Spirit Airlines’ (SAVE) Hold Rating Reaffirmed at Cowen and Company
Cowen and Company reaffirmed their hold rating on shares of Spirit Airlines, Inc. (NASDAQ:SAVE) in a report published on Friday morning. They currently have a $45.00 price objective on the transportation company’s stock.
Several other equities research analysts have also issued reports on SAVE. TheStreet lowered Spirit Airlines from a b- rating to a c+ rating in a research note on Monday, August 7th. Morgan Stanley reduced their price target on Spirit Airlines from $54.00 to $46.00 and set an equal weight rating on the stock in a report on Thursday, August 17th. Zacks Investment Research upgraded Spirit Airlines from a sell rating to a hold rating in a report on Monday, August 7th. Barclays PLC reduced their price target on Spirit Airlines from $67.00 to $50.00 and set an equal weight rating on the stock in a report on Monday, August 14th. Finally, J P Morgan Chase & Co upgraded Spirit Airlines from a neutral rating to an overweight rating and reduced their price target for the stock from $56.00 to $45.00 in a report on Tuesday, August 1st. Two research analysts have rated the stock with a sell rating, six have given a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the stock. The stock currently has an average rating of Hold and an average target price of $52.63.
Spirit Airlines (NASDAQ:SAVE) opened at 34.03 on Friday. Spirit Airlines has a 52 week low of $33.67 and a 52 week high of $60.40. The stock has a market capitalization of $2.36 billion, a PE ratio of 9.86 and a beta of 0.62. The firm has a 50-day moving average price of $40.71 and a 200-day moving average price of $50.26.
Spirit Airlines (NASDAQ:SAVE) last posted its quarterly earnings data on Thursday, July 27th. The transportation company reported $1.14 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.11 by $0.03. The business had revenue of $701.68 million during the quarter, compared to analyst estimates of $702.29 million. Spirit Airlines had a return on equity of 17.96% and a net margin of 9.62%. The company’s revenue for the quarter was up 20.1% on a year-over-year basis. During the same period last year, the company earned $1.11 EPS. Equities research analysts predict that Spirit Airlines will post $3.61 EPS for the current fiscal year.
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A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Sentry Investment Management LLC increased its holdings in Spirit Airlines by 1.7% during the 2nd quarter. Sentry Investment Management LLC now owns 54,044 shares of the transportation company’s stock worth $2,791,000 after purchasing an additional 888 shares during the period. U S Global Investors Inc. increased its holdings in Spirit Airlines by 77.4% during the 2nd quarter. U S Global Investors Inc. now owns 92,046 shares of the transportation company’s stock worth $3,574,000 after purchasing an additional 40,169 shares during the period. Dynamic Technology Lab Private Ltd purchased a new position in Spirit Airlines during the 2nd quarter worth $1,000,000. Verition Fund Management LLC purchased a new position in Spirit Airlines during the 2nd quarter worth $1,407,000. Finally, Rockshelter Capital Management LLC increased its holdings in Spirit Airlines by 3.2% during the 2nd quarter. Rockshelter Capital Management LLC now owns 256,478 shares of the transportation company’s stock worth $13,247,000 after purchasing an additional 7,985 shares during the period. Institutional investors own 97.00% of the company’s stock.
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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