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

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

A number of other analysts have also recently commented on the stock. Barclays initiated coverage on shares of Spirit Airlines in a report on Wednesday, March 27th. They set an underweight rating and a $4.00 target price on the stock. Bank of America began coverage on shares of Spirit Airlines in a research note on Wednesday, January 17th. They set an underperform rating and a $5.00 target price for the company. Evercore ISI dropped their price target on Spirit Airlines from $18.00 to $3.50 and set an in-line rating on the stock in a research report on Thursday, April 4th. Citigroup raised their price objective on Spirit Airlines from $3.95 to $4.00 and gave the company a sell rating in a research report on Monday, February 12th. Finally, Susquehanna dropped 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 equities research analysts have rated the stock with a sell rating and three have assigned a hold rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of Reduce and a consensus target price of $4.91.

Spirit Airlines Price Performance

Shares of NYSE SAVE opened at $4.05 on Tuesday. Spirit Airlines has a 1 year low of $3.96 and a 1 year high of $19.69. The stock has a market capitalization of $442.85 million, a P/E ratio of -0.99 and a beta of 1.35. The company’s 50-day moving average is $5.17 and its 200 day moving average is $10.28. 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) last posted its earnings results on Thursday, February 8th. The company reported ($1.36) earnings per share for the quarter, topping analysts’ consensus estimates 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 business’s revenue for the quarter was down 5.0% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.12 EPS. On average, sell-side analysts expect that Spirit Airlines will post -2.8 earnings per share for the current year.

Spirit Airlines Announces Dividend

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

Institutional Trading of Spirit Airlines

A number of institutional investors and hedge funds have recently modified their holdings of SAVE. International Assets Investment Management LLC boosted 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 buying an additional 1,623 shares during the last quarter. First Horizon Advisors Inc. bought a new position in Spirit Airlines during the 4th quarter valued at about $33,000. Northwestern Mutual Wealth Management Co. boosted its holdings in shares of 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 acquiring an additional 1,550 shares during the last quarter. Cary Street Partners Investment Advisory LLC bought a new stake in shares of Spirit Airlines in the third quarter worth approximately $50,000. Finally, Migdal Insurance & Financial Holdings Ltd. raised its holdings in shares of Spirit Airlines by 862.8% during the fourth quarter. Migdal Insurance & Financial Holdings Ltd. now owns 3,466 shares of the company’s stock valued at $57,000 after purchasing an additional 3,106 shares during the last quarter. Institutional investors 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.