Vetr Inc. Lowers Spirit Airlines Inc. (SAVE) to Buy
Spirit Airlines Inc. (NASDAQ:SAVE) was downgraded by analysts at Vetr from a “strong-buy” rating to a “buy” rating in a note issued to investors on Monday. They currently have a $48.00 price objective on the stock. Vetr‘s price target would suggest a potential upside of 13.64% from the company’s previous close.
A number of other equities research analysts also recently commented on SAVE. Credit Suisse Group AG raised Spirit Airlines from a “neutral” rating to an “outperform” rating and lifted their price objective for the company from $44.00 to $55.00 in a research report on Monday, June 20th. Zacks Investment Research downgraded Spirit Airlines from a “hold” rating to a “strong sell” rating in a research report on Wednesday, June 29th. Citigroup Inc. reissued a “buy” rating and set a $56.00 price target on shares of Spirit Airlines in a research report on Tuesday, July 19th. Deutsche Bank AG lowered their price target on Spirit Airlines from $56.00 to $52.00 and set a “buy” rating for the company in a research report on Monday, August 1st. Finally, Wolfe Research downgraded Spirit Airlines from an “outperform” rating to a “market perform” rating in a research report on Tuesday, August 2nd. Four analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has assigned a strong buy rating to the stock. The company has an average rating of “Buy” and an average price target of $58.50.
Spirit Airlines (NASDAQ:SAVE) traded down 1.74% during midday trading on Monday, reaching $42.24. The company’s stock had a trading volume of 818,274 shares. The company has a market capitalization of $2.96 billion, a P/E ratio of 9.86 and a beta of 1.18. Spirit Airlines has a 1-year low of $32.73 and a 1-year high of $53.53. The company has a 50 day moving average of $40.12 and a 200-day moving average of $43.22.
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Spirit Airlines (NASDAQ:SAVE) last announced its quarterly earnings data on Friday, July 29th. The company reported $1.11 EPS for the quarter, beating the Zacks’ consensus estimate of $1.08 by $0.03. The business earned $584.10 million during the quarter, compared to the consensus estimate of $594.47 million. Spirit Airlines had a return on equity of 25.93% and a net margin of 13.83%. The business’s revenue for the quarter was up 5.5% on a year-over-year basis. During the same quarter in the previous year, the business earned $1.03 earnings per share. Equities research analysts anticipate that Spirit Airlines will post $3.91 earnings per share for the current fiscal year.
Several institutional investors have recently bought and sold shares of the stock. Legal & General Group Plc raised its position in Spirit Airlines by 131.8% in the first quarter. Legal & General Group Plc now owns 2,253 shares of the company’s stock valued at $108,000 after buying an additional 1,281 shares during the period. Teacher Retirement System of Texas raised its position in Spirit Airlines by 13.6% in the second quarter. Teacher Retirement System of Texas now owns 2,515 shares of the company’s stock valued at $113,000 after buying an additional 302 shares during the period. Tower Research Capital LLC TRC raised its position in Spirit Airlines by 38.6% in the second quarter. Tower Research Capital LLC TRC now owns 3,065 shares of the company’s stock valued at $138,000 after buying an additional 853 shares during the period. Independent Portfolio Consultants Inc. raised its position in Spirit Airlines by 5.2% in the third quarter. Independent Portfolio Consultants Inc. now owns 3,511 shares of the company’s stock valued at $149,000 after buying an additional 175 shares during the period. Finally, Huntington National Bank raised its position in Spirit Airlines by 855.3% in the second quarter. Huntington National Bank now owns 4,041 shares of the company’s stock valued at $182,000 after buying an additional 3,618 shares during the period. 98.20% of the stock is owned by institutional investors.
Spirit Airlines Company Profile
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.
To view Vetr’s full report, visit Vetr’s official website.
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