Spirit Airlines Inc. (SAVE) Earns Outperform Rating from Analysts at Imperial Capital
Imperial Capital started coverage on shares of Spirit Airlines Inc. (NASDAQ:SAVE) in a research report sent to investors on Thursday morning. The brokerage issued an outperform rating and a $51.00 target price on the stock.
Several other brokerages have also issued reports on SAVE. Raymond James Financial Inc. upgraded shares of Spirit Airlines from an outperform rating to a strong-buy rating and set a $59.00 price target on the stock in a research note on Thursday, August 4th. Credit Suisse Group AG set a $55.00 price target on shares of Spirit Airlines and gave the company a buy rating in a research note on Tuesday, September 13th. Deutsche Bank AG lowered their price target on shares of Spirit Airlines from $56.00 to $52.00 and set a buy rating on the stock in a research note on Monday, August 1st. Zacks Investment Research lowered shares of Spirit Airlines from a hold rating to a strong sell rating in a research note on Wednesday, June 29th. Finally, Citigroup Inc. reiterated a buy rating and issued a $56.00 price target on shares of Spirit Airlines in a research note on Tuesday, July 19th. Four investment analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has issued a strong buy rating to the company’s stock. The company has an average rating of Buy and a consensus price target of $58.50.
Spirit Airlines (NASDAQ:SAVE) opened at 43.74 on Thursday. The firm’s 50-day moving average is $39.78 and its 200 day moving average is $43.31. Spirit Airlines has a 52-week low of $32.73 and a 52-week high of $53.53. The firm has a market capitalization of $3.06 billion, a P/E ratio of 10.21 and a beta of 1.18.
Spirit Airlines (NASDAQ:SAVE) last issued its quarterly earnings results on Friday, July 29th. The company reported $1.11 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.08 by $0.03. Spirit Airlines had a net margin of 13.83% and a return on equity of 25.93%. The firm had revenue of $584.10 million for the quarter, compared to analyst estimates of $594.47 million. During the same period in the previous year, the business earned $1.03 EPS. The company’s revenue was up 5.5% compared to the same quarter last year. Equities analysts anticipate that Spirit Airlines will post $3.91 EPS for the current year.
A number of hedge funds have recently bought and sold shares of SAVE. OMERS ADMINISTRATION Corp increased its stake in Spirit Airlines by 6.5% in the first quarter. OMERS ADMINISTRATION Corp now owns 9,900 shares of the company’s stock worth $475,000 after buying an additional 600 shares in the last quarter. Canada Pension Plan Investment Board increased its stake in shares of Spirit Airlines by 6.2% in the first quarter. Canada Pension Plan Investment Board now owns 24,000 shares of the company’s stock worth $1,152,000 after buying an additional 1,400 shares during the period. Menta Capital LLC purchased a new stake in shares of Spirit Airlines during the first quarter worth $657,000. Royce & Associates LP purchased a new stake in shares of Spirit Airlines during the first quarter worth $27,857,000. Finally, C M Bidwell & Associates Ltd. purchased a new stake in shares of Spirit Airlines during the first quarter worth $188,000. 98.20% of the stock is owned by hedge funds and other institutional investors.
About Spirit Airlines
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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