Spirit Airlines (SAVE) Stock Rating Lowered by Wolfe Research

Spirit Airlines (NASDAQ:SAVE) was downgraded by Wolfe Research from an “outperform” rating to a “hold” rating in a research note issued to investors on Friday, The Fly reports.

SAVE has been the topic of a number of other research reports. Zacks Investment Research lowered shares of Spirit Airlines from a “buy” rating to a “hold” rating in a research note on Monday, October 1st. Imperial Capital upped their price target on shares of Spirit Airlines from $72.00 to $90.00 and gave the company an “outperform” rating in a research note on Friday, October 26th. Morgan Stanley upped their price target on shares of Spirit Airlines from $50.00 to $53.00 and gave the company an “equal weight” rating in a research note on Monday, October 15th. Credit Suisse Group initiated coverage on shares of Spirit Airlines in a research report on Monday, November 19th. They set a “neutral” rating and a $59.00 target price on the stock. Finally, BidaskClub lowered shares of Spirit Airlines from a “strong-buy” rating to a “buy” rating in a research report on Friday, November 2nd. Seven research analysts have rated the stock with a hold rating, twelve have assigned a buy rating and one has issued a strong buy rating to the company’s stock. The company has an average rating of “Buy” and an average price target of $61.25.

SAVE traded down $4.92 on Friday, reaching $59.67. The company had a trading volume of 2,046,305 shares, compared to its average volume of 1,328,920. Spirit Airlines has a fifty-two week low of $34.36 and a fifty-two week high of $65.35.

Spirit Airlines (NASDAQ:SAVE) last announced its quarterly earnings results on Wednesday, October 24th. The transportation company reported $1.47 EPS for the quarter, beating the Zacks’ consensus estimate of $1.44 by $0.03. The company had revenue of $904.33 million during the quarter, compared to analyst estimates of $904.05 million.

In other Spirit Airlines news, SVP Rocky Wiggins sold 566 shares of the stock in a transaction that occurred on Tuesday, September 11th. The shares were sold at an average price of $47.89, for a total transaction of $27,105.74. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Robert D. Johnson sold 750 shares of the stock in a transaction that occurred on Monday, December 3rd. The stock was sold at an average price of $64.65, for a total transaction of $48,487.50. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 5,816 shares of company stock worth $303,113. Company insiders own 0.33% of the company’s stock.

Institutional investors have recently modified their holdings of the company. Strs Ohio bought a new stake in shares of Spirit Airlines during the 2nd quarter worth approximately $105,000. Point72 Hong Kong Ltd lifted its holdings in shares of Spirit Airlines by 147.4% during the 2nd quarter. Point72 Hong Kong Ltd now owns 2,904 shares of the transportation company’s stock worth $106,000 after acquiring an additional 1,730 shares during the period. Sei Investments Co. lifted its holdings in shares of Spirit Airlines by 127.9% during the 2nd quarter. Sei Investments Co. now owns 3,934 shares of the transportation company’s stock worth $143,000 after acquiring an additional 2,208 shares during the period. GSA Capital Partners LLP bought a new stake in shares of Spirit Airlines during the 3rd quarter worth approximately $206,000. Finally, BNP Paribas Arbitrage SA lifted its holdings in shares of Spirit Airlines by 286.2% during the 2nd quarter. BNP Paribas Arbitrage SA now owns 4,445 shares of the transportation company’s stock worth $162,000 after acquiring an additional 3,294 shares during the period.

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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