Spirit Airlines, Inc. (NASDAQ:SAVE) was downgraded by equities research analysts at BidaskClub from a “sell” rating to a “strong sell” rating in a report released on Tuesday, July 25th.
Several other equities research analysts also recently issued reports on the company. Cowen and Company reissued a “market perform” rating and issued a $59.00 price objective on shares of Spirit Airlines in a research note on Tuesday, July 18th. Morgan Stanley reissued an “equal weight” rating and issued a $60.00 price objective (down from $61.00) on shares of Spirit Airlines in a research note on Thursday, July 13th. Deutsche Bank AG cut their price objective on Spirit Airlines from $71.00 to $69.00 and set a “buy” rating on the stock in a research note on Wednesday, July 12th. Bank of America Corporation cut their price objective on Spirit Airlines from $75.00 to $68.00 and set a “buy” rating on the stock in a research note on Friday, June 30th. Finally, Wolfe Research upgraded Spirit Airlines from a “market perform” rating to an “outperform” rating in a research report on Friday, June 2nd. One research analyst has rated the stock with a sell rating, six have given a hold rating, seven have assigned a buy rating and one has assigned a strong buy rating to the company. The company presently has a consensus rating of “Buy” and an average target price of $54.96.
Spirit Airlines (NASDAQ:SAVE) traded up 1.70% during mid-day trading on Tuesday, reaching $38.25. 1,517,250 shares of the company’s stock traded hands. The stock’s 50 day moving average is $47.38 and its 200-day moving average is $52.24. Spirit Airlines has a 52 week low of $37.17 and a 52 week high of $60.40. The stock has a market capitalization of $2.65 billion, a PE ratio of 11.09 and a beta of 0.57.
Spirit Airlines (NASDAQ:SAVE) last announced its earnings results on Thursday, July 27th. The transportation company reported $1.14 earnings per share for the quarter, beating 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 business had revenue of $701.68 million during the quarter, compared to analysts’ expectations of $702.29 million. During the same quarter last year, the business posted $1.11 earnings per share. The company’s quarterly revenue was up 20.1% on a year-over-year basis. On average, equities analysts anticipate that Spirit Airlines will post $3.61 EPS for the current year.
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A number of hedge funds have recently added to or reduced their stakes in the company. Advisor Group Inc. raised its stake in Spirit Airlines by 18.8% in the second quarter. Advisor Group Inc. now owns 2,170 shares of the transportation company’s stock valued at $113,000 after buying an additional 344 shares during the last quarter. James Investment Research Inc. acquired a new stake in Spirit Airlines during the first quarter valued at about $137,000. Envestnet Asset Management Inc. raised its stake in Spirit Airlines by 2.5% in the fourth quarter. Envestnet Asset Management Inc. now owns 3,731 shares of the transportation company’s stock valued at $216,000 after buying an additional 92 shares in the last quarter. Intact Investment Management Inc. acquired a new stake in Spirit Airlines during the second quarter valued at about $238,000. Finally, Ramsey Quantitative Systems acquired a new stake in Spirit Airlines during the second quarter valued at about $281,000.
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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