Spirit Airlines, Inc. (SAVE) Lowered to C+ at TheStreet
Spirit Airlines, Inc. (NASDAQ:SAVE) was downgraded by equities research analysts at TheStreet from a “b-” rating to a “c+” rating in a research note issued on Monday.
Several other research firms also recently commented on SAVE. Wolfe Research raised shares of Spirit Airlines from a “market perform” rating to an “outperform” rating in a report on Friday, June 2nd. Deutsche Bank AG reaffirmed a “buy” rating and set a $54.00 price objective (down from $69.00) on shares of Spirit Airlines in a report on Sunday, July 30th. Morgan Stanley reaffirmed an “equal weight” rating and set a $56.00 price objective (down from $60.00) on shares of Spirit Airlines in a report on Tuesday, July 25th. Stifel Nicolaus reaffirmed a “buy” rating and set a $55.00 price objective (down from $75.00) on shares of Spirit Airlines in a report on Sunday, July 30th. Finally, Zacks Investment Research downgraded shares of Spirit Airlines from a “hold” rating to a “sell” rating in a report on Tuesday, August 1st. One research analyst has rated the stock with a sell rating, six have assigned a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the company’s stock. The stock presently has an average rating of “Buy” and a consensus price target of $54.96.
Spirit Airlines (NASDAQ SAVE) traded down 0.37% during trading on Monday, reaching $37.94. 297,081 shares of the company were exchanged. Spirit Airlines has a one year low of $37.17 and a one year high of $60.40. The firm’s 50 day moving average price is $49.51 and its 200-day moving average price is $52.88. The stock has a market capitalization of $2.63 billion, a price-to-earnings ratio of 11.00 and a beta of 0.57.
Spirit Airlines (NASDAQ:SAVE) last released its quarterly earnings data on Thursday, July 27th. The transportation company reported $1.14 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $1.11 by $0.03. The business had revenue of $701.68 million for the quarter, compared to the consensus estimate of $702.29 million. Spirit Airlines had a net margin of 9.62% and a return on equity of 17.96%. The company’s revenue was up 20.1% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.11 earnings per share. On average, equities research analysts predict that Spirit Airlines will post $3.61 earnings per share for the current year.
Several hedge funds and other institutional investors have recently bought and sold shares of SAVE. Emerald Advisers Inc. PA boosted its position in Spirit Airlines by 7.2% in the first quarter. Emerald Advisers Inc. PA now owns 613,860 shares of the transportation company’s stock valued at $32,578,000 after buying an additional 41,488 shares during the period. Emerald Mutual Fund Advisers Trust boosted its position in Spirit Airlines by 0.6% in the first quarter. Emerald Mutual Fund Advisers Trust now owns 454,951 shares of the transportation company’s stock valued at $24,144,000 after buying an additional 2,504 shares during the period. NJ State Employees Deferred Compensation Plan bought a new position in Spirit Airlines during the first quarter valued at $371,000. State of New Jersey Common Pension Fund D boosted its position in Spirit Airlines by 4,300.0% in the first quarter. State of New Jersey Common Pension Fund D now owns 220,000 shares of the transportation company’s stock valued at $11,675,000 after buying an additional 215,000 shares during the period. Finally, Strs Ohio bought a new position in Spirit Airlines during the first quarter valued at $46,436,000.
Spirit Airlines Company Profile
Spirit Airlines, Inc is an airline company. The Company provides air transportation for passengers. As of December 31, 2016, its all-Airbus Fit Fleet operated over 420 daily flights to 59 destinations in the United States, Caribbean and Latin America. As of December 31, 2016, it had a fleet of 95 Airbus single-aisle aircraft, which are referred to as A320 family aircraft and include the A319, A320 and A321 models, which have common design and equipment but differ most notably in fuselage length, service range and seat capacity.
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