Vetr lowered shares of Spirit Airlines Inc. (NASDAQ:SAVE) from a strong-buy rating to a buy rating in a research note released on Monday morning. They currently have $48.00 target price on the stock.
Other equities analysts have also recently issued reports about the stock. Raymond James Financial Inc. raised shares of Spirit Airlines from an outperform rating to a strong-buy rating and set a $59.00 price target for the company in a research note on Thursday, August 4th. Zacks Investment Research raised Spirit Airlines from a strong sell rating to a hold rating in a report on Wednesday, August 17th. Citigroup Inc. cut their price objective on Spirit Airlines from $56.00 to $51.00 and set a buy rating for the company in a report on Monday, August 8th. Credit Suisse Group AG raised Spirit Airlines from a neutral rating to an outperform rating and increased their price objective for the company from $44.00 to $55.00 in a report on Monday, June 20th. Finally, Wolfe Research downgraded Spirit Airlines from an outperform rating to a market perform rating in a report on Tuesday, August 2nd. Four analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has assigned a strong buy rating to the stock. The company currently has an average rating of Buy and an average price target of $58.50.
Shares of Spirit Airlines (NASDAQ:SAVE) opened at 43.16 on Monday. Spirit Airlines has a one year low of $32.73 and a one year high of $53.53. The company has a market cap of $3.02 billion, a price-to-earnings ratio of 10.07 and a beta of 1.18. The firm has a 50-day moving average of $39.97 and a 200 day moving average of $43.27.
Spirit Airlines (NASDAQ:SAVE) last issued its quarterly earnings results on Friday, July 29th. The company reported $1.11 earnings per share for the quarter, topping the consensus estimate of $1.08 by $0.03. The company earned $584.10 million during the quarter, compared to analysts’ expectations of $594.47 million. Spirit Airlines had a net margin of 13.83% and a return on equity of 25.93%. The business’s quarterly revenue was up 5.5% on a year-over-year basis. During the same period last year, the business earned $1.03 EPS. Equities research analysts anticipate that Spirit Airlines will post $3.91 EPS for the current year.
Several hedge funds and other institutional investors have recently modified their holdings of SAVE. Independent Portfolio Consultants Inc. boosted its position in shares of Spirit Airlines by 5.2% in the third quarter. Independent Portfolio Consultants Inc. now owns 3,511 shares of the company’s stock worth $149,000 after buying an additional 175 shares during the last quarter. Legal & General Group Plc boosted its position in Spirit Airlines by 9.5% in the second quarter. Legal & General Group Plc now owns 2,468 shares of the company’s stock worth $111,000 after buying an additional 215 shares in the last quarter. PNC Financial Services Group Inc. boosted its position in Spirit Airlines by 2.7% in the second quarter. PNC Financial Services Group Inc. now owns 8,222 shares of the company’s stock worth $369,000 after buying an additional 219 shares in the last quarter. Teacher Retirement System of Texas boosted its position in Spirit Airlines by 13.6% in the second quarter. Teacher Retirement System of Texas now owns 2,515 shares of the company’s stock worth $113,000 after buying an additional 302 shares in the last quarter. Finally, Alexandria Capital LLC boosted its position in Spirit Airlines by 0.4% in the second quarter. Alexandria Capital LLC now owns 113,133 shares of the company’s stock worth $5,076,000 after buying an additional 461 shares in the last quarter. Institutional investors own 98.20% of the company’s stock.
About Spirit Airlines
Spirit Airlines, Inc is an airline company. The Company’s all-Airbus fleet operates more than 385 daily flights to 56 destinations in the United States, Caribbean and Latin America. Its ultra-low-cost carrier (ULCC) business model provides low, unbundled base fares that remove components traditionally included in the price of an airline ticket.
To view Vetr’s full report, visit Vetr’s official website.
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