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

Spirit Airlines (NYSE:SAVE - Free Report) had its price target lowered by TD Cowen from $5.00 to $4.00 in a research note released on Tuesday, Marketbeat reports. The brokerage currently has a hold rating on the stock.

A number of other equities analysts also recently issued reports on SAVE. 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 cut their price objective on shares of Spirit Airlines from $5.00 to $4.00 and set a negative rating on the stock in a report on Tuesday, April 9th. Citigroup upped their price objective on shares of Spirit Airlines from $3.95 to $4.00 and gave the stock a sell rating in a report on Monday, February 12th. Barclays began coverage on shares of 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 cut their price objective on shares of Spirit Airlines from $18.00 to $3.50 and set an in-line rating on the stock in a report on Thursday, April 4th. Five research analysts have rated the stock with a sell rating and three have given a hold rating to the company. Based on data from MarketBeat, the stock has an average rating of Reduce and an average price target of $4.93.

Spirit Airlines Trading Down 7.6 %

SAVE stock traded down $0.34 during trading on Tuesday, reaching $4.11. The company had a trading volume of 7,906,696 shares, compared to its average volume of 15,261,214. Spirit Airlines has a 52 week low of $3.96 and a 52 week high of $19.69. The company has a market cap of $449.96 million, a P/E ratio of -1.00 and a beta of 1.35. The business has a 50 day moving average of $5.34 and a 200 day moving average of $10.45. The company has a debt-to-equity ratio of 2.69, a current ratio of 0.90 and a quick ratio of 0.90.

Spirit Airlines (NYSE:SAVE - Get Free Report) last released its quarterly earnings results on Thursday, February 8th. The company reported ($1.36) earnings per share (EPS) for the quarter, topping analysts' consensus estimates 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 company had revenue of $1.32 billion during the quarter, compared to the consensus estimate of $1.32 billion. During the same period in the prior year, the firm earned $0.12 earnings per share. Spirit Airlines's revenue was down 5.0% on a year-over-year basis. As a group, sell-side analysts forecast that Spirit Airlines will post -2.75 earnings per share for the current fiscal year.

Spirit Airlines Dividend Announcement

The company also recently declared a dividend, which was paid on Thursday, February 29th. Investors of record on Friday, February 23rd were given a dividend of $0.10 per share. The ex-dividend date was Thursday, February 22nd.

Institutional Investors Weigh In On Spirit Airlines

Institutional investors and hedge funds have recently made changes to their positions in the company. International Assets Investment Management LLC increased its position in shares of Spirit Airlines by 467.7% during 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. bought a new stake in Spirit Airlines in the 4th quarter worth approximately $33,000. Northwestern Mutual Wealth Management Co. grew its position in Spirit Airlines by 272.4% in the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 2,119 shares of the company's stock worth $41,000 after purchasing an additional 1,550 shares during the period. Cary Street Partners Investment Advisory LLC bought a new stake in Spirit Airlines in the 3rd quarter worth approximately $50,000. Finally, Migdal Insurance & Financial Holdings Ltd. grew its position 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 purchasing an additional 3,106 shares during the period. Institutional investors own 58.73% of the company's stock.

Spirit Airlines Company Profile

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.