Spirit Airlines, Inc. (NASDAQ:SAVE) Downgraded to Neutral at Buckingham Research
Spirit Airlines, Inc. (NASDAQ:SAVE) was downgraded by stock analysts at Buckingham Research from a “buy” rating to a “neutral” rating in a report released on Friday, The Fly reports.
Several other equities research analysts have also recently commented on the stock. Deutsche Bank AG dropped their price target on shares of Spirit Airlines from $71.00 to $69.00 and set a “buy” rating on the stock in a research report on Wednesday, July 12th. Bank of America Corporation dropped their price target on shares of Spirit Airlines from $75.00 to $68.00 and set a “buy” rating on the stock in a research report on Friday, June 30th. Stifel Nicolaus reiterated a “buy” rating and issued a $75.00 price target on shares of Spirit Airlines in a research report on Saturday, April 22nd. Citigroup Inc. upgraded shares of Spirit Airlines from a “neutral” rating to a “buy” rating in a research report on Friday. Finally, Morgan Stanley reiterated an “equal weight” rating and issued a $60.00 price target (down from $61.00) on shares of Spirit Airlines in a research report on Thursday, July 13th. One research analyst has rated the stock with a sell rating, six have issued a hold rating, six have given a buy rating and three have assigned a strong buy rating to the stock. The company currently has a consensus rating of “Buy” and an average target price of $59.71.
Spirit Airlines (NASDAQ SAVE) opened at 40.07 on Friday. Spirit Airlines has a one year low of $37.17 and a one year high of $60.40. The stock has a 50 day moving average of $52.01 and a 200-day moving average of $53.59. The stock has a market cap of $2.78 billion, a P/E ratio of 11.91 and a beta of 0.63.
Spirit Airlines (NASDAQ:SAVE) last posted its quarterly earnings data on Thursday, July 27th. The transportation company reported $1.14 earnings per share for the quarter, topping the consensus estimate of $1.11 by $0.03. The business had revenue of $701.68 million during the quarter, compared to the consensus estimate of $702.29 million. Spirit Airlines had a net margin of 9.89% and a return on equity of 18.60%. The company’s quarterly revenue was up 20.1% compared to the same quarter last year. During the same quarter in the prior year, the company posted $1.11 earnings per share. Analysts anticipate that Spirit Airlines will post $4.16 EPS for the current year.
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In other news, VP Edmundo Miranda sold 3,131 shares of the company’s stock in a transaction that occurred on Friday, May 5th. The stock was sold at an average price of $59.39, for a total transaction of $185,950.09. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 0.26% of the stock is owned by insiders.
Several hedge funds and other institutional investors have recently modified their holdings of the stock. BlackRock Inc. raised its position in shares of Spirit Airlines by 7,002.6% in the first quarter. BlackRock Inc. now owns 2,691,469 shares of the transportation company’s stock worth $142,838,000 after buying an additional 2,653,575 shares during the last quarter. Strs Ohio purchased a new position in shares of Spirit Airlines during the first quarter worth approximately $46,436,000. Wells Fargo & Company MN raised its position in shares of Spirit Airlines by 24.3% in the first quarter. Wells Fargo & Company MN now owns 3,093,057 shares of the transportation company’s stock worth $164,148,000 after buying an additional 604,447 shares during the last quarter. Scout Investments Inc. raised its position in shares of Spirit Airlines by 158.9% in the first quarter. Scout Investments Inc. now owns 926,601 shares of the transportation company’s stock worth $44,458,000 after buying an additional 568,755 shares during the last quarter. Finally, MARSHALL WACE ASIA Ltd purchased a new position in shares of Spirit Airlines during the first quarter worth approximately $16,146,000.
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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