Spirit Airlines (NYSE:SAVE) PT Lowered to $3.00

Spirit Airlines (NYSE:SAVE) had its target price cut by equities research analysts at TD Cowen from $4.00 to $3.00 in a report issued on Tuesday, Briefing.com reports. The firm presently has a “hold” rating on the stock. TD Cowen’s target price would suggest a potential downside of 10.18% from the company’s previous close.

Other research analysts have also recently issued research reports about the company. Seaport Res Ptn cut Spirit Airlines from a “buy” rating to a “neutral” rating in a research note on Wednesday, January 17th. Barclays initiated coverage on Spirit Airlines in a research note on Wednesday, March 27th. They issued an “underweight” rating and a $4.00 price target on the stock. Evercore ISI reduced their target price 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. Citigroup reduced their target price on Spirit Airlines from $4.00 to $3.85 and set a “sell” rating on the stock in a report on Wednesday, April 17th. Finally, Susquehanna reduced their target price 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 investment analysts have rated the stock with a sell rating and three have assigned a hold rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Reduce” and an average price target of $4.76.

Spirit Airlines Price Performance

SAVE stock opened at $3.34 on Tuesday. The stock has a 50-day moving average price of $4.59 and a two-hundred day moving average price of $9.29. Spirit Airlines has a 12-month low of $3.18 and a 12-month high of $19.69. The company has a current ratio of 0.90, a quick ratio of 0.90 and a debt-to-equity ratio of 2.69. The company has a market cap of $365.73 million, a PE ratio of -0.82 and a beta of 1.41.

Spirit Airlines (NYSE:SAVE) last issued its quarterly earnings data on Monday, May 6th. The company reported ($1.46) EPS for the quarter, missing analysts’ consensus estimates of ($1.45) by ($0.01). The company had revenue of $1.27 billion for the quarter, compared to analyst estimates of $1.27 billion. Spirit Airlines had a negative return on equity of 26.38% and a negative net margin of 8.34%. The company’s revenue for the quarter was down 6.2% compared to the same quarter last year. During the same quarter in the prior year, the firm earned ($0.82) EPS. As a group, research analysts predict that Spirit Airlines will post -2.79 EPS for the current year.

Institutional Trading of Spirit Airlines

Several hedge funds and other institutional investors have recently modified their holdings of the business. BNP Paribas Financial Markets grew its stake in Spirit Airlines by 2,369.9% in the first quarter. BNP Paribas Financial Markets now owns 733,846 shares of the company’s stock valued at $3,552,000 after purchasing an additional 704,134 shares in the last quarter. Alpine Associates Management Inc. grew its holdings in Spirit Airlines by 29.7% during 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 during the last quarter. Dimensional Fund Advisors LP raised its position in shares of Spirit Airlines by 13.1% in the fourth quarter. Dimensional Fund Advisors LP now owns 3,143,384 shares of the company’s stock valued at $51,520,000 after purchasing an additional 363,519 shares during the period. Wilbanks Smith & Thomas Asset Management LLC raised its position in shares of Spirit Airlines by 112.7% in the third quarter. Wilbanks Smith & Thomas Asset Management LLC now owns 672,186 shares of the company’s stock valued at $11,091,000 after purchasing an additional 356,184 shares during the period. Finally, Thompson Siegel & Walmsley LLC bought a new position in shares of Spirit Airlines in the fourth quarter valued at approximately $5,488,000. Institutional investors and hedge funds 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.