Spirit Airlines’ (SAVE) Outperform Rating Reaffirmed at Imperial Capital
Spirit Airlines Incorporated (NASDAQ:SAVE)‘s stock had its “outperform” rating reaffirmed by analysts at Imperial Capital in a research report issued to clients and investors on Friday.
Several other equities research analysts have also recently commented on the stock. Deutsche Bank AG boosted their price objective on shares of Spirit Airlines from $44.00 to $46.00 and gave the company a “buy” rating in a research report on Friday, April 14th. Cowen and Company cut their price objective on shares of Spirit Airlines from $59.00 to $58.00 and set a “market perform” rating on the stock in a research report on Monday, March 20th. Stifel Nicolaus reaffirmed a “buy” rating and issued a $75.00 price objective on shares of Spirit Airlines in a research report on Saturday, April 22nd. Citigroup Inc reaffirmed a “neutral” rating and issued a $60.00 price objective (up from $58.00) on shares of Spirit Airlines in a research report on Saturday, April 22nd. Finally, Zacks Investment Research raised shares of Spirit Airlines from a “hold” rating to a “buy” rating and set a $60.00 price objective on the stock in a research report on Thursday, March 2nd. Six research analysts have rated the stock with a hold rating, four have issued a buy rating and two have given a strong buy rating to the company’s stock. Spirit Airlines has a consensus rating of “Buy” and a consensus target price of $61.05.
Shares of Spirit Airlines (NASDAQ:SAVE) opened at 53.82 on Friday. Spirit Airlines has a 12-month low of $37.17 and a 12-month high of $60.40. The stock has a market cap of $3.73 billion, a price-to-earnings ratio of 15.99 and a beta of 0.78. The stock has a 50 day moving average price of $55.55 and a 200-day moving average price of $54.38.
Spirit Airlines (NASDAQ:SAVE) last announced its quarterly earnings results on Friday, April 28th. The transportation company reported $0.51 earnings per share for the quarter, topping analysts’ consensus estimates of $0.49 by $0.02. The company had revenue of $591.80 million for the quarter, compared to analysts’ expectations of $591.31 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 10.0% compared to the same quarter last year. During the same period last year, the firm posted $1.01 earnings per share. Equities analysts anticipate that Spirit Airlines will post $4.19 EPS for the current fiscal year.
In other Spirit Airlines news, VP Edmundo Miranda sold 3,131 shares of the business’s stock in a transaction dated Friday, May 5th. The shares were sold at an average price of $59.39, for a total transaction of $185,950.09. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Insiders own 0.26% of the company’s stock.
A number of large investors have recently modified their holdings of the company. Wells Fargo & Company MN boosted its stake in shares of Spirit Airlines by 8.8% in the third quarter. Wells Fargo & Company MN now owns 2,248,725 shares of the transportation company’s stock valued at $95,638,000 after buying an additional 181,726 shares during the period. Coronation Fund Managers Ltd. acquired a new stake in shares of Spirit Airlines during the third quarter valued at approximately $5,720,000. South Texas Money Management Ltd. boosted its stake in shares of Spirit Airlines by 21.5% in the third quarter. South Texas Money Management Ltd. now owns 193,762 shares of the transportation company’s stock valued at $8,241,000 after buying an additional 34,280 shares during the period. Prudential Financial Inc. acquired a new stake in shares of Spirit Airlines during the third quarter valued at approximately $1,624,000. Finally, BlackRock Inc. boosted its stake in shares of Spirit Airlines by 3.3% in the third quarter. BlackRock Inc. now owns 22,699 shares of the transportation company’s stock valued at $965,000 after buying an additional 731 shares during the period. 96.91% of the stock is currently 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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