Spirit Airlines Inc. (SAVE) Trading Down 6.8%
Shares of Spirit Airlines Inc. (NASDAQ:SAVE) dropped 6.8% during 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 traded. The stock had previously closed at $47.81.
SAVE has been the topic of a number of analyst reports. Citigroup Inc. reissued a “buy” rating and issued a $60.00 price target (up from $57.00) on shares of Spirit Airlines in a research report on Tuesday, April 19th. Zacks Investment Research cut Spirit Airlines from a “buy” rating to a “hold” rating in a research report on Wednesday, March 23rd. Bank of America Corp. reissued a “buy” rating on shares of Spirit Airlines in a research report on Monday, April 18th. Credit Suisse Group AG dropped their price target on Spirit Airlines from $49.00 to $46.00 and set a “neutral” rating on the stock in a research report on Tuesday, April 12th. Finally, JPMorgan Chase & Co. cut Spirit Airlines from an “overweight” rating to a “neutral” rating and boosted their price target for the stock from $51.00 to $52.00 in a research report on Wednesday, April 20th. They noted that the move was a valuation call. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating, fourteen have assigned a buy rating and one has given a strong buy rating to the company’s stock. Spirit Airlines has a consensus rating of “Buy” and an average target price of $59.55.
The company has a market capitalization of $3.03 billion and a PE ratio of 9.88. The company has a 50 day moving average of $44.58 and a 200-day moving average of $44.74.
Spirit Airlines (NASDAQ:SAVE) last issued its quarterly earnings data on Tuesday, April 26th. The company reported $1.01 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.96 by $0.05. The business had revenue of $538.10 million for the quarter, compared to analysts’ expectations of $528.87 million. The business’s quarterly revenue was up 9.1% compared to the same quarter last year. During the same period in the previous year, the business earned $0.96 earnings per share. Equities research analysts anticipate that Spirit Airlines Inc. will post $3.91 earnings per share for the current fiscal year.
Other institutional investors have recently added to or reduced their stakes in the company. Rhumbline Advisers raised its position in Spirit Airlines by 0.9% in the fourth quarter. Rhumbline Advisers now owns 63,907 shares of the company’s stock valued at $2,547,000 after buying an additional 590 shares in the last quarter. Nationwide Fund Advisors raised its position in Spirit Airlines by 16.3% in the fourth quarter. Nationwide Fund Advisors now owns 95,800 shares of the company’s stock valued at $3,818,000 after buying an additional 13,400 shares in the last quarter. Dimensional Fund Advisors LP raised its position in Spirit Airlines by 4.3% in the fourth quarter. Dimensional Fund Advisors LP now owns 421,734 shares of the company’s stock valued at $16,809,000 after buying an additional 17,540 shares in the last quarter. Freestone Capital Holdings LLC raised its position in Spirit Airlines by 116.3% in the fourth quarter. Freestone Capital Holdings LLC now owns 37,551 shares of the company’s stock valued at $1,496,000 after buying an additional 20,192 shares in the last quarter. Finally, Century Capital Management LLC raised its position in Spirit Airlines by 44.5% in the fourth quarter. Century Capital Management LLC now owns 101,785 shares of the company’s stock valued at $4,056,000 after buying an additional 31,339 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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