Spirit Airlines (NYSE:SAVE) Price Target Lowered to $1.00 at TD Cowen

Spirit Airlines (NYSE:SAVE) had its price target lowered by equities researchers at TD Cowen from $2.00 to $1.00 in a research note issued to investors on Wednesday,Benzinga reports. The firm currently has a “sell” rating on the stock. TD Cowen’s price objective suggests a potential downside of 24.24% from the stock’s previous close.

Other equities analysts have also recently issued research reports about the stock. Citigroup lowered their price objective on shares of Spirit Airlines from $3.50 to $2.75 and set a “sell” rating on the stock in a research note on Tuesday, July 23rd. Susquehanna dropped their price target on shares of Spirit Airlines from $2.25 to $1.50 and set a “negative” rating on the stock in a research note on Wednesday, October 9th. Finally, Bank of America decreased their target price on Spirit Airlines from $3.25 to $2.75 and set an “underperform” rating on the stock in a report on Wednesday, July 17th. Seven research analysts have rated the stock with a sell rating and two have given a hold rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Reduce” and a consensus price target of $2.00.

Spirit Airlines Stock Performance

SAVE stock opened at $1.32 on Wednesday. Spirit Airlines has a fifty-two week low of $1.13 and a fifty-two week high of $17.02. The business’s 50-day moving average is $2.32 and its two-hundred day moving average is $2.94. The company has a debt-to-equity ratio of 3.86, a current ratio of 0.94 and a quick ratio of 0.94.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the company. Quantbot Technologies LP lifted its position in shares of Spirit Airlines by 30.4% in the first quarter. Quantbot Technologies LP now owns 74,489 shares of the company’s stock valued at $361,000 after acquiring an additional 17,350 shares in the last quarter. Susquehanna Fundamental Investments LLC purchased a new stake in Spirit Airlines during the 1st quarter valued at approximately $352,000. State Board of Administration of Florida Retirement System grew its holdings in Spirit Airlines by 9.6% during the 1st quarter. State Board of Administration of Florida Retirement System now owns 34,351 shares of the company’s stock valued at $166,000 after buying an additional 3,020 shares in the last quarter. Vanguard Group Inc. raised its position in shares of Spirit Airlines by 0.7% during the first quarter. Vanguard Group Inc. now owns 10,491,947 shares of the company’s stock valued at $50,781,000 after buying an additional 73,044 shares during the last quarter. Finally, Patten & Patten Inc. TN purchased a new position in shares of Spirit Airlines in the first quarter worth $244,000. Institutional investors 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.