TD Cowen Cuts Spirit Airlines (NYSE:SAVE) Price Target to $4.00

Spirit Airlines (NYSE:SAVE) had its price objective decreased by equities research analysts at TD Cowen from $5.00 to $4.00 in a research note issued to investors on Tuesday, MarketBeat Ratings reports. The brokerage currently has a “hold” rating on the stock. TD Cowen’s target price indicates a potential downside of 2.79% from the company’s current price.

SAVE has been the subject of several other research reports. Bank of America began coverage on shares of Spirit Airlines in a research note on Wednesday, January 17th. They set an “underperform” rating and a $5.00 target price for the company. Citigroup increased their target price on shares of Spirit Airlines from $3.95 to $4.00 and gave the stock a “sell” rating in a research note on Monday, February 12th. Seaport Res Ptn downgraded shares of Spirit Airlines from a “buy” rating to a “neutral” rating in a research note on Wednesday, January 17th. Susquehanna lowered their price objective on Spirit Airlines from $5.00 to $4.00 and set a “negative” rating on the stock in a report on Tuesday, April 9th. Finally, Evercore ISI dropped their target price on Spirit Airlines from $18.00 to $3.50 and set an “in-line” rating on the stock in a research report on Thursday, April 4th. Five analysts have rated the stock with a sell rating and three have issued a hold rating to the company. According to MarketBeat, the company presently has a consensus rating of “Reduce” and an average price target of $4.91.

Spirit Airlines Stock Performance

Shares of SAVE stock opened at $4.12 on Tuesday. The stock’s 50-day moving average is $5.28 and its two-hundred day moving average is $10.41. The firm has a market cap of $450.50 million, a price-to-earnings ratio of -1.01 and a beta of 1.35. Spirit Airlines has a 1 year low of $3.96 and a 1 year high of $19.69. The company has a debt-to-equity ratio of 2.69, a quick ratio of 0.90 and a current ratio of 0.90.

Spirit Airlines (NYSE:SAVE) last announced its earnings results on Thursday, February 8th. The company reported ($1.36) earnings per share for the quarter, topping the consensus estimate of ($1.42) by $0.06. Spirit Airlines had a negative net margin of 8.34% and a negative return on equity of 26.38%. The business had revenue of $1.32 billion during the quarter, compared to the consensus estimate of $1.32 billion. During the same quarter in the prior year, the firm earned $0.12 earnings per share. The business’s quarterly revenue was down 5.0% compared to the same quarter last year. Analysts predict that Spirit Airlines will post -2.75 earnings per share for the current year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. International Assets Investment Management LLC grew its position in Spirit Airlines by 467.7% during the fourth 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 during the period. First Horizon Advisors Inc. acquired a new position in Spirit Airlines during the fourth quarter worth about $33,000. Northwestern Mutual Wealth Management Co. grew its position in Spirit Airlines by 272.4% during the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 2,119 shares of the company’s stock worth $41,000 after buying an additional 1,550 shares during the period. Cary Street Partners Investment Advisory LLC acquired a new position in Spirit Airlines during the third quarter worth about $50,000. Finally, Migdal Insurance & Financial Holdings Ltd. grew its position in Spirit Airlines by 862.8% during the fourth quarter. Migdal Insurance & Financial Holdings Ltd. now owns 3,466 shares of the company’s stock worth $57,000 after buying an additional 3,106 shares during the period. 58.73% of the stock is currently owned by institutional investors and hedge funds.

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.