Spirit Airlines Inc. (SAVE) Stock Price Down 6.8%
Shares of Spirit Airlines Inc. (NASDAQ:SAVE) dropped 6.8% during mid-day trading on Tuesday . The company traded as low as $43.74 and last traded at $44.54, with a volume of 2,040,883 shares trading hands. The stock had previously closed at $47.81.
A number of brokerages have recently weighed in on SAVE. Citigroup Inc. restated a “buy” rating and issued a $60.00 price objective (up from $57.00) on shares of Spirit Airlines in a research note on Tuesday, April 19th. Zacks Investment Research cut shares of Spirit Airlines from a “buy” rating to a “hold” rating in a research note on Wednesday, March 23rd. Bank of America Corp. restated a “buy” rating on shares of Spirit Airlines in a research note on Monday, April 18th. Credit Suisse Group AG reduced their price objective on shares of 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. cut shares of Spirit Airlines from an “overweight” rating to a “neutral” rating and boosted their price objective for the stock 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, fourteen have issued a buy rating and one has issued a strong buy rating to the company’s stock. Spirit Airlines has a consensus rating of “Buy” and an average price target of $59.55.
The firm has a 50 day moving average of $44.56 and a 200-day moving average of $44.75. The stock has a market cap of $3.20 billion and a price-to-earnings ratio of 10.43.
Spirit Airlines (NASDAQ:SAVE) last announced its quarterly earnings results on Tuesday, April 26th. The company reported $1.01 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.96 by $0.05. During the same period in the prior year, the business earned $0.96 EPS. The business had revenue of $538.10 million for the quarter, compared to analyst estimates of $528.87 million. The company’s revenue for the quarter was up 9.1% compared to the same quarter last year. On average, equities research analysts expect that Spirit Airlines Inc. will post $3.95 earnings per share for the current year.
Other large investors have made changes to their positions in the company. Wells Fargo & Company MN increased its stake 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 increased its stake 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 stake in shares of Spirit Airlines during the fourth quarter valued at about $25,297,000. Marshall Wace LLP increased its stake 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. Finally, Olstein Capital Management L.P. increased its stake in shares of Spirit Airlines by 28.9% in the fourth quarter. Olstein Capital Management L.P. now owns 448,700 shares of the company’s stock valued at $17,881,000 after buying an additional 100,700 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.
Get Analysts' Upgrades and Downgrades Daily - Enter your email address below to receive a concise daily summary of analysts' upgrades, downgrades and new coverage with MarketBeat.com's FREE daily email newsletter.