Spirit Airlines Inc. (SAVE) Cut to “Buy” at Vetr Inc.
Spirit Airlines Inc. (NASDAQ:SAVE) was downgraded by investment analysts at Vetr from a “strong-buy” rating to a “buy” rating in a research report issued to clients and investors on Monday. They currently have a $48.00 target price on the stock. Vetr‘s price target indicates a potential upside of 9.64% from the company’s previous close.
Several other analysts have also issued reports on SAVE. Credit Suisse Group AG set a $55.00 target price on Spirit Airlines and gave the stock a “buy” rating in a report on Tuesday, September 13th. Wolfe Research lowered Spirit Airlines from an “outperform” rating to a “market perform” rating in a report on Tuesday, August 2nd. Zacks Investment Research raised Spirit Airlines from a “strong sell” rating to a “hold” rating in a report on Wednesday, August 17th. Citigroup Inc. reissued a “buy” rating and set a $56.00 target price on shares of Spirit Airlines in a report on Tuesday, July 19th. Finally, Raymond James Financial Inc. raised Spirit Airlines from an “outperform” rating to a “strong-buy” rating and set a $59.00 target price on the stock in a report on Thursday, August 4th. Four analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has issued a strong buy rating to the stock. Spirit Airlines has an average rating of “Buy” and a consensus target price of $58.87.
Shares of Spirit Airlines (NASDAQ:SAVE) opened at 43.78 on Monday. The firm has a market capitalization of $3.07 billion, a price-to-earnings ratio of 10.22 and a beta of 1.18. Spirit Airlines has a 12 month low of $32.73 and a 12 month high of $53.53. The company has a 50-day moving average price of $40.56 and a 200-day moving average price of $43.09.
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Spirit Airlines (NASDAQ:SAVE) last issued its quarterly earnings data on Friday, July 29th. The company reported $1.11 EPS for the quarter, beating analysts’ consensus estimates of $1.08 by $0.03. The firm had revenue of $584.10 million for the quarter, compared to analyst estimates of $594.47 million. Spirit Airlines had a return on equity of 25.93% and a net margin of 13.83%. The company’s revenue for the quarter was up 5.5% on a year-over-year basis. During the same period in the prior year, the firm posted $1.03 EPS. Equities analysts forecast that Spirit Airlines will post $3.91 EPS for the current fiscal year.
A number of large investors have recently added to or reduced their stakes in SAVE. Legal & General Group Plc boosted its stake in Spirit Airlines by 9.5% in the second quarter. Legal & General Group Plc now owns 2,468 shares of the company’s stock valued at $111,000 after buying an additional 215 shares in the last quarter. Teacher Retirement System of Texas boosted its stake 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 in the last quarter. Tower Research Capital LLC TRC boosted its stake 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 in the last quarter. Independent Portfolio Consultants Inc. boosted its stake 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 in the last quarter. Finally, Huntington National Bank boosted its stake 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 in the last quarter. 98.20% of the stock is owned by institutional investors and hedge funds.
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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