Spirit Airlines, Inc. (SAVE) Shares Gap Down on Analyst Downgrade
Shares of Spirit Airlines, Inc. (NASDAQ:SAVE) gapped down before the market opened on Thursday after Deutsche Bank AG lowered their price target on the stock from $54.00 to $42.00. The stock had previously closed at $32.38, but opened at $32.09. Deutsche Bank AG currently has a buy rating on the stock. Spirit Airlines shares last traded at $31.94, with a volume of 1,604,324 shares changing hands.
SAVE has been the topic of several other research reports. J P Morgan Chase & Co upgraded Spirit Airlines from a “neutral” rating to an “overweight” rating and decreased their price target for the company from $56.00 to $45.00 in a report on Tuesday, August 1st. Citigroup Inc. raised Spirit Airlines from a “neutral” rating to a “buy” rating and cut their price objective for the company from $65.00 to $52.00 in a research report on Friday, July 28th. TheStreet downgraded Spirit Airlines from a “b-” rating to a “c+” rating in a research report on Monday, August 7th. ValuEngine downgraded Spirit Airlines from a “buy” rating to a “hold” rating in a research report on Friday, September 1st. Finally, Cowen and Company reaffirmed a “market perform” rating and issued a $45.00 price objective (down previously from $59.00) on shares of Spirit Airlines in a research report on Friday, July 28th. Two investment analysts have rated the stock with a sell rating, six have issued a hold rating, seven have given a buy rating and one has given a strong buy rating to the company’s stock. Spirit Airlines has an average rating of “Hold” and an average price target of $51.63.
Institutional investors and hedge funds have recently bought and sold shares of the company. The Manufacturers Life Insurance Company grew its position in shares of Spirit Airlines by 7.0% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 2,160 shares of the transportation company’s stock worth $112,000 after buying an additional 141 shares in the last quarter. Advisor Group Inc. grew its position in shares of Spirit Airlines by 18.8% during the 2nd quarter. Advisor Group Inc. now owns 2,170 shares of the transportation company’s stock worth $113,000 after buying an additional 344 shares in the last quarter. Intact Investment Management Inc. bought a new position in shares of Spirit Airlines during the 2nd quarter worth $238,000. Ramsey Quantitative Systems bought a new position in shares of Spirit Airlines during the 2nd quarter worth $281,000. Finally, Oppenheimer Asset Management Inc. bought a new position in shares of Spirit Airlines during the 1st quarter worth $346,000. 97.00% of the stock is currently owned by institutional investors and hedge funds.
The stock has a 50-day moving average price of $38.12 and a 200-day moving average price of $49.69. The stock has a market cap of $2.30 billion, a price-to-earnings ratio of 9.59 and a beta of 0.62.
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 Thomson Reuters’ consensus estimate of $1.11 by $0.03. The firm had revenue of $701.68 million for the quarter, compared to the consensus estimate of $702.29 million. Spirit Airlines had a return on equity of 17.96% and a net margin of 9.62%. The company’s quarterly revenue was up 20.1% compared to the same quarter last year. During the same quarter in the previous year, the business earned $1.11 EPS. On average, analysts forecast that Spirit Airlines, Inc. will post $3.42 earnings per share for the current fiscal year.
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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.
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