Essex Investment Management Co. LLC boosted its position in Spirit Airlines, Inc. (NASDAQ:SAVE) by 79.5% during the second quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 83,092 shares of the transportation company’s stock after buying an additional 36,797 shares during the period. Essex Investment Management Co. LLC owned about 0.12% of Spirit Airlines worth $4,292,000 as of its most recent filing with the SEC.
Other hedge funds have also recently modified their holdings of the company. Vanguard Group Inc. boosted its stake in shares of Spirit Airlines by 4.4% in the first quarter. Vanguard Group Inc. now owns 5,364,771 shares of the transportation company’s stock worth $284,708,000 after buying an additional 228,176 shares during the last quarter. Wells Fargo & Company MN boosted its stake in shares of Spirit Airlines by 24.3% in the first quarter. Wells Fargo & Company MN now owns 3,093,057 shares of the transportation company’s stock worth $164,148,000 after buying an additional 604,447 shares during the last quarter. BlackRock Inc. boosted its stake in shares of Spirit Airlines by 7,002.6% in the first quarter. BlackRock Inc. now owns 2,691,469 shares of the transportation company’s stock worth $142,838,000 after buying an additional 2,653,575 shares during the last quarter. Jennison Associates LLC boosted its stake in shares of Spirit Airlines by 9.6% in the first quarter. Jennison Associates LLC now owns 2,648,627 shares of the transportation company’s stock worth $140,563,000 after buying an additional 231,088 shares during the last quarter. Finally, Mackenzie Financial Corp boosted its stake in shares of Spirit Airlines by 3.9% in the first quarter. Mackenzie Financial Corp now owns 1,743,502 shares of the transportation company’s stock worth $92,528,000 after buying an additional 64,996 shares during the last quarter.
Spirit Airlines, Inc. (SAVE) opened at 39.71 on Friday. The firm has a 50-day moving average price of $51.55 and a 200-day moving average price of $53.47. Spirit Airlines, Inc. has a 12-month low of $37.17 and a 12-month high of $60.40. The stock has a market cap of $2.75 billion, a PE ratio of 11.51 and a beta of 0.63.
Spirit Airlines (NASDAQ:SAVE) last issued its quarterly earnings data on Thursday, July 27th. The transportation company reported $1.14 EPS for the quarter, beating the Zacks’ consensus estimate of $1.11 by $0.03. The business had revenue of $701.68 million for the quarter, compared to analyst estimates of $702.29 million. Spirit Airlines had a return on equity of 18.34% and a net margin of 9.62%. The firm’s revenue for the quarter was up 20.1% on a year-over-year basis. During the same quarter in the prior year, the firm posted $1.11 EPS. Analysts forecast that Spirit Airlines, Inc. will post $4.16 EPS for the current fiscal year.
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SAVE has been the subject of a number of research reports. Wolfe Research upgraded Spirit Airlines from a “market perform” rating to an “outperform” rating in a report on Friday, June 2nd. Morgan Stanley reiterated an “equal weight” rating and set a $56.00 target price (down previously from $60.00) on shares of Spirit Airlines in a report on Tuesday, July 25th. Stifel Nicolaus reiterated a “buy” rating and set a $75.00 target price on shares of Spirit Airlines in a report on Saturday, April 22nd. Bank of America Corporation decreased their target price on Spirit Airlines from $75.00 to $68.00 and set a “buy” rating for the company in a report on Friday, June 30th. Finally, Imperial Capital reiterated an “outperform” rating on shares of Spirit Airlines in a report on Friday, May 19th. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating, six have given a buy rating and three have issued a strong buy rating to the company’s stock. Spirit Airlines has an average rating of “Buy” and a consensus target price of $59.79.
In other news, VP Edmundo Miranda sold 3,131 shares of the stock in a transaction dated Friday, May 5th. The stock was sold at an average price of $59.39, for a total transaction of $185,950.09. The sale was disclosed in a document filed with the SEC, which is available at this link. Corporate insiders own 0.26% of the company’s stock.
About Spirit Airlines
Spirit Airlines, Inc is an airline company. The Company provides air transportation for passengers. As of December 31, 2016, its all-Airbus Fit Fleet operated over 420 daily flights to 59 destinations in the United States, Caribbean and Latin America. As of December 31, 2016, it had a fleet of 95 Airbus single-aisle aircraft, which are referred to as A320 family aircraft and include the A319, A320 and A321 models, which have common design and equipment but differ most notably in fuselage length, service range and seat capacity.
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