Spirit Airlines, Inc. (SAVE) Rating Lowered to Hold at Deutsche Bank AG
Spirit Airlines, Inc. (NASDAQ:SAVE) was downgraded by research analysts at Deutsche Bank AG from a “buy” rating to a “hold” rating in a report released on Friday, MarketBeat.com reports. They currently have a $38.00 price objective on the transportation company’s stock. Deutsche Bank AG’s target price suggests a potential upside of 7.99% from the company’s current price.
SAVE has been the topic of several other research reports. BidaskClub downgraded shares of Spirit Airlines from a “hold” rating to a “sell” rating in a report on Friday, June 23rd. Bank of America Corporation lowered their target price on shares of Spirit Airlines from $75.00 to $68.00 and set a “buy” rating on the stock in a report on Friday, June 30th. Morgan Stanley reaffirmed an “equal weight” rating and issued a $60.00 target price (down previously from $61.00) on shares of Spirit Airlines in a report on Thursday, July 13th. Cowen and Company reaffirmed a “market perform” rating and issued a $59.00 target price on shares of Spirit Airlines in a report on Tuesday, July 18th. Finally, Citigroup Inc. raised shares of Spirit Airlines from a “neutral” rating to a “buy” rating and lowered their target price for the company from $65.00 to $52.00 in a report on Friday, July 28th. Two investment analysts have rated the stock with a sell rating, nine have issued a hold rating, four have assigned a buy rating and one has issued a strong buy rating to the company. The company has a consensus rating of “Hold” and a consensus target price of $48.14.
Spirit Airlines (NASDAQ:SAVE) traded up 0.26% on Friday, reaching $35.28. 1,061,804 shares of the company were exchanged. The stock has a market capitalization of $2.45 billion, a price-to-earnings ratio of 10.23 and a beta of 0.66. Spirit Airlines has a 52 week low of $30.32 and a 52 week high of $60.40. The stock has a 50-day moving average price of $34.35 and a 200 day moving average price of $47.29.
Spirit Airlines (NASDAQ:SAVE) last issued its quarterly earnings data on Thursday, July 27th. The transportation company reported $1.14 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $1.11 by $0.03. Spirit Airlines had a net margin of 9.62% and a return on equity of 17.96%. The company had revenue of $701.68 million for the quarter, compared to the consensus estimate of $702.29 million. During the same period last year, the firm posted $1.11 EPS. Spirit Airlines’s revenue for the quarter was up 20.1% on a year-over-year basis. Analysts forecast that Spirit Airlines will post $2.98 earnings per share for the current year.
In related news, Director H. Mcintyre Gardner acquired 5,000 shares of Spirit Airlines stock in a transaction that occurred on Friday, September 15th. The stock was purchased at an average price of $33.78 per share, for a total transaction of $168,900.00. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.33% of the stock is owned by company insiders.
Institutional investors and hedge funds have recently made changes to their positions in the business. The Manufacturers Life Insurance Company raised its position in Spirit Airlines by 7.0% during the second quarter. The Manufacturers Life Insurance Company now owns 2,160 shares of the transportation company’s stock worth $112,000 after acquiring an additional 141 shares during the last quarter. Advisor Group Inc. raised its position in Spirit Airlines by 18.8% during the second quarter. Advisor Group Inc. now owns 2,170 shares of the transportation company’s stock worth $113,000 after acquiring an additional 344 shares during the last quarter. Intact Investment Management Inc. acquired a new position in Spirit Airlines during the second quarter worth about $238,000. Ramsey Quantitative Systems acquired a new position in Spirit Airlines during the second quarter worth about $281,000. Finally, Oppenheimer Asset Management Inc. acquired a new position in Spirit Airlines during the first quarter worth about $346,000. Institutional investors own 96.99% of the company’s stock.
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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