J P Morgan Chase & Co Downgrades Spirit Airlines, Inc. (SAVE) to Neutral
Spirit Airlines, Inc. (NASDAQ:SAVE) was downgraded by stock analysts at J P Morgan Chase & Co from an “overweight” rating to a “neutral” rating in a research note issued on Friday, Marketbeat Ratings reports.
Several other research firms have also commented on SAVE. Wolfe Research raised Spirit Airlines from a “market perform” rating to an “outperform” rating in a report on Friday, June 2nd. Deutsche Bank AG reaffirmed a “buy” rating and set a $54.00 price objective (down previously from $69.00) on shares of Spirit Airlines in a report on Sunday, July 30th. Morgan Stanley reaffirmed an “equal weight” rating and set a $56.00 price objective (down previously from $60.00) on shares of Spirit Airlines in a report on Tuesday, July 25th. Stifel Nicolaus reaffirmed a “buy” rating and set a $55.00 price objective (down previously from $75.00) on shares of Spirit Airlines in a report on Sunday, July 30th. Finally, Zacks Investment Research lowered Spirit Airlines from a “hold” rating to a “sell” rating in a report on Tuesday, August 1st. Two equities research analysts have rated the stock with a sell rating, seven have issued a hold rating, five have assigned a buy rating and one has given a strong buy rating to the stock. Spirit Airlines presently has an average rating of “Hold” and an average price target of $51.32.
Spirit Airlines (SAVE) traded down 3.27% during mid-day trading on Friday, hitting $33.69. The stock had a trading volume of 3,111,679 shares. Spirit Airlines has a 52-week low of $30.32 and a 52-week high of $60.40. The firm has a 50-day moving average of $36.30 and a 200-day moving average of $49.06. The stock has a market cap of $2.34 billion, a P/E ratio of 9.77 and a beta of 0.62.
Spirit Airlines (NASDAQ:SAVE) last posted its earnings results on Thursday, July 27th. The transportation company reported $1.14 EPS for the quarter, beating the consensus estimate of $1.11 by $0.03. The firm had revenue of $701.68 million for the quarter, compared to analyst estimates of $702.29 million. Spirit Airlines had a return on equity of 17.96% and a net margin of 9.62%. Spirit Airlines’s revenue for the quarter 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. On average, analysts forecast that Spirit Airlines will post $3.19 EPS for the current fiscal year.
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A number of institutional investors have recently modified their holdings of the business. Sentry Investment Management LLC increased its holdings in Spirit Airlines by 1.7% in the second quarter. Sentry Investment Management LLC now owns 54,044 shares of the transportation company’s stock valued at $2,791,000 after buying an additional 888 shares in the last quarter. U S Global Investors Inc. increased its holdings in Spirit Airlines by 77.4% in the second quarter. U S Global Investors Inc. now owns 92,046 shares of the transportation company’s stock valued at $3,574,000 after buying an additional 40,169 shares in the last quarter. Dynamic Technology Lab Private Ltd purchased a new position in Spirit Airlines in the second quarter valued at about $1,000,000. Verition Fund Management LLC purchased a new position in Spirit Airlines in the second quarter valued at about $1,407,000. Finally, Rockshelter Capital Management LLC increased its holdings in Spirit Airlines by 3.2% in the second quarter. Rockshelter Capital Management LLC now owns 256,478 shares of the transportation company’s stock valued at $13,247,000 after buying an additional 7,985 shares in the last quarter. 97.00% of the stock is owned by 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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