Spirit Airlines (NYSE:SAVE) Price Target Lowered to $3.00 at TD Cowen

Spirit Airlines (NYSE:SAVE) had its price target reduced by TD Cowen from $4.00 to $3.00 in a research report sent to investors on Tuesday morning, MarketBeat Ratings reports. TD Cowen currently has a hold rating on the stock.

Several other research firms have also weighed in on SAVE. Barclays started coverage on shares of Spirit Airlines in a research note on Wednesday, March 27th. They set an underweight rating and a $4.00 target price for the company. Citigroup lowered their price target on shares of Spirit Airlines from $4.00 to $3.85 and set a sell rating for the company in a research report on Wednesday, April 17th. Bank of America started coverage on shares of Spirit Airlines in a research report on Wednesday, January 17th. They set an underperform rating and a $5.00 price target for the company. Evercore ISI lowered their price target on shares of Spirit Airlines from $18.00 to $3.50 and set an in-line rating for the company in a research report on Thursday, April 4th. Finally, Seaport Res Ptn lowered shares of Spirit Airlines from a buy rating to a neutral rating in a research report on Wednesday, January 17th. Five equities research analysts have rated the stock with a sell rating and four have issued a hold rating to the company. Based on data from MarketBeat, Spirit Airlines currently has a consensus rating of Reduce and an average price target of $4.54.

Spirit Airlines Stock Down 1.2 %

SAVE stock opened at $3.31 on Tuesday. 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 has a 1-year low of $3.18 and a 1-year high of $19.69. The firm has a fifty day moving average price of $4.54 and a two-hundred day moving average price of $9.20. The firm has a market cap of $362.45 million, a price-to-earnings ratio of -0.81 and a beta of 1.41.

Spirit Airlines (NYSE:SAVE) last released its earnings results on Monday, May 6th. The company reported ($1.46) earnings per share for the quarter, missing the consensus estimate 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 business had revenue of $1.27 billion for the quarter, compared to the consensus estimate of $1.27 billion. During the same quarter in the previous year, the firm earned ($0.82) EPS. The firm’s revenue for the quarter was down 6.2% on a year-over-year basis. Research analysts predict that Spirit Airlines will post -2.79 EPS for the current year.

Spirit Airlines Announces Dividend

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

Institutional Trading of Spirit Airlines

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