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

Spirit Airlines (NYSE:SAVE) had its target price decreased by TD Cowen from $5.00 to $4.00 in a research report sent to investors on Tuesday, MarketBeat.com reports. TD Cowen currently has a hold rating on the stock.

A number of other research firms also recently issued reports on SAVE. Barclays started coverage on shares of Spirit Airlines in a report on Wednesday, March 27th. They issued an underweight rating and a $4.00 target price for the company. Evercore ISI lowered 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. Bank of America initiated coverage on Spirit Airlines in a research report on Wednesday, January 17th. They issued an underperform rating and a $5.00 target price on the stock. Seaport Res Ptn downgraded Spirit Airlines from a buy rating to a neutral rating in a research report on Wednesday, January 17th. Finally, Susquehanna cut 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. Five research analysts have rated the stock with a sell rating and three have given a hold rating to the stock. According to MarketBeat.com, the stock presently has an average rating of Reduce and an average target price of $4.93.

Spirit Airlines Trading Down 7.6 %

Shares of Spirit Airlines stock opened at $4.11 on Tuesday. The firm has a market cap of $449.96 million, a PE ratio of -1.00 and a beta of 1.35. The company has a quick ratio of 0.90, a current ratio of 0.90 and a debt-to-equity ratio of 2.69. Spirit Airlines has a fifty-two week low of $3.96 and a fifty-two week high of $19.69. The business’s fifty day moving average is $5.34 and its two-hundred day moving average is $10.45.

Spirit Airlines (NYSE:SAVE) last released 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. The firm had revenue of $1.32 billion for the quarter, compared to the consensus estimate of $1.32 billion. Spirit Airlines had a negative return on equity of 26.38% and a negative net margin of 8.34%. The firm’s revenue for the quarter was down 5.0% compared to the same quarter last year. During the same period in the prior year, the business posted $0.12 earnings per share. Analysts anticipate that Spirit Airlines will post -2.75 earnings per share for the current year.

Spirit Airlines Announces Dividend

The business also recently announced a dividend, which was paid on Thursday, February 29th. Stockholders of record on Friday, February 23rd were given a $0.10 dividend. The ex-dividend date was Thursday, February 22nd.

Institutional Investors Weigh In On Spirit Airlines

Hedge funds have recently modified their holdings of the stock. International Assets Investment Management LLC grew its position in Spirit Airlines by 467.7% in the fourth quarter. International Assets Investment Management LLC now owns 1,970 shares of the company’s stock valued at $32,000 after acquiring an additional 1,623 shares in the last quarter. First Horizon Advisors Inc. purchased a new position in shares of Spirit Airlines in the fourth quarter valued at $33,000. Northwestern Mutual Wealth Management Co. grew its holdings in Spirit Airlines by 272.4% during the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 2,119 shares of the company’s stock valued at $41,000 after purchasing an additional 1,550 shares in the last quarter. Cary Street Partners Investment Advisory LLC purchased a new stake in Spirit Airlines during the 3rd quarter worth $50,000. Finally, Migdal Insurance & Financial Holdings Ltd. lifted its holdings in Spirit Airlines by 862.8% in the 4th 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 in the last quarter. 58.73% of the stock is currently owned by hedge funds and other 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.