Spirit Airlines Inc. (SAVE) Shares Down 1.8%
Spirit Airlines Inc. (NASDAQ:SAVE)’s share price dropped 1.8% on Wednesday . The stock traded as low as $42.81 and last traded at $43.53, with a volume of 526,171 shares trading hands. The stock had previously closed at $44.31.
SAVE has been the topic of several recent research reports. Buckingham Research restated a “buy” rating on shares of Spirit Airlines in a report on Friday, April 15th. Zacks Investment Research lowered shares of Spirit Airlines from a “buy” rating to a “hold” rating in a report on Wednesday, March 23rd. Bank of America Corp. reiterated a “buy” rating on shares of Spirit Airlines in a report on Monday, April 18th. Credit Suisse Group AG cut their price objective on shares of Spirit Airlines from $49.00 to $46.00 and set a “neutral” rating on the stock in a report on Tuesday, April 12th. Finally, JPMorgan Chase & Co. lowered 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 report 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, fifteen have issued a buy rating and one has assigned a strong buy rating to the stock. The stock has a consensus rating of “Buy” and an average price target of $61.40.
The company has a 50-day moving average of $43.44 and a 200-day moving average of $44.43. The stock has a market capitalization of $3.11 billion and a PE ratio of 10.14.
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 earnings per share. The firm had revenue of $538.10 million for the quarter, compared to the consensus estimate of $528.87 million. The company’s revenue for the quarter was up 9.1% on a year-over-year basis. On average, equities analysts forecast that Spirit Airlines Inc. will post $4.01 earnings per share for the current year.
Other institutional investors have recently made changes to their positions in the company. Marshall Wace LLP increased its position 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. Freestone Capital Holdings LLC increased its position in shares of 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. UBS Oconnor LLC purchased a new position in shares of Spirit Airlines during the fourth quarter valued at about $1,793,000. State of New Jersey Common Pension Fund D increased its position 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. Finally, Century Capital Management LLC increased its position in shares of 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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