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

Spirit Airlines (NYSE:SAVE) had its price objective lowered by TD Cowen from $2.00 to $1.00 in a research note published on Wednesday morning,Benzinga reports. The brokerage currently has a sell rating on the stock.

SAVE has been the topic of a number of other research reports. Citigroup dropped their price objective on 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 report on Wednesday, October 9th. Finally, Bank of America reduced their price objective on shares of Spirit Airlines from $3.25 to $2.75 and set an “underperform” rating for the company in a research report on Wednesday, July 17th. Seven analysts have rated the stock with a sell rating and two have given a hold rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Reduce” and an average price target of $2.00.

Spirit Airlines Trading Down 18.2 %

Shares of SAVE stock opened at $1.08 on Wednesday. Spirit Airlines has a 1 year low of $1.03 and a 1 year high of $17.02. The stock has a fifty day moving average of $2.27 and a two-hundred day moving average of $2.91. The company has a current ratio of 0.94, a quick ratio of 0.94 and a debt-to-equity ratio of 3.86.

Institutional Trading of Spirit Airlines

A number of hedge funds have recently bought and sold shares of the company. Signaturefd LLC lifted its position in shares of Spirit Airlines by 127.6% in the 2nd quarter. Signaturefd LLC now owns 7,926 shares of the company’s stock valued at $29,000 after acquiring an additional 4,443 shares in the last quarter. High Note Wealth LLC purchased a new stake in shares of Spirit Airlines in the third quarter valued at $36,000. Wealth Enhancement Advisory Services LLC boosted its position in shares of Spirit Airlines by 38.8% in the third quarter. Wealth Enhancement Advisory Services LLC now owns 18,821 shares of the company’s stock worth $45,000 after buying an additional 5,261 shares during the period. Baron Wealth Management LLC grew its holdings in shares of Spirit Airlines by 39.3% during the third quarter. Baron Wealth Management LLC now owns 20,904 shares of the company’s stock valued at $50,000 after buying an additional 5,900 shares in the last quarter. Finally, Natixis raised its position in Spirit Airlines by 29.1% during the first quarter. Natixis now owns 12,480 shares of the company’s stock valued at $60,000 after buying an additional 2,815 shares during the period. 58.73% of the stock is 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.