Spirit Airlines, Inc. (SAVE) Stock Rating Reaffirmed by Cowen and Company
Spirit Airlines, Inc. (NASDAQ:SAVE)‘s stock had its “hold” rating reissued by Cowen and Company in a research report issued to clients and investors on Tuesday. They presently have a $37.00 target price on the transportation company’s stock. Cowen and Company’s target price points to a potential upside of 6.23% from the company’s previous close.
SAVE has been the topic of several other research reports. Zacks Investment Research upgraded shares of Spirit Airlines from a “sell” rating to a “hold” rating in a research note on Monday, August 7th. Morgan Stanley reiterated an “equal weight” rating and set a $45.00 price target (down previously from $46.00) on shares of Spirit Airlines in a research report on Friday, September 1st. BidaskClub downgraded shares of Spirit Airlines from a “hold” rating to a “sell” rating in a research report on Friday, June 23rd. Deutsche Bank AG downgraded shares of Spirit Airlines from a “buy” rating to a “hold” rating and set a $38.00 price target on the stock. in a research report on Friday, October 6th. Finally, Buckingham Research downgraded shares of Spirit Airlines from a “buy” rating to a “neutral” rating in a research report on Friday, July 28th. Two equities research analysts have rated the stock with a sell rating, nine have issued a hold rating and four have assigned a buy rating to the stock. Spirit Airlines currently has a consensus rating of “Hold” and a consensus price target of $45.60.
Shares of Spirit Airlines (NASDAQ:SAVE) opened at 34.83 on Tuesday. Spirit Airlines has a 12-month low of $30.32 and a 12-month high of $60.40. The company has a 50 day moving average of $34.03 and a 200-day moving average of $46.18. The firm has a market cap of $2.42 billion, a PE ratio of 10.10 and a beta of 0.66.
Spirit Airlines (NASDAQ:SAVE) last issued its earnings results 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. Spirit Airlines had a net margin of 9.62% and a return on equity of 17.96%. The company had revenue of $701.68 million for the quarter, compared to the consensus estimate of $702.29 million. During the same quarter in the previous year, the company earned $1.11 EPS. The firm’s revenue for the quarter was up 20.1% compared to the same quarter last year. Equities research analysts forecast that Spirit Airlines will post $2.99 EPS for the current fiscal year.
In other Spirit Airlines news, Director H. Mcintyre Gardner bought 5,000 shares of the stock in a transaction that occurred on Friday, September 15th. The stock was acquired at an average cost of $33.78 per share, with a total value of $168,900.00. The transaction was disclosed in a filing with the SEC, which is accessible through this link. 0.33% of the stock is currently owned by corporate insiders.
Large investors have recently added to or reduced their stakes in the business. The Manufacturers Life Insurance Company boosted its position in Spirit Airlines by 7.0% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 2,160 shares of the transportation company’s stock worth $112,000 after acquiring an additional 141 shares during the last quarter. Advisor Group Inc. boosted its position in Spirit Airlines by 18.8% during the 2nd quarter. Advisor Group Inc. now owns 2,170 shares of the transportation company’s stock worth $113,000 after acquiring an additional 344 shares during the last quarter. Intact Investment Management Inc. acquired a new position in Spirit Airlines during the 2nd quarter worth approximately $238,000. Ramsey Quantitative Systems acquired a new position in Spirit Airlines during the 2nd quarter worth approximately $281,000. Finally, Oppenheimer Asset Management Inc. acquired a new position in Spirit Airlines during the 1st quarter worth approximately $346,000. 96.99% of the stock is owned by hedge funds and other institutional investors.
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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