Essex Investment Management Co. LLC increased its position in Spirit Airlines, Inc. (NASDAQ:SAVE) by 79.5% during the second quarter, according to its most recent 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 0.12% of Spirit Airlines worth $4,292,000 as of its most recent SEC filing.
Other hedge funds also recently added to or reduced their stakes in the company. Emerald Mutual Fund Advisers Trust boosted its stake in Spirit Airlines by 0.6% in the first quarter. Emerald Mutual Fund Advisers Trust now owns 454,951 shares of the transportation company’s stock worth $24,144,000 after buying an additional 2,504 shares during the last quarter. NJ State Employees Deferred Compensation Plan bought a new stake in Spirit Airlines during the first quarter worth $371,000. State of New Jersey Common Pension Fund D boosted its stake in Spirit Airlines by 4,300.0% in the first quarter. State of New Jersey Common Pension Fund D now owns 220,000 shares of the transportation company’s stock worth $11,675,000 after buying an additional 215,000 shares during the last quarter. Strs Ohio bought a new stake in Spirit Airlines during the first quarter worth $46,436,000. Finally, James Investment Research Inc. bought a new stake in Spirit Airlines during the first quarter worth $137,000.
Spirit Airlines, Inc. (SAVE) traded up 0.03% during trading on Wednesday, reaching $38.09. 527,522 shares of the company were exchanged. Spirit Airlines, Inc. has a 52-week low of $37.17 and a 52-week high of $60.40. The stock has a market capitalization of $2.64 billion, a PE ratio of 11.04 and a beta of 0.57. The firm’s 50 day moving average is $49.51 and its 200 day moving average is $52.88.
Spirit Airlines (NASDAQ:SAVE) last released its quarterly earnings results on Thursday, July 27th. The transportation company reported $1.14 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $1.11 by $0.03. Spirit Airlines had a return on equity of 17.96% and a net margin of 9.62%. The company had revenue of $701.68 million during the quarter, compared to analysts’ expectations of $702.29 million. During the same quarter in the prior year, the business posted $1.11 earnings per share. The company’s revenue for the quarter was up 20.1% compared to the same quarter last year. Analysts expect that Spirit Airlines, Inc. will post $3.61 EPS for the current year.
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A number of analysts have weighed in on the stock. Stifel Nicolaus reissued a “buy” rating and set a $75.00 price objective on shares of Spirit Airlines in a report on Saturday, April 22nd. Citigroup Inc. reissued a “neutral” rating and set a $60.00 price objective (up previously from $58.00) on shares of Spirit Airlines in a report on Saturday, April 22nd. Imperial Capital reissued an “outperform” rating and set a $70.00 price objective (up previously from $68.00) on shares of Spirit Airlines in a report on Thursday, April 20th. Wolfe Research raised shares of Spirit Airlines from a “market perform” rating to an “outperform” rating in a report on Friday, June 2nd. Finally, Cowen and Company raised their price objective on shares of Spirit Airlines from $58.00 to $62.00 and gave the stock a “market perform” rating in a report on Tuesday, April 18th. One investment analyst has rated the stock with a sell rating, six have issued a hold rating, seven have assigned a buy rating and one has assigned a strong buy rating to the stock. The stock currently has an average rating of “Buy” and a consensus price target of $54.96.
Spirit Airlines Company Profile
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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