Spirit Airlines (NYSE:SAVE) Price Target Cut to $1.00 by Analysts at TD Cowen

Spirit Airlines (NYSE:SAVE) had its target price decreased by equities researchers at TD Cowen from $2.00 to $1.00 in a research report issued to clients and investors on Wednesday,Benzinga reports. The brokerage presently has a “sell” rating on the stock. TD Cowen’s target price would indicate a potential downside of 25.37% from the company’s current price.

SAVE has been the subject of a number of other research reports. Bank of America dropped their price objective on shares of Spirit Airlines from $3.25 to $2.75 and set an “underperform” rating for the company in a report on Wednesday, July 17th. Susquehanna cut their target price on Spirit Airlines from $2.25 to $1.50 and set a “negative” rating on the stock in a report on Wednesday, October 9th. Finally, Citigroup decreased their price target on Spirit Airlines from $3.50 to $2.75 and set a “sell” rating for the company in a research note on Tuesday, July 23rd. Seven investment analysts have rated the stock with a sell rating and two have given a hold rating to the stock. According to MarketBeat, Spirit Airlines has an average rating of “Reduce” and an average price target of $2.36.

Spirit Airlines Price Performance

Shares of NYSE:SAVE traded down $1.88 during trading on Wednesday, hitting $1.34. 62,209,137 shares of the company were exchanged, compared to its average volume of 10,640,455. The company has a market capitalization of $146.76 million, a P/E ratio of -0.22 and a beta of 1.37. Spirit Airlines has a 1-year low of $1.13 and a 1-year high of $17.01. The company has a quick ratio of 0.94, a current ratio of 0.94 and a debt-to-equity ratio of 3.86. The business’s 50 day moving average is $2.35 and its 200-day moving average is $2.95.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the business. Quantbot Technologies LP increased its holdings in shares of 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 last quarter. Susquehanna Fundamental Investments LLC purchased a new stake in Spirit Airlines during the 1st quarter valued at $352,000. State Board of Administration of Florida Retirement System boosted its holdings in shares of Spirit Airlines by 9.6% during the first quarter. State Board of Administration of Florida Retirement System now owns 34,351 shares of the company’s stock worth $166,000 after purchasing an additional 3,020 shares during the period. Vanguard Group Inc. lifted its holdings in Spirit Airlines by 0.7% in the 1st quarter. Vanguard Group Inc. now owns 10,491,947 shares of the company’s stock worth $50,781,000 after buying an additional 73,044 shares during the period. Finally, Patten & Patten Inc. TN purchased a new position in shares of Spirit Airlines during the first quarter valued at approximately $244,000. 58.73% of the stock is owned by 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.