TD Cowen Issues Pessimistic Forecast for Spirit Airlines (NYSE:SAVE) Stock Price

Spirit Airlines (NYSE:SAVE) had its price target reduced by TD Cowen from $2.00 to $1.00 in a research report sent to investors on Wednesday morning,Benzinga reports. TD Cowen currently has a sell rating on the stock.

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

Spirit Airlines Stock Down 18.2 %

NYSE SAVE opened at $1.08 on Wednesday. The company has a quick ratio of 0.94, a current ratio of 0.94 and a debt-to-equity ratio of 3.86. Spirit Airlines has a 1-year low of $1.03 and a 1-year high of $17.02. The firm’s fifty day simple moving average is $2.27 and its 200-day simple moving average is $2.91.

Institutional Trading of Spirit Airlines

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in SAVE. Signaturefd LLC boosted its position in shares of Spirit Airlines by 127.6% in the second quarter. Signaturefd LLC now owns 7,926 shares of the company’s stock valued at $29,000 after acquiring an additional 4,443 shares during the period. High Note Wealth LLC acquired a new position in Spirit Airlines during the 3rd quarter valued at $36,000. Wealth Enhancement Advisory Services LLC boosted its holdings in Spirit Airlines by 38.8% in the 3rd quarter. Wealth Enhancement Advisory Services LLC now owns 18,821 shares of the company’s stock valued at $45,000 after purchasing an additional 5,261 shares during the period. Baron Wealth Management LLC grew its position in Spirit Airlines by 39.3% in the 3rd quarter. Baron Wealth Management LLC now owns 20,904 shares of the company’s stock worth $50,000 after purchasing an additional 5,900 shares during the last quarter. Finally, Natixis increased its holdings in shares of Spirit Airlines by 29.1% during the 1st quarter. Natixis now owns 12,480 shares of the company’s stock worth $60,000 after purchasing an additional 2,815 shares during the period. Institutional investors and hedge funds 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.