Bank of America Corp Downgrades Spirit Airlines, Inc. (NASDAQ:SAVE) to Neutral
Bank of America Corp lowered shares of Spirit Airlines, Inc. (NASDAQ:SAVE) from a buy rating to a neutral rating in a research report released on Friday morning, MarketBeat reports. The firm currently has $44.00 price objective on the transportation company’s stock, down from their previous price objective of $68.00.
Several other equities analysts have also commented on SAVE. Cowen and Company reaffirmed a market perform rating and set a $45.00 target price (down from $59.00) on shares of Spirit Airlines in a report on Friday. BidaskClub lowered Spirit Airlines from a sell rating to a strong sell rating in a report on Tuesday, July 25th. Morgan Stanley reiterated an equal weight rating and set a $56.00 price objective (down from $60.00) on shares of Spirit Airlines in a research report on Tuesday, July 25th. Deutsche Bank AG reduced their price objective on Spirit Airlines from $71.00 to $69.00 and set a buy rating for the company in a research report on Wednesday, July 12th. Finally, Imperial Capital reiterated an outperform rating on shares of Spirit Airlines in a research report on Friday, May 19th. One research analyst has rated the stock with a sell rating, six have given a hold rating, seven have assigned a buy rating and three have issued a strong buy rating to the company’s stock. Spirit Airlines currently has a consensus rating of Buy and a consensus target price of $55.27.
Spirit Airlines (NASDAQ SAVE) opened at 38.85 on Friday. The stock has a market cap of $2.69 billion, a P/E ratio of 11.26 and a beta of 0.63. Spirit Airlines has a 12-month low of $37.17 and a 12-month high of $60.40. The stock has a 50 day moving average price of $51.09 and a 200-day moving average price of $53.29.
Spirit Airlines (NASDAQ:SAVE) last announced its quarterly earnings data on Thursday, July 27th. The transportation company reported $1.14 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $1.11 by $0.03. The firm had revenue of $701.68 million during the quarter, compared to analyst estimates of $702.29 million. Spirit Airlines had a return on equity of 17.96% and a net margin of 9.62%. Spirit Airlines’s quarterly revenue was up 20.1% on a year-over-year basis. During the same period in the previous year, the company earned $1.11 earnings per share. On average, equities analysts expect that Spirit Airlines will post $4.16 earnings per share for the current year.
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In other Spirit Airlines news, VP Edmundo Miranda sold 3,131 shares of the business’s stock in a transaction on Friday, May 5th. The shares were sold at an average price of $59.39, for a total transaction of $185,950.09. The sale was disclosed in a filing with the SEC, which is available through the SEC website. 0.26% of the stock is owned by insiders.
A number of hedge funds have recently made changes to their positions in the stock. James Investment Research Inc. bought a new position in Spirit Airlines during the first quarter worth $137,000. Oppenheimer Asset Management Inc. bought a new position in Spirit Airlines during the first quarter worth $346,000. Parkwood LLC increased its position in Spirit Airlines by 24.9% in the first quarter. Parkwood LLC now owns 6,675 shares of the transportation company’s stock worth $354,000 after buying an additional 1,332 shares during the period. Karp Capital Management Corp bought a new position in Spirit Airlines during the first quarter worth $368,000. Finally, NJ State Employees Deferred Compensation Plan bought a new position in Spirit Airlines during the first quarter worth $371,000.
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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