Spirit Airlines Inc. (SAVE) Upgraded to Strong-Buy at Vetr Inc.
Vetr upgraded shares of Spirit Airlines Inc. (NASDAQ:SAVE) from a buy rating to a strong-buy rating in a report published on Monday morning. The firm currently has $48.00 price objective on the stock.
A number of other research firms have also issued reports on SAVE. Raymond James Financial Inc. raised Spirit Airlines from an outperform rating to a strong-buy rating and set a $59.00 price target on the stock in a report on Thursday, August 4th. Credit Suisse Group AG set a $55.00 price objective on shares of Spirit Airlines and gave the company a buy rating in a research report on Tuesday, September 13th. Deutsche Bank AG reduced their price objective on shares of Spirit Airlines from $56.00 to $52.00 and set a buy rating for the company in a research report on Monday, August 1st. Zacks Investment Research downgraded shares of Spirit Airlines from a hold rating to a strong sell rating in a research report on Wednesday, June 29th. Finally, Imperial Capital initiated coverage on shares of Spirit Airlines in a research report on Thursday, September 29th. They issued an outperform rating and a $51.00 price objective for the company. Four equities research analysts have rated the stock with a hold rating, twelve have given a buy rating and two have issued a strong buy rating to the stock. The company has a consensus rating of Buy and a consensus price target of $58.50.
Spirit Airlines (NASDAQ:SAVE) traded up 0.30% during midday trading on Monday, hitting $43.01. The stock had a trading volume of 88,485 shares. The stock has a 50-day moving average price of $40.21 and a 200 day moving average price of $43.12. Spirit Airlines has a 12-month low of $32.73 and a 12-month high of $53.53. The firm has a market cap of $3.01 billion, a P/E ratio of 10.04 and a beta of 1.18.
Spirit Airlines (NASDAQ:SAVE) last released its quarterly earnings results on Friday, July 29th. The company reported $1.11 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $1.08 by $0.03. Spirit Airlines had a return on equity of 25.93% and a net margin of 13.83%. The firm had revenue of $584.10 million for the quarter, compared to analyst estimates of $594.47 million. During the same quarter last year, the company posted $1.03 earnings per share. The business’s revenue was up 5.5% on a year-over-year basis. On average, equities analysts anticipate that Spirit Airlines will post $3.91 earnings per share for the current fiscal year.
A number of hedge funds have recently added to or reduced their stakes in SAVE. Wellington Management Group LLP boosted its stake in 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 during the last quarter. Capital World Investors bought a new stake in shares of Spirit Airlines during the second quarter valued at about $44,466,000. Dimensional Fund Advisors LP boosted its stake in shares of Spirit Airlines by 102.7% in the second quarter. Dimensional Fund Advisors LP now owns 1,247,695 shares of the company’s stock valued at $55,981,000 after buying an additional 632,126 shares in the last quarter. Franklin Resources Inc. boosted its stake in shares of Spirit Airlines by 61.6% in the first quarter. Franklin Resources Inc. now owns 1,535,908 shares of the company’s stock valued at $73,692,000 after buying an additional 585,523 shares in the last quarter. Finally, Royce & Associates LP bought a new stake in shares of Spirit Airlines during the first quarter valued at about $27,857,000. 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.
To view Vetr’s full report, visit Vetr’s official website.
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