Spirit Airlines Inc. (NASDAQ:SAVE) was downgraded by research analysts at Vetr from a “strong-buy” rating to a “buy” rating in a report released on Monday. They currently have a $48.00 price target on the stock. Vetr‘s price target points to a potential upside of 9.74% from the company’s current price.
SAVE has been the topic of several other reports. Imperial Capital initiated coverage on Spirit Airlines in a research report on Thursday. They set an “outperform” rating and a $51.00 price target on the stock. Deutsche Bank AG reduced their price target on Spirit Airlines from $56.00 to $52.00 and set a “buy” rating on the stock in a research report on Monday, August 1st. Credit Suisse Group AG set a $55.00 price objective on Spirit Airlines and gave the stock a “buy” rating in a report on Tuesday, September 13th. Citigroup Inc. restated a “buy” rating and set a $56.00 price objective on shares of Spirit Airlines in a report on Tuesday, July 19th. Finally, Zacks Investment Research downgraded Spirit Airlines from a “hold” rating to a “strong sell” rating in a report on Wednesday, June 29th. Four analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has assigned a strong buy rating to the stock. The stock has an average rating of “Buy” and an average target price of $58.50.
Spirit Airlines (NASDAQ:SAVE) traded up 2.85% during mid-day trading on Monday, hitting $43.74. 1,633,645 shares of the company were exchanged. Spirit Airlines has a 12 month low of $32.73 and a 12 month high of $53.53. The firm has a 50 day moving average price of $39.78 and a 200 day moving average price of $43.31. The stock has a market cap of $3.06 billion, a price-to-earnings ratio of 10.21 and a beta of 1.18.
Spirit Airlines (NASDAQ:SAVE) last released its quarterly earnings results on Friday, July 29th. The company reported $1.11 EPS for the quarter, topping the consensus estimate of $1.08 by $0.03. The firm had revenue of $584.10 million for the quarter, compared to analyst estimates of $594.47 million. Spirit Airlines had a return on equity of 25.93% and a net margin of 13.83%. Spirit Airlines’s revenue for the quarter was up 5.5% on a year-over-year basis. During the same period in the previous year, the company posted $1.03 EPS. Analysts anticipate that Spirit Airlines will post $3.91 EPS for the current fiscal year.
A number of hedge funds and other institutional investors have recently modified their holdings of SAVE. Nomura Holdings Inc. increased its position in shares of Spirit Airlines by 43.6% in the second quarter. Nomura Holdings Inc. now owns 8,400 shares of the company’s stock worth $376,000 after buying an additional 2,552 shares during the last quarter. Royal Bank of Canada increased its position in shares of Spirit Airlines by 9.3% in the second quarter. Royal Bank of Canada now owns 495,713 shares of the company’s stock worth $22,242,000 after buying an additional 42,148 shares during the last quarter. Schwab Charles Investment Management Inc. increased its position in shares of Spirit Airlines by 6.9% in the second quarter. Schwab Charles Investment Management Inc. now owns 212,518 shares of the company’s stock worth $9,536,000 after buying an additional 13,729 shares during the last quarter. Wedge Capital Management L L P NC bought a new position in shares of Spirit Airlines during the second quarter worth approximately $12,888,000. Finally, Legal & General Group Plc increased its position in shares of Spirit Airlines by 9.5% in the second quarter. Legal & General Group Plc now owns 2,468 shares of the company’s stock worth $111,000 after buying an additional 215 shares during the last quarter. Hedge funds and other institutional investors own 98.20% of the company’s stock.
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.
To view Vetr’s full report, visit Vetr’s official website.
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