” rating on the stock in a research note on Wednesday, April 17th. Finally, Bank of America began coverage on Spirit Airlines in a research note on Wednesday, January 17th. They issued an “underperform” rating and a $5.00 price objective on the stock. Five investment analysts have rated the stock with a sell rating and four have issued a hold rating to the company. According to data from MarketBeat.com, Spirit Airlines has an average rating of “Reduce” and a consensus target price of $3.62.

Spirit Airlines Stock Up 2.6 %

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

Spirit Airlines (NYSE:SAVE) last posted its 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 net margin of 8.34% and a negative return on equity of 26.38%. The firm had revenue of $1.27 billion during the quarter, compared to the consensus estimate of $1.27 billion. During the same period in the prior year, the company posted ($0.82) EPS. The firm’s revenue was down 6.2% compared to the same quarter last year. As a group, analysts forecast that Spirit Airlines will post -2.79 earnings per share for the current year.

Institutional Trading of Spirit Airlines

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. American Century Companies Inc. grew its holdings in Spirit Airlines by 88.2% during the 3rd quarter. American Century Companies Inc. now owns 626,269 shares of the company’s stock valued at $10,333,000 after buying an additional 293,517 shares in the last quarter. Charles Schwab Investment Management Inc. grew its holdings in Spirit Airlines by 3.7% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,024,413 shares of the company’s stock valued at $16,903,000 after buying an additional 37,019 shares in the last quarter. Cambridge Investment Research Advisors Inc. grew its holdings in Spirit Airlines by 616.6% during the 3rd quarter. Cambridge Investment Research Advisors Inc. now owns 143,436 shares of the company’s stock valued at $2,367,000 after buying an additional 123,419 shares in the last quarter. Alpine Associates Management Inc. grew its holdings in Spirit Airlines by 29.7% during the 3rd quarter. Alpine Associates Management Inc. now owns 1,904,500 shares of the company’s stock valued at $31,424,000 after buying an additional 436,486 shares in the last quarter. Finally, FMR LLC grew its holdings in Spirit Airlines by 1.3% during the 3rd quarter. FMR LLC now owns 5,296,283 shares of the company’s stock valued at $87,389,000 after buying an additional 67,977 shares in the last quarter. Institutional investors 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.