Spirit Airlines, Inc. (SAVE) PT Lowered to $42.00 at Deutsche Bank AG
Spirit Airlines, Inc. (NASDAQ:SAVE) had its price target reduced by equities researchers at Deutsche Bank AG from $54.00 to $42.00 in a research report issued on Wednesday. The brokerage presently has a “buy” rating on the transportation company’s stock. Deutsche Bank AG’s target price points to a potential upside of 29.19% from the stock’s current price.
Several other brokerages have also recently issued reports on SAVE. Wolfe Research raised shares of Spirit Airlines from a “market perform” rating to an “outperform” rating in a report on Friday, June 2nd. Imperial Capital reaffirmed an “outperform” rating on shares of Spirit Airlines in a report on Friday, May 19th. Cowen and Company reaffirmed a “market perform” rating and issued a $59.00 target price on shares of Spirit Airlines in a report on Tuesday, July 18th. Morgan Stanley reaffirmed an “equal weight” rating and issued a $60.00 target price (down from $61.00) on shares of Spirit Airlines in a report on Thursday, July 13th. Finally, BidaskClub lowered shares of Spirit Airlines from a “hold” rating to a “sell” rating in a research note on Friday, June 23rd. Two analysts have rated the stock with a sell rating, six have given a hold rating, seven have given a buy rating and one has issued a strong buy rating to the company. The company presently has an average rating of “Hold” and an average target price of $51.63.
Spirit Airlines (NASDAQ:SAVE) traded down 1.48% during midday trading on Wednesday, hitting $32.03. 2,551,864 shares of the company were exchanged. The firm has a market capitalization of $2.22 billion, a PE ratio of 9.28 and a beta of 0.62. Spirit Airlines has a 1-year low of $30.32 and a 1-year high of $60.40. The stock has a 50 day moving average of $39.75 and a 200 day moving average of $50.06.
Spirit Airlines (NASDAQ:SAVE) last issued its earnings results on Thursday, July 27th. The transportation company reported $1.14 earnings per share (EPS) for the quarter, topping the 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 business’s revenue for the quarter was up 20.1% compared to the same quarter last year. During the same period in the previous year, the company earned $1.11 earnings per share. On average, equities analysts predict that Spirit Airlines will post $3.42 earnings per share for the current fiscal year.
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Several institutional investors and hedge funds have recently bought and sold shares of the business. BlackRock Inc. lifted its holdings in shares of Spirit Airlines by 7,002.6% in the first quarter. BlackRock Inc. now owns 2,691,469 shares of the transportation company’s stock worth $142,838,000 after buying an additional 2,653,575 shares in the last quarter. Hodges Capital Management Inc. purchased a new position in shares of Spirit Airlines in the second quarter worth $16,711,000. MARSHALL WACE ASIA Ltd purchased a new position in shares of Spirit Airlines in the first quarter worth $16,146,000. Marshall Wace North America L.P. purchased a new position in shares of Spirit Airlines in the first quarter worth $16,146,000. Finally, State of New Jersey Common Pension Fund D lifted its holdings in shares of Spirit Airlines by 127.3% in the second quarter. State of New Jersey Common Pension Fund D now owns 500,000 shares of the transportation company’s stock worth $25,826,000 after buying an additional 280,000 shares in the last quarter. Institutional investors and hedge funds own 97.00% of the company’s stock.
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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