Vetr Inc. Lowers Spirit Airlines Inc. (SAVE) to Buy
A number of other research analysts also recently weighed in on SAVE. Credit Suisse Group AG upgraded shares of Spirit Airlines from a neutral rating to an outperform rating and raised their price target for the company from $44.00 to $55.00 in a report on Monday, June 20th. Zacks Investment Research downgraded shares of Spirit Airlines from a hold rating to a strong sell rating in a report on Wednesday, June 29th. Citigroup Inc. restated a buy rating and set a $56.00 price target on shares of Spirit Airlines in a report on Tuesday, July 19th. Deutsche Bank AG cut their price target on shares of Spirit Airlines from $56.00 to $52.00 and set a buy rating on the stock in a report on Monday, August 1st. Finally, Wolfe Research downgraded shares of Spirit Airlines from an outperform rating to a market perform rating in a report on Tuesday, August 2nd. Four analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has given a strong buy rating to the stock. The company presently has an average rating of Buy and an average target price of $58.50.
Spirit Airlines (NASDAQ:SAVE) opened at 42.99 on Monday. The company has a market cap of $3.01 billion, a PE ratio of 10.03 and a beta of 1.18. Spirit Airlines has a 12 month low of $32.73 and a 12 month high of $53.53. The stock’s 50 day moving average is $40.06 and its 200 day moving average is $43.26.
Spirit Airlines (NASDAQ:SAVE) last released its quarterly earnings results on Friday, July 29th. The company reported $1.11 earnings per share for the quarter, beating analysts’ consensus estimates of $1.08 by $0.03. The business had revenue of $584.10 million for the quarter, compared to the consensus estimate of $594.47 million. Spirit Airlines had a net margin of 13.83% and a return on equity of 25.93%. Spirit Airlines’s revenue for the quarter was up 5.5% on a year-over-year basis. During the same quarter last year, the firm earned $1.03 EPS. Equities analysts predict that Spirit Airlines will post $3.91 earnings per share for the current year.
Several hedge funds have recently modified their holdings of SAVE. RS Investment Management Co. LLC raised its stake in shares of Spirit Airlines by 11.9% in the second quarter. RS Investment Management Co. LLC now owns 772,956 shares of the company’s stock valued at $34,683,000 after buying an additional 82,317 shares during the period. Wellington Management Group LLP increased its position in shares of Spirit Airlines by 583.0% in the first quarter. Wellington Management Group LLP now owns 1,618,183 shares of the company’s stock valued at $77,641,000 after buying an additional 1,381,250 shares in the last quarter. Virginia Retirement Systems ET AL purchased a new position in shares of Spirit Airlines during the second quarter valued at about $1,019,000. Artemis Investment Management LLP increased its position in shares of Spirit Airlines by 31.1% in the second quarter. Artemis Investment Management LLP now owns 623,790 shares of the company’s stock valued at $28,002,000 after buying an additional 148,133 shares in the last quarter. Finally, Cortina Asset Management LLC increased its position in shares of Spirit Airlines by 17.4% in the second quarter. Cortina Asset Management LLC now owns 220,086 shares of the company’s stock valued at $9,875,000 after buying an additional 32,689 shares in the last quarter. Institutional investors and hedge funds own 98.20% of the company’s stock.
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.
To view Vetr’s full report, visit Vetr’s official website.
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