Spirit Airlines Incorporated (SAVE) Price Target Increased to $39.00 by Analysts at Morgan Stanley
Spirit Airlines Incorporated (NASDAQ:SAVE) had its price objective lifted by investment analysts at Morgan Stanley from $38.00 to $39.00 in a report issued on Monday. The brokerage currently has an “equal weight” rating on the transportation company’s stock. Morgan Stanley’s target price would suggest a potential upside of 15.35% from the company’s previous close.
Other research analysts have also issued reports about the company. Citigroup Inc. raised Spirit Airlines from a “neutral” rating to a “buy” rating and lowered their target price for the stock from $65.00 to $52.00 in a report on Friday, July 28th. Stifel Nicolaus reaffirmed a “buy” rating and set a $55.00 target price (down from $75.00) on shares of Spirit Airlines in a report on Sunday, July 30th. Deutsche Bank AG reaffirmed a “buy” rating and set a $54.00 target price (down from $69.00) on shares of Spirit Airlines in a report on Sunday, July 30th. Bank of America Corporation lowered their target price on Spirit Airlines from $75.00 to $68.00 and set a “buy” rating on the stock in a report on Friday, June 30th. Finally, TheStreet lowered Spirit Airlines from a “b-” rating to a “c+” rating in a report on Monday, August 7th. Two investment analysts have rated the stock with a sell rating, nine have issued a hold rating and four have issued a buy rating to the stock. The company presently has an average rating of “Hold” and an average price target of $45.00.
Spirit Airlines (NASDAQ SAVE) traded up 1.15% during trading on Monday, hitting $34.20. 333,489 shares of the stock were exchanged. The stock’s 50 day moving average is $34.00 and its 200-day moving average is $45.95. Spirit Airlines has a one year low of $30.32 and a one year high of $60.40. The company has a market cap of $2.37 billion, a price-to-earnings ratio of 9.91 and a beta of 0.66.
Spirit Airlines (NASDAQ:SAVE) last released its earnings results on Thursday, July 27th. The transportation company reported $1.14 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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 21.35% and a net margin of 11.14%. Spirit Airlines’s revenue was up 20.1% compared to the same quarter last year. During the same period in the previous year, the company earned $1.11 earnings per share. On average, equities research analysts expect that Spirit Airlines will post $2.99 earnings per share for the current fiscal year.
In other news, Director H. Mcintyre Gardner acquired 5,000 shares of the stock in a transaction dated Friday, September 15th. The shares were acquired at an average cost of $33.78 per share, for a total transaction of $168,900.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 0.33% of the company’s stock.
Several institutional investors and hedge funds have recently added to or reduced their stakes in SAVE. The Manufacturers Life Insurance Company increased its position in shares of 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 valued at $112,000 after purchasing an additional 141 shares during the period. Advisor Group Inc. increased its position in shares of Spirit Airlines by 18.8% during the second quarter. Advisor Group Inc. now owns 2,170 shares of the transportation company’s stock valued at $113,000 after purchasing an additional 344 shares during the period. Intact Investment Management Inc. bought a new stake in shares of Spirit Airlines during the second quarter valued at approximately $238,000. Ramsey Quantitative Systems bought a new stake in shares of Spirit Airlines during the second quarter valued at approximately $281,000. Finally, Oppenheimer Asset Management Inc. bought a new stake in shares of Spirit Airlines during the first quarter valued at approximately $346,000. Institutional investors and hedge funds own 96.99% of the company’s stock.
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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