Spirit Airlines, Inc. (NASDAQ:SAVE) Cut to “Sell” at Zacks Investment Research
Spirit Airlines, Inc. (NASDAQ:SAVE) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a report released on Tuesday, August 1st.
According to Zacks, “Shares of Spirit Airlines have underperformed its industry over the last month mainly due to the dispute with its pilots. As a result the carrier had to cancel multiple flights resulting in customer dissatisfaction. The costs associated with the flight cancellations hurt its second quarter results. Cost per available seat mile, excluding special items and fuel increased 10% in the quarter. Moreover, the company issued a lackluster unit revenue guidance for the third quarter due to intense competition and pricing pressures. We are, however, positive on the carrier’s constant efforts to expand its operations and modernize its fleet. The company’s initiatives to reward stockholders through share buybacks also raise optimism in the stock.”
Several other research firms have also weighed in on SAVE. Stifel Nicolaus reissued a “buy” rating and set a $75.00 price objective on shares of Spirit Airlines in a research note on Saturday, April 22nd. Citigroup Inc. reissued a “neutral” rating and set a $60.00 price objective (up previously from $58.00) on shares of Spirit Airlines in a research note on Saturday, April 22nd. Imperial Capital reissued an “outperform” rating and set a $70.00 price objective (up previously from $68.00) on shares of Spirit Airlines in a research note on Thursday, April 20th. Wolfe Research raised shares of Spirit Airlines from a “market perform” rating to an “outperform” rating in a research note on Friday, June 2nd. Finally, Cowen and Company lifted their price objective on shares of Spirit Airlines from $58.00 to $62.00 and gave the stock a “market perform” rating in a research note on Tuesday, April 18th. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating, seven have given a buy rating and one has given a strong buy rating to the stock. The stock has a consensus rating of “Buy” and a consensus target price of $54.96.
Shares of Spirit Airlines (SAVE) traded up 1.70% during midday trading on Tuesday, hitting $38.25. 1,517,250 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 stock has a market cap of $2.65 billion, a PE ratio of 11.09 and a beta of 0.57. The stock’s 50-day moving average is $47.38 and its 200-day moving average is $52.24.
Spirit Airlines (NASDAQ:SAVE) last issued its earnings results on Thursday, July 27th. The transportation company reported $1.14 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.11 by $0.03. The company had revenue of $701.68 million for the quarter, compared to analyst estimates 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 for the quarter was up 20.1% on a year-over-year basis. During the same quarter last year, the firm earned $1.11 EPS. Equities research analysts anticipate that Spirit Airlines will post $3.61 EPS for the current year.
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A number of hedge funds have recently made changes to their positions in SAVE. Middleton & Co Inc MA increased its stake in Spirit Airlines by 0.3% in the first quarter. Middleton & Co Inc MA now owns 17,275 shares of the transportation company’s stock worth $917,000 after buying an additional 45 shares during the period. Camarda Financial Advisors LLC increased its stake in Spirit Airlines by 0.3% in the second quarter. Camarda Financial Advisors LLC now owns 32,224 shares of the transportation company’s stock worth $1,664,000 after buying an additional 101 shares during the period. Public Employees Retirement System of Ohio increased its stake in Spirit Airlines by 0.3% in the first quarter. Public Employees Retirement System of Ohio now owns 96,711 shares of the transportation company’s stock worth $5,132,000 after buying an additional 246 shares during the period. Aperio Group LLC increased its stake in Spirit Airlines by 4.6% in the second quarter. Aperio Group LLC now owns 7,260 shares of the transportation company’s stock worth $375,000 after buying an additional 322 shares during the period. Finally, Amalgamated Bank increased its stake in Spirit Airlines by 3.4% in the first quarter. Amalgamated Bank now owns 10,252 shares of the transportation company’s stock worth $544,000 after buying an additional 333 shares during the period.
About Spirit Airlines
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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