Spirit Airlines, Inc. (NASDAQ:SAVE) Stock Rating Reaffirmed by Morgan Stanley
Spirit Airlines, Inc. (NASDAQ:SAVE)‘s stock had its “equal weight” rating restated by equities researchers at Morgan Stanley in a research report issued to clients and investors on Tuesday. They presently have a $56.00 price objective on the transportation company’s stock, down from their previous price objective of $60.00. Morgan Stanley’s price target suggests a potential upside of 15.08% from the stock’s current price.
A number of other research firms have also issued reports on SAVE. Stifel Nicolaus reiterated a “buy” rating and set a $75.00 price objective on shares of Spirit Airlines in a research note on Saturday, April 22nd. Citigroup Inc. reiterated 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 reiterated 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 upgraded shares of Spirit Airlines from a “market perform” rating to an “outperform” rating in a research note on Friday, June 2nd. Finally, Cowen and Company lifted their price objective on shares of Spirit Airlines from $58.00 to $62.00 and gave the company a “market perform” rating in a research note on Tuesday, April 18th. One research analyst has rated the stock with a sell rating, five have given a hold rating, six have given a buy rating and three have given a strong buy rating to the stock. The stock currently has a consensus rating of “Buy” and an average target price of $62.88.
Shares of Spirit Airlines (NASDAQ SAVE) traded down 0.73% during midday trading on Tuesday, reaching $48.66. 1,370,060 shares of the company traded hands. Spirit Airlines has a 12 month low of $37.17 and a 12 month high of $60.40. The stock has a market capitalization of $3.38 billion, a price-to-earnings ratio of 14.46 and a beta of 0.63. The company’s 50 day moving average is $52.88 and its 200-day moving average is $53.78.
Spirit Airlines (NASDAQ:SAVE) last posted its quarterly earnings data on Friday, April 28th. The transportation company reported $0.51 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.49 by $0.02. The company had revenue of $591.80 million for the quarter, compared to analyst estimates of $591.31 million. Spirit Airlines had a net margin of 9.89% and a return on equity of 18.60%. The business’s quarterly revenue was up 10.0% on a year-over-year basis. During the same quarter last year, the firm posted $1.01 earnings per share. Equities research analysts forecast that Spirit Airlines will post $4.16 earnings per share for the current fiscal year.
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In related news, VP Edmundo Miranda sold 3,131 shares of Spirit Airlines 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 sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 0.26% of the stock is currently owned by insiders.
Several hedge funds have recently modified their holdings of SAVE. James Investment Research Inc. acquired a new position in Spirit Airlines during the first quarter worth approximately $137,000. Envestnet Asset Management Inc. increased its position in Spirit Airlines by 2.5% in the fourth quarter. Envestnet Asset Management Inc. now owns 3,731 shares of the transportation company’s stock worth $216,000 after buying an additional 92 shares in the last quarter. Oppenheimer Asset Management Inc. acquired a new position in Spirit Airlines during the first quarter worth approximately $346,000. Parkwood LLC increased its position in Spirit Airlines by 24.9% in the first quarter. Parkwood LLC now owns 6,675 shares of the transportation company’s stock worth $354,000 after buying an additional 1,332 shares in the last quarter. Finally, Karp Capital Management Corp acquired a new position in Spirit Airlines during the first quarter worth approximately $368,000.
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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