TD Cowen Has Lowered Expectations for Spirit Airlines (NYSE:SAVE) Stock Price

Spirit Airlines (NYSE:SAVE) had its price objective decreased by investment analysts at TD Cowen from $2.00 to $1.00 in a research note issued on Wednesday,Benzinga reports. The firm currently has a “sell” rating on the stock. TD Cowen’s price objective would suggest a potential downside of 24.24% from the company’s current price.

Several other analysts have also recently weighed in on the company. Citigroup cut their price objective on Spirit Airlines from $3.50 to $2.75 and set a “sell” rating on the stock in a research report on Tuesday, July 23rd. Susquehanna reduced their price target on 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 lowered their price objective on 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 issued a hold rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Reduce” and a consensus target price of $2.00.

Spirit Airlines Stock Up 0.8 %

NYSE:SAVE opened at $1.32 on Wednesday. The company has a 50-day moving average price of $2.32 and a 200-day moving average price of $2.94. 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 12 month low of $1.13 and a 12 month high of $17.02.

Hedge Funds Weigh In On Spirit Airlines

A number of hedge funds have recently added to or reduced their stakes in SAVE. Signaturefd LLC increased its holdings in shares of Spirit Airlines by 127.6% in the 2nd quarter. Signaturefd LLC now owns 7,926 shares of the company’s stock worth $29,000 after purchasing an additional 4,443 shares in the last quarter. Natixis raised its position in Spirit Airlines by 29.1% in the 1st quarter. Natixis now owns 12,480 shares of the company’s stock worth $60,000 after buying an additional 2,815 shares during the last quarter. Wellington Wealth Strategies LLC. purchased a new position in Spirit Airlines in the 1st quarter worth about $68,000. High Note Wealth LLC bought a new position in Spirit Airlines during the 3rd quarter valued at about $36,000. Finally, SeaCrest Wealth Management LLC purchased a new stake in shares of Spirit Airlines during the 2nd quarter valued at about $63,000. 58.73% of the stock is currently owned by hedge funds and other institutional investors.

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.