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

Spirit Airlines (NYSE:SAVE) had its price objective lowered by research analysts at TD Cowen from $4.00 to $3.00 in a research note 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 stock’s previous close.

SAVE has been the subject of several other reports. Barclays started coverage on Spirit Airlines in a research report on Wednesday, March 27th. They set an “underweight” rating and a $4.00 target price for the company. Susquehanna reduced their target price on Spirit Airlines from $5.00 to $4.00 and set a “negative” rating for the company in a research report on Tuesday, April 9th. Citigroup reduced their target price on Spirit Airlines from $4.00 to $3.85 and set a “sell” rating for the company in a research report on Wednesday, April 17th. Seaport Res Ptn cut Spirit Airlines from a “buy” rating to a “neutral” rating in a report on Wednesday, January 17th. Finally, Bank of America started coverage on Spirit Airlines in a report on Wednesday, January 17th. They issued an “underperform” rating and a $5.00 price objective for the company. Five investment analysts have rated the stock with a sell rating and three have issued a hold rating to the company. According to MarketBeat, Spirit Airlines currently has an average rating of “Reduce” and an average price target of $4.76.

Spirit Airlines Stock Performance

NYSE:SAVE opened at $3.34 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 52-week low of $3.18 and a 52-week high of $19.69. The firm has a market cap of $365.73 million, a price-to-earnings ratio of -0.82 and a beta of 1.41. The business’s fifty day moving average is $4.59 and its 200 day moving average is $9.29.

Spirit Airlines (NYSE:SAVE) last released its quarterly earnings data on Monday, May 6th. The company reported ($1.46) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates 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 company 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 posted ($0.82) earnings per share. The business’s revenue for the quarter was down 6.2% compared to the same quarter last year. Research analysts predict that Spirit Airlines will post -2.79 EPS for the current year.

Institutional Investors Weigh In On Spirit Airlines

Several institutional investors have recently bought and sold shares of the stock. Quantbot Technologies LP lifted its holdings in Spirit Airlines by 30.4% in the 1st quarter. Quantbot Technologies LP now owns 74,489 shares of the company’s stock worth $361,000 after buying an additional 17,350 shares during the period. High Note Wealth LLC purchased a new position in shares of Spirit Airlines in the 1st quarter valued at approximately $73,000. BNP Paribas Financial Markets lifted its stake in shares of Spirit Airlines by 2,369.9% in the 1st 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 during the period. Capital Performance Advisors LLP purchased a new position in shares of Spirit Airlines in the 1st quarter valued at approximately $148,000. Finally, First Bank & Trust purchased a new position in shares of Spirit Airlines in the 1st quarter valued at approximately $70,000. 58.73% of the stock is currently owned by hedge funds and other institutional investors.

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.