Spirit Airlines, Inc. (SAVE) Given New $45.00 Price Target at Stifel Nicolaus
Spirit Airlines, Inc. (NASDAQ:SAVE) had its target price cut by stock analysts at Stifel Nicolaus from $55.00 to $45.00 in a note issued to investors on Tuesday. The brokerage currently has a “buy” rating on the transportation company’s stock. Stifel Nicolaus’ price objective suggests a potential upside of 34.45% from the company’s previous close.
A number of other analysts have also recently weighed in on the stock. ValuEngine cut shares of Spirit Airlines from a “buy” rating to a “hold” rating in a report on Friday, September 1st. Cowen and Company reaffirmed a “hold” rating and issued a $45.00 price objective on shares of Spirit Airlines in a report on Friday, September 1st. Morgan Stanley reaffirmed an “equal weight” rating and issued a $45.00 price objective (down previously from $46.00) on shares of Spirit Airlines in a report on Friday, September 1st. BidaskClub cut shares of Spirit Airlines from a “sell” rating to a “strong sell” rating in a report on Tuesday, July 25th. Finally, Bank of America Corporation dropped their price objective 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. Two investment analysts have rated the stock with a sell rating, nine have given a hold rating, four have assigned a buy rating and one has given a strong buy rating to the company’s stock. Spirit Airlines presently has a consensus rating of “Hold” and an average target price of $46.86.
Spirit Airlines (SAVE) opened at 33.47 on Tuesday. The firm has a 50-day moving average of $34.09 and a 200-day moving average of $46.53. Spirit Airlines has a 1-year low of $30.32 and a 1-year high of $60.40. The firm has a market capitalization of $2.32 billion, a price-to-earnings ratio of 9.70 and a beta of 0.66.
Spirit Airlines (NASDAQ:SAVE) last issued its earnings results on Thursday, July 27th. The transportation company reported $1.14 earnings per share for the quarter, topping the Zacks’ consensus estimate of $1.11 by $0.03. The company had revenue of $701.68 million for the quarter, compared to analysts’ expectations of $702.29 million. Spirit Airlines had a net margin of 9.62% and a return on equity of 17.96%. The firm’s revenue was up 20.1% compared to the same quarter last year. During the same period in the prior year, the company earned $1.11 earnings per share. On average, analysts expect that Spirit Airlines will post $2.92 earnings per share for the current year.
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In related news, Director H. Mcintyre Gardner bought 5,000 shares of the stock in a transaction on Friday, September 15th. The shares were purchased at an average price of $33.78 per share, with a total value of $168,900.00. The purchase was disclosed in a document filed with the SEC, which is available at the SEC website. 0.33% of the stock is currently owned by company insiders.
A number of institutional investors have recently added to or reduced their stakes in the business. Vanguard Group Inc. increased its stake in Spirit Airlines by 1.4% during the 2nd quarter. Vanguard Group Inc. now owns 5,438,753 shares of the transportation company’s stock valued at $280,912,000 after buying an additional 73,982 shares during the period. BlackRock Inc. increased its stake in Spirit Airlines by 7,002.6% during the 1st quarter. BlackRock Inc. now owns 2,691,469 shares of the transportation company’s stock valued at $142,838,000 after buying an additional 2,653,575 shares during the period. Franklin Resources Inc. increased its stake in Spirit Airlines by 4.0% during the 2nd quarter. Franklin Resources Inc. now owns 2,128,314 shares of the transportation company’s stock valued at $109,927,000 after buying an additional 82,438 shares during the period. Dimensional Fund Advisors LP increased its stake in Spirit Airlines by 16.9% during the 1st quarter. Dimensional Fund Advisors LP now owns 1,621,926 shares of the transportation company’s stock valued at $86,073,000 after buying an additional 234,734 shares during the period. Finally, Bank of America Corp DE increased its stake in Spirit Airlines by 32.6% during the 1st quarter. Bank of America Corp DE now owns 650,724 shares of the transportation company’s stock valued at $34,534,000 after buying an additional 160,022 shares during the period. 96.99% of the stock is currently owned by hedge funds and other 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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