Spirit Airlines Inc. (SAVE) Trading Up 3.2%
Spirit Airlines Inc. (NASDAQ:SAVE)’s share price was up 3.2% during mid-day trading on Thursday . The company traded as high as $45.30 and last traded at $45.03, with a volume of 507,788 shares trading hands. The stock had previously closed at $43.64.
A number of equities analysts have issued reports on SAVE shares. Buckingham Research reiterated a “buy” rating on shares of Spirit Airlines in a research note on Friday, April 15th. Zacks Investment Research downgraded Spirit Airlines from a “buy” rating to a “hold” rating in a research note on Wednesday, March 23rd. Bank of America Corp. reiterated a “buy” rating on shares of Spirit Airlines in a research note on Monday, April 18th. Credit Suisse Group AG cut their price target on Spirit Airlines from $49.00 to $46.00 and set a “neutral” rating for the company in a research note on Tuesday, April 12th. Finally, JPMorgan Chase & Co. downgraded Spirit Airlines from an “overweight” rating to a “neutral” rating and lifted their price target for the company from $51.00 to $52.00 in a research note on Wednesday, April 20th. They noted that the move was a valuation call. One research analyst has rated the stock with a sell rating, two have given a hold rating, fifteen have given a buy rating and one has given a strong buy rating to the stock. The stock currently has an average rating of “Buy” and an average target price of $61.40.
The firm has a market cap of $3.28 billion and a price-to-earnings ratio of 10.69. The stock’s 50 day moving average price is $43.66 and its 200 day moving average price is $44.47.
Spirit Airlines (NASDAQ:SAVE) last posted its quarterly earnings results on Tuesday, April 26th. The company reported $1.01 EPS for the quarter, beating the Zacks’ consensus estimate of $0.96 by $0.05. The firm had revenue of $538.10 million for the quarter, compared to analysts’ expectations of $528.87 million. During the same quarter in the previous year, the company earned $0.96 EPS. The company’s quarterly revenue was up 9.1% compared to the same quarter last year. Equities analysts forecast that Spirit Airlines Inc. will post $4.01 earnings per share for the current fiscal year.
Other large investors recently modified their holdings of the company. OppenheimerFunds Inc. boosted its stake in shares of Spirit Airlines by 7.2% in the fourth quarter. OppenheimerFunds Inc. now owns 1,823,826 shares of the company’s stock valued at $72,680,000 after buying an additional 122,268 shares in the last quarter. Wells Fargo & Company MN boosted its position in shares of Spirit Airlines by 7.8% in the fourth quarter. Wells Fargo & Company MN now owns 1,272,929 shares of the company’s stock valued at $50,726,000 after buying an additional 92,332 shares in the last quarter. State of New Jersey Common Pension Fund D boosted its position in shares of Spirit Airlines by 21.6% in the fourth quarter. State of New Jersey Common Pension Fund D now owns 1,070,000 shares of the company’s stock valued at $42,640,000 after buying an additional 190,000 shares in the last quarter. Schroder Investment Management Group acquired a new position in shares of Spirit Airlines during the fourth quarter valued at $25,297,000. Finally, Marshall Wace LLP boosted its position in shares of Spirit Airlines by 1,034.0% in the fourth quarter. Marshall Wace LLP now owns 515,254 shares of the company’s stock valued at $20,533,000 after buying an additional 469,819 shares in the last quarter.
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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