Spirit Airlines Inc. (SAVE) Trading Up 3.9%
Spirit Airlines Inc. (NASDAQ:SAVE) shares were up 3.9% during mid-day trading on Friday . The stock traded as high as $43.91 and last traded at $43.90, with a volume of 809,575 shares traded. The stock had previously closed at $42.25.
Several brokerages recently weighed in on SAVE. Citigroup Inc. reaffirmed a “buy” rating and set a $60.00 target price (up previously from $57.00) on shares of Spirit Airlines in a research note on Tuesday, April 19th. Bank of America Corp. reaffirmed a “buy” rating on shares of Spirit Airlines in a research note on Monday, April 18th. Credit Suisse Group AG decreased their target price on Spirit Airlines from $49.00 to $46.00 and set a “neutral” rating for the company in a research note on Tuesday, April 12th. JPMorgan Chase & Co. cut Spirit Airlines from an “overweight” rating to a “neutral” rating and raised their target price for the company from $51.00 to $52.00 in a research note on Wednesday, April 20th. They noted that the move was a valuation call. Finally, Zacks Investment Research cut Spirit Airlines from a “hold” rating to a “strong sell” rating in a research note on Wednesday, June 29th. One analyst has rated the stock with a sell rating, two have assigned a hold rating, fourteen have given a buy rating and one has issued a strong buy rating to the stock. The company has a consensus rating of “Buy” and an average price target of $59.55.
The company’s 50 day moving average is $44.54 and its 200 day moving average is $44.76. The company has a market capitalization of $3.12 billion and a price-to-earnings ratio of 10.17.
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. During the same quarter in the previous year, the firm posted $0.96 EPS. The business earned $538.10 million during the quarter, compared to the consensus estimate of $528.87 million. The company’s revenue for the quarter was up 9.1% compared to the same quarter last year. On average, analysts anticipate that Spirit Airlines Inc. will post $3.91 EPS for the current year.
Several large investors have recently added to or reduced their stakes in SAVE. Wells Fargo & Company MN boosted its stake in Spirit Airlines by 7.8% in the fourth quarter. Wells Fargo & Company MN now owns 1,272,929 shares of the company’s stock valued at $50,726,000 after buying an additional 92,332 shares during the period. State of New Jersey Common Pension Fund D boosted its stake 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 worth $42,640,000 after buying an additional 190,000 shares during the period. Schroder Investment Management Group bought a new stake in shares of Spirit Airlines during the fourth quarter worth approximately $25,297,000. Marshall Wace LLP boosted its stake 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 worth $20,533,000 after buying an additional 469,819 shares during the period. Finally, Olstein Capital Management L.P. boosted its stake in shares of Spirit Airlines by 28.9% in the fourth quarter. Olstein Capital Management L.P. now owns 448,700 shares of the company’s stock worth $17,881,000 after buying an additional 100,700 shares during the period.
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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