Spirit Airlines, Inc. (SAVE) Stock Rating Reaffirmed by Cowen and Company
Spirit Airlines, Inc. (NASDAQ:SAVE)‘s stock had its “market perform” rating reissued by equities research analysts at Cowen and Company in a research note issued on Tuesday. They currently have a $59.00 price target on the transportation company’s stock. Cowen and Company’s target price indicates a potential upside of 10.49% from the company’s previous close.
Several other analysts also recently issued reports on the stock. Stifel Nicolaus reaffirmed a “buy” rating and issued a $75.00 price target on shares of Spirit Airlines in a report on Saturday, April 22nd. Citigroup Inc. reissued a “neutral” rating and set a $60.00 price objective (up previously from $58.00) on shares of Spirit Airlines in a research note on Saturday, April 22nd. Imperial Capital reissued an “outperform” rating and set a $70.00 price objective (up previously from $68.00) on shares of Spirit Airlines in a research note on Thursday, April 20th. Wolfe Research raised shares of Spirit Airlines from a “market perform” rating to an “outperform” rating in a research note on Friday, June 2nd. Finally, Deutsche Bank AG upped their price objective on shares of Spirit Airlines from $44.00 to $46.00 and gave the company a “buy” rating in a research note on Friday, April 14th. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating, six have given a buy rating and three have assigned a strong buy rating to the stock. The stock currently has a consensus rating of “Buy” and a consensus price target of $63.21.
Spirit Airlines (NASDAQ SAVE) traded down 2.92% during midday trading on Tuesday, hitting $51.84. The stock had a trading volume of 973,296 shares. The stock has a market cap of $3.60 billion, a price-to-earnings ratio of 15.41 and a beta of 0.63. The stock has a 50 day moving average of $53.88 and a 200 day moving average of $54.52. Spirit Airlines has a 12 month low of $37.17 and a 12 month high of $60.40.
Spirit Airlines (NASDAQ:SAVE) last issued its earnings results on Friday, April 28th. The transportation company reported $0.51 earnings per share for the quarter, topping the consensus estimate of $0.49 by $0.02. Spirit Airlines had a net margin of 9.89% and a return on equity of 18.60%. The company had revenue of $591.80 million for the quarter, compared to analyst estimates of $591.31 million. During the same period in the prior year, the business posted $1.01 earnings per share. The firm’s revenue for the quarter was up 10.0% compared to the same quarter last year. Analysts expect that Spirit Airlines will post $4.15 EPS for the current fiscal year.
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In other news, VP Edmundo Miranda sold 3,131 shares of the stock in a transaction on Friday, May 5th. The shares were sold at an average price of $59.39, for a total value of $185,950.09. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. 0.26% of the stock is owned by corporate insiders.
A number of large investors have recently added to or reduced their stakes in the stock. NJ State Employees Deferred Compensation Plan purchased a new stake in Spirit Airlines during the first quarter worth $371,000. State of New Jersey Common Pension Fund D raised its stake in Spirit Airlines by 4,300.0% in the first quarter. State of New Jersey Common Pension Fund D now owns 220,000 shares of the transportation company’s stock worth $11,675,000 after buying an additional 215,000 shares during the last quarter. Strs Ohio purchased a new stake in Spirit Airlines during the first quarter worth $46,436,000. James Investment Research Inc. purchased a new stake in Spirit Airlines during the first quarter worth $137,000. Finally, Middleton & Co Inc MA raised its stake in Spirit Airlines by 0.3% in the first quarter. Middleton & Co Inc MA now owns 17,275 shares of the transportation company’s stock worth $917,000 after buying an additional 45 shares during the last quarter.
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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