Spirit Airlines Inc. (SAVE) Downgraded by Vetr Inc. to Buy
Vetr lowered shares of Spirit Airlines Inc. (NASDAQ:SAVE) from a strong-buy rating to a buy rating in a research report report published on Monday. They currently have $48.00 price target on the stock.
A number of other research analysts have also issued reports on the stock. Raymond James Financial Inc. upgraded shares of Spirit Airlines from an outperform rating to a strong-buy rating and set a $59.00 price target on the stock in a research note on Thursday, August 4th. Zacks Investment Research upgraded shares of Spirit Airlines from a strong sell rating to a hold rating in a research note on Wednesday, August 17th. Citigroup Inc. cut their price target on shares of Spirit Airlines from $56.00 to $51.00 and set a buy rating on the stock in a research note on Monday, August 8th. Credit Suisse Group AG upgraded shares of Spirit Airlines from a neutral rating to an outperform rating and increased their price objective for the stock from $44.00 to $55.00 in a research note on Monday, June 20th. Finally, Wolfe Research lowered shares of Spirit Airlines from an outperform rating to a market perform rating in a research note on Tuesday, August 2nd. Four investment analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has given a strong buy rating to the company. Spirit Airlines presently has an average rating of Buy and an average target price of $58.50.
Spirit Airlines (NASDAQ:SAVE) opened at 43.74 on Monday. The stock has a market cap of $3.06 billion, a PE ratio of 10.21 and a beta of 1.18. The company’s 50 day moving average is $39.78 and its 200-day moving average is $43.31. Spirit Airlines has a 1-year low of $32.73 and a 1-year high of $53.53.
Spirit Airlines (NASDAQ:SAVE) last posted its earnings results on Friday, July 29th. The company reported $1.11 EPS for the quarter, beating the Zacks’ consensus estimate of $1.08 by $0.03. Spirit Airlines had a net margin of 13.83% and a return on equity of 25.93%. The company earned $584.10 million during the quarter, compared to analysts’ expectations of $594.47 million. During the same quarter in the prior year, the company posted $1.03 earnings per share. Spirit Airlines’s revenue for the quarter was up 5.5% compared to the same quarter last year. Equities research analysts forecast that Spirit Airlines will post $3.91 earnings per share for the current fiscal year.
Institutional investors have recently bought and sold shares of the company. Cupps Capital Management LLC purchased a new position in shares of Spirit Airlines during the first quarter worth approximately $5,925,000. OMERS ADMINISTRATION Corp increased its position in shares of Spirit Airlines by 6.5% in the first quarter. OMERS ADMINISTRATION Corp now owns 9,900 shares of the company’s stock worth $475,000 after buying an additional 600 shares during the period. Canada Pension Plan Investment Board increased its position in shares of Spirit Airlines by 6.2% in the first quarter. Canada Pension Plan Investment Board now owns 24,000 shares of the company’s stock worth $1,152,000 after buying an additional 1,400 shares during the period. Menta Capital LLC purchased a new position in shares of Spirit Airlines during the first quarter worth approximately $657,000. Finally, Royce & Associates LP purchased a new position in shares of Spirit Airlines during the first quarter worth approximately $27,857,000. 98.20% of the stock is currently owned by hedge funds and other institutional investors.
Spirit Airlines Company Profile
Spirit Airlines, Inc is an airline company. The Company’s all-Airbus fleet operates more than 385 daily flights to 56 destinations in the United States, Caribbean and Latin America. Its ultra-low-cost carrier (ULCC) business model provides low, unbundled base fares that remove components traditionally included in the price of an airline ticket.
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