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

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

SAVE has been the topic of several other research reports. Seaport Res Ptn downgraded Spirit Airlines from a buy rating to a neutral rating in a report on Wednesday, January 17th. Evercore ISI cut their price target 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. Bank of America initiated coverage on Spirit Airlines in a report on Wednesday, January 17th. They issued an underperform rating and a $5.00 price target on the stock. Citigroup raised their price target on Spirit Airlines from $3.95 to $4.00 and gave the stock a sell rating in a report on Monday, February 12th. Finally, Susquehanna cut their price target 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 issued a hold rating to the company’s stock. Based on data from MarketBeat, Spirit Airlines presently has an average rating of Reduce and an average price target of $4.91.

Spirit Airlines Price Performance

SAVE stock opened at $4.04 on Tuesday. 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 has a 1 year low of $3.96 and a 1 year high of $19.69. The firm has a market cap of $442.30 million, a P/E ratio of -0.99 and a beta of 1.35. The stock has a 50-day simple moving average of $5.22 and a 200-day simple moving average of $10.36.

Spirit Airlines (NYSE:SAVE) last issued its quarterly earnings data on Thursday, February 8th. The company reported ($1.36) earnings per share for the quarter, beating analysts’ consensus estimates of ($1.42) by $0.06. Spirit Airlines had a negative return on equity of 26.38% and a negative net margin of 8.34%. The firm had revenue of $1.32 billion during the quarter, compared to analyst estimates of $1.32 billion. During the same quarter last year, the firm earned $0.12 EPS. Spirit Airlines’s quarterly revenue was down 5.0% on a year-over-year basis. On average, equities analysts predict that Spirit Airlines will post -2.75 earnings per share for the current fiscal year.

Spirit Airlines Announces Dividend

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

Hedge Funds Weigh In On Spirit Airlines

Several hedge funds have recently modified their holdings of the company. Dimensional Fund Advisors LP grew its holdings in shares of Spirit Airlines by 37.8% in the 1st quarter. Dimensional Fund Advisors LP now owns 3,637,683 shares of the company’s stock worth $79,557,000 after acquiring an additional 997,254 shares during the last quarter. Alliancebernstein L.P. lifted its position in shares of Spirit Airlines by 215.4% in the third quarter. Alliancebernstein L.P. now owns 1,394,047 shares of the company’s stock worth $26,236,000 after buying an additional 952,023 shares during the last quarter. Norges Bank bought a new position in shares of Spirit Airlines in the fourth quarter worth about $11,875,000. Sonic GP LLC bought a new position in shares of Spirit Airlines in the fourth quarter worth about $11,688,000. Finally, Millennium Management LLC increased its stake in shares of Spirit Airlines by 354.8% in the second quarter. Millennium Management LLC now owns 761,854 shares of the company’s stock worth $18,163,000 after purchasing an additional 594,349 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.