Spirit Airlines Incorporated (SAVE) PT Lowered to $58.00
Spirit Airlines Incorporated (NASDAQ:SAVE) had its price target decreased by equities researchers at Cowen and Company from $59.00 to $58.00 in a research note issued on Monday. The firm presently has a “market perform” rating on the stock. Cowen and Company’s target price would indicate a potential upside of 13.50% from the company’s current price.
Several other research analysts have also recently weighed in on the stock. Imperial Capital reaffirmed an “outperform” rating on shares of Spirit Airlines in a report on Friday. Zacks Investment Research cut shares of Spirit Airlines from a “buy” rating to a “hold” rating in a report on Monday, March 6th. Morgan Stanley reaffirmed an “equal weight” rating on shares of Spirit Airlines in a report on Friday, December 16th. Finally, Barclays PLC assumed coverage on shares of Spirit Airlines in a report on Thursday, December 15th. They issued an “equal weight” rating and a $67.00 price target on the stock. Seven equities research analysts have rated the stock with a hold rating, six have given a buy rating and two have assigned a strong buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and a consensus price target of $58.75.
Shares of Spirit Airlines (NASDAQ:SAVE) traded up 0.37% on Monday, reaching $51.10. The company had a trading volume of 758,314 shares. The company’s 50-day moving average is $52.62 and its 200-day moving average is $50.44. The company has a market capitalization of $3.54 billion, a PE ratio of 13.59 and a beta of 0.78. Spirit Airlines has a one year low of $37.17 and a one year high of $60.40.
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Spirit Airlines (NASDAQ:SAVE) last released its quarterly earnings results on Tuesday, February 7th. The company reported $0.77 earnings per share for the quarter, topping the consensus estimate of $0.74 by $0.03. The firm had revenue of $578.40 million for the quarter, compared to analysts’ expectations of $578.35 million. Spirit Airlines had a net margin of 11.41% and a return on equity of 22.22%. The business’s quarterly revenue was up 11.3% on a year-over-year basis. During the same quarter in the prior year, the firm posted $1.02 earnings per share. Equities research analysts predict that Spirit Airlines will post $3.92 earnings per share for the current year.
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A number of hedge funds and other institutional investors have recently made changes to their positions in SAVE. Middleton & Co Inc MA raised its position in shares of Spirit Airlines by 0.3% in the third quarter. Middleton & Co Inc MA now owns 17,360 shares of the company’s stock valued at $738,000 after buying an additional 45 shares during the period. Stanley Laman Group Ltd. raised its position in shares of Spirit Airlines by 0.3% in the third quarter. Stanley Laman Group Ltd. now owns 20,344 shares of the company’s stock valued at $865,000 after buying an additional 61 shares during the period. Envestnet Asset Management Inc. raised its stake in Spirit Airlines by 2.5% in the fourth quarter. Envestnet Asset Management Inc. now owns 3,731 shares of the company’s stock valued at $216,000 after buying an additional 92 shares during the last quarter. Independent Portfolio Consultants Inc. raised 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 during the last quarter. Finally, BlackRock Inc. raised its stake in Spirit Airlines by 3.3% in the third quarter. BlackRock Inc. now owns 22,699 shares of the company’s stock valued at $965,000 after buying an additional 731 shares during the last quarter. Institutional investors own 96.91% of the company’s stock.
Spirit Airlines Company Profile
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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