Spirit Airlines (NYSE:SAVE) PT Lowered to $4.00

Spirit Airlines (NYSE:SAVE) had its price objective decreased by equities researchers at TD Cowen from $5.00 to $4.00 in a research note issued to investors on Tuesday, MarketBeat.com reports. The firm presently has a “hold” rating on the stock. TD Cowen’s price target points to a potential downside of 2.79% from the stock’s current price.

Several other equities research analysts have also issued reports on the company. Bank of America initiated coverage on Spirit Airlines in a research note on Wednesday, January 17th. They issued an “underperform” rating and a $5.00 price objective for the company. Barclays initiated coverage on Spirit Airlines in a research note on Wednesday, March 27th. They issued an “underweight” rating and a $4.00 price objective for the company. Seaport Res Ptn lowered Spirit Airlines from a “buy” rating to a “neutral” rating in a research note on Wednesday, January 17th. Susquehanna lowered their price objective on Spirit Airlines from $5.00 to $4.00 and set a “negative” rating for the company in a research note on Tuesday, April 9th. Finally, Evercore ISI lowered their price objective on Spirit Airlines from $18.00 to $3.50 and set an “in-line” rating for the company in a research note on Thursday, April 4th. Five equities 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, the stock currently has a consensus rating of “Reduce” and an average price target of $4.91.

Spirit Airlines Price Performance

Shares of Spirit Airlines stock opened at $4.12 on Tuesday. The stock has a 50 day moving average of $5.28 and a 200 day moving average of $10.41. Spirit Airlines has a 12 month low of $3.96 and a 12 month high of $19.69. The firm has a market cap of $450.50 million, a PE ratio of -1.01 and a beta of 1.35. The company has a current ratio of 0.90, a quick ratio of 0.90 and a debt-to-equity ratio of 2.69.

Spirit Airlines (NYSE:SAVE) last announced its quarterly earnings results on Thursday, February 8th. The company reported ($1.36) EPS 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 company had revenue of $1.32 billion during the quarter, compared to analyst estimates of $1.32 billion. During the same period in the prior year, the company earned $0.12 earnings per share. The firm’s revenue was down 5.0% on a year-over-year basis. On average, research analysts expect that Spirit Airlines will post -2.75 EPS for the current fiscal year.

Institutional Trading of Spirit Airlines

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. International Assets Investment Management LLC lifted its position in Spirit Airlines by 467.7% during the 4th quarter. International Assets Investment Management LLC now owns 1,970 shares of the company’s stock worth $32,000 after acquiring an additional 1,623 shares during the period. First Horizon Advisors Inc. acquired a new stake in Spirit Airlines during the 4th quarter worth about $33,000. Northwestern Mutual Wealth Management Co. lifted its position in Spirit Airlines by 272.4% during the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 2,119 shares of the company’s stock worth $41,000 after acquiring an additional 1,550 shares during the period. Cary Street Partners Investment Advisory LLC acquired a new stake in Spirit Airlines during the 3rd quarter worth about $50,000. Finally, Migdal Insurance & Financial Holdings Ltd. lifted its position in Spirit Airlines by 862.8% during the 4th quarter. Migdal Insurance & Financial Holdings Ltd. now owns 3,466 shares of the company’s stock worth $57,000 after acquiring an additional 3,106 shares during the period. 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.