Spirit Airlines (NYSE:SAVE) Trading 4.6% Higher

Spirit Airlines, Inc. (NYSE:SAVE) traded up 4.6% on Thursday . The company traded as high as $23.73 and last traded at $23.66. 136,551 shares were traded during trading, a decline of 97% from the average session volume of 4,288,544 shares. The stock had previously closed at $22.63.

A number of equities research analysts have weighed in on the company. Seaport Research Partners upgraded Spirit Airlines from a “neutral” rating to a “buy” rating and set a $33.00 price objective for the company in a research note on Monday, December 13th. Citigroup lowered their price objective on Spirit Airlines from $36.00 to $35.00 and set a “buy” rating for the company in a research note on Wednesday, September 22nd. MKM Partners lowered Spirit Airlines from a “buy” rating to a “neutral” rating and set a $25.00 price objective for the company. in a research note on Monday, January 3rd. Deutsche Bank Aktiengesellschaft decreased their target price on Spirit Airlines from $36.00 to $30.00 and set a “buy” rating for the company in a research report on Thursday, October 28th. Finally, Susquehanna lowered Spirit Airlines from a “positive” rating to a “neutral” rating and reduced their price objective for the company from $31.00 to $25.00 in a research report on Thursday. One analyst has rated the stock with a sell rating, eight have assigned a hold rating and nine have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $30.82.

The company has a debt-to-equity ratio of 1.35, a current ratio of 1.55 and a quick ratio of 1.55. The firm has a market cap of $2.52 billion, a PE ratio of -4.35 and a beta of 1.53. The business has a fifty day moving average price of $22.64 and a two-hundred day moving average price of $24.70.

Spirit Airlines (NYSE:SAVE) last issued its quarterly earnings results on Tuesday, October 26th. The company reported ($0.69) earnings per share for the quarter, beating analysts’ consensus estimates of ($1.02) by $0.33. Spirit Airlines had a negative return on equity of 23.44% and a negative net margin of 19.80%. The business had revenue of $922.60 million for the quarter, compared to the consensus estimate of $925.13 million. During the same quarter in the previous year, the company posted ($2.32) earnings per share. Spirit Airlines’s revenue for the quarter was up 129.5% compared to the same quarter last year. As a group, sell-side analysts forecast that Spirit Airlines, Inc. will post -4.2 EPS for the current fiscal year.

Hedge funds and other institutional investors have recently modified their holdings of the business. Apollo Management Holdings L.P. acquired a new stake in shares of Spirit Airlines in the third quarter worth about $76,775,000. Vanguard Group Inc. lifted its position in shares of Spirit Airlines by 12.1% in the second quarter. Vanguard Group Inc. now owns 9,684,912 shares of the company’s stock worth $294,808,000 after buying an additional 1,047,445 shares during the last quarter. U S Global Investors Inc. lifted its position in shares of Spirit Airlines by 28.6% in the third quarter. U S Global Investors Inc. now owns 4,293,125 shares of the company’s stock worth $111,364,000 after buying an additional 953,581 shares during the last quarter. Voloridge Investment Management LLC lifted its position in shares of Spirit Airlines by 435.9% in the third quarter. Voloridge Investment Management LLC now owns 1,152,289 shares of the company’s stock worth $29,890,000 after buying an additional 937,266 shares during the last quarter. Finally, Hodges Capital Management Inc. lifted its position in shares of Spirit Airlines by 132.2% in the third quarter. Hodges Capital Management Inc. now owns 1,094,056 shares of the company’s stock worth $28,380,000 after buying an additional 622,832 shares during the last quarter. Hedge funds and other institutional investors own 63.87% of the company’s stock.

About Spirit Airlines (NYSE:SAVE)

Spirit Airlines, Inc is an airline that offers travel to price-conscious customers. Its customers start with an unbundled base fares that remove components included in the price of an airline ticket. The company was founded by Ned Homfeld in 1964 and is headquartered in Miramar, FL.

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