Brokerages Set Spirit Airlines, Inc. (SAVE) Price Target at $46.83

Shares of Spirit Airlines, Inc. (NASDAQ:SAVE) have been assigned a consensus recommendation of “Hold” from the sixteen analysts that are covering the stock, MarketBeat.com reports. Two equities research analysts have rated the stock with a sell rating, seven have given a hold rating, five have issued a buy rating and one has assigned a strong buy rating to the company. The average 12-month target price among analysts that have updated their coverage on the stock in the last year is $46.83.

A number of equities analysts recently issued reports on the stock. Bank of America Corporation cut shares of Spirit Airlines from a “buy” rating to a “neutral” rating and lowered their price objective for the stock from $68.00 to $44.00 in a research report on Friday, July 28th. Cowen and Company reiterated a “market perform” rating and set a $59.00 price objective on shares of Spirit Airlines in a research report on Tuesday, July 18th. Morgan Stanley reiterated an “equal weight” rating and set a $60.00 price objective (down from $61.00) on shares of Spirit Airlines in a research report on Thursday, July 13th. Stifel Nicolaus reiterated a “buy” rating and set a $55.00 price objective (down from $75.00) on shares of Spirit Airlines in a research report on Sunday, July 30th. Finally, Zacks Investment Research cut shares of Spirit Airlines from a “hold” rating to a “strong sell” rating in a research report on Wednesday, August 16th.

In other Spirit Airlines news, Director H. Mcintyre Gardner purchased 5,000 shares of the firm’s stock in a transaction on Friday, September 15th. The stock was purchased at an average cost of $33.78 per share, for a total transaction of $168,900.00. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Corporate insiders own 0.33% of the company’s stock.

A number of hedge funds and other institutional investors have recently made changes to their positions in SAVE. The Manufacturers Life Insurance Company boosted its stake in shares of Spirit Airlines by 7.0% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 2,160 shares of the transportation company’s stock valued at $112,000 after purchasing an additional 141 shares during the last quarter. Advisor Group Inc. boosted its stake in shares of Spirit Airlines by 18.8% in the 2nd quarter. Advisor Group Inc. now owns 2,170 shares of the transportation company’s stock valued at $113,000 after purchasing an additional 344 shares during the last quarter. Intact Investment Management Inc. bought a new stake in shares of Spirit Airlines in the 2nd quarter valued at $238,000. Ramsey Quantitative Systems bought a new stake in shares of Spirit Airlines in the 2nd quarter valued at $281,000. Finally, Oppenheimer Asset Management Inc. bought a new stake in shares of Spirit Airlines in the 1st quarter valued at $346,000. Hedge funds and other institutional investors own 96.99% of the company’s stock.

Spirit Airlines (NASDAQ:SAVE) last released its quarterly earnings data on Thursday, July 27th. The transportation company reported $1.14 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $1.11 by $0.03. The business had revenue of $701.68 million during the quarter, compared to analysts’ expectations of $702.29 million. Spirit Airlines had a net margin of 9.62% and a return on equity of 17.96%. The firm’s quarterly revenue was up 20.1% compared to the same quarter last year. During the same period in the prior year, the company earned $1.11 EPS.

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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.

Analyst Recommendations for Spirit Airlines (NASDAQ:SAVE)

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