Vetr Inc. Upgrades Spirit Airlines Inc. (SAVE) to Strong-Buy
Spirit Airlines Inc. (NASDAQ:SAVE) was upgraded by research analysts at Vetr from a “buy” rating to a “strong-buy” rating in a report released on Tuesday. The brokerage currently has a $51.50 price objective on the stock. Vetr‘s price objective suggests a potential upside of 13.94% from the stock’s current price.
Other research analysts have also issued reports about the company. Deutsche Bank AG cut their price target on Spirit Airlines from $56.00 to $52.00 and set a “buy” rating for the company in a report on Monday, August 1st. Citigroup Inc. restated a “buy” rating and issued a $56.00 target price on shares of Spirit Airlines in a research note on Tuesday, July 19th. Credit Suisse Group AG set a $55.00 target price on Spirit Airlines and gave the company a “buy” rating in a research note on Tuesday, September 13th. Zacks Investment Research upgraded Spirit Airlines from a “strong sell” rating to a “hold” rating in a research note on Wednesday, August 17th. Finally, Wolfe Research lowered Spirit Airlines from an “outperform” rating to a “market perform” rating in a research note on Tuesday, August 2nd. Four analysts have rated the stock with a hold rating, twelve have given a buy rating and two have assigned a strong buy rating to the company. The company currently has an average rating of “Buy” and an average price target of $59.10.
Shares of Spirit Airlines (NASDAQ:SAVE) traded up 3.15% during midday trading on Tuesday, hitting $45.20. 3,058,087 shares of the company were exchanged. The firm has a market cap of $3.16 billion, a P/E ratio of 10.55 and a beta of 1.18. Spirit Airlines has a one year low of $32.73 and a one year high of $53.53. The company’s 50 day moving average price is $40.85 and its 200 day moving average price is $42.97.
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Spirit Airlines (NASDAQ:SAVE) last issued its quarterly earnings results on Friday, July 29th. The company reported $1.11 EPS for the quarter, topping analysts’ consensus estimates of $1.08 by $0.03. Spirit Airlines had a return on equity of 25.93% and a net margin of 13.83%. The company earned $584.10 million during the quarter, compared to analyst estimates of $594.47 million. During the same period in the previous year, the company earned $1.03 earnings per share. The company’s quarterly revenue was up 5.5% compared to the same quarter last year. Equities analysts expect that Spirit Airlines will post $3.91 EPS for the current year.
A number of institutional investors have recently bought and sold shares of the stock. RS Investment Management Co. LLC boosted its position in Spirit Airlines by 11.9% in the second quarter. RS Investment Management Co. LLC now owns 772,956 shares of the company’s stock valued at $34,683,000 after buying an additional 82,317 shares in the last quarter. Wellington Management Group LLP boosted its position in Spirit Airlines by 583.0% in the first quarter. Wellington Management Group LLP now owns 1,618,183 shares of the company’s stock valued at $77,641,000 after buying an additional 1,381,250 shares in the last quarter. Virginia Retirement Systems ET AL purchased a new position in Spirit Airlines during the second quarter valued at about $1,019,000. Artemis Investment Management LLP boosted its position in Spirit Airlines by 31.1% in the second quarter. Artemis Investment Management LLP now owns 623,790 shares of the company’s stock valued at $28,002,000 after buying an additional 148,133 shares in the last quarter. Finally, Cortina Asset Management LLC boosted its position in Spirit Airlines by 17.4% in the second quarter. Cortina Asset Management LLC now owns 220,086 shares of the company’s stock valued at $9,875,000 after buying an additional 32,689 shares in the last quarter. Institutional investors and hedge funds own 98.15% of the company’s stock.
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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