Spirit Airlines’ (SAVE) Equal Weight Rating Reiterated at Morgan Stanley
Spirit Airlines Incorporated (NASDAQ:SAVE)‘s stock had its “equal weight” rating reaffirmed by Morgan Stanley in a research note issued to investors on Friday. They currently have a $45.00 price objective on the transportation company’s stock, down from their previous price objective of $46.00. Morgan Stanley’s target price indicates a potential upside of 32.24% from the stock’s current price.
Several other equities research analysts also recently weighed in on SAVE. Imperial Capital reaffirmed an “outperform” rating on shares of Spirit Airlines in a research note on Friday, May 19th. Wolfe Research raised shares of Spirit Airlines from a “market perform” rating to an “outperform” rating in a research note on Friday, June 2nd. BidaskClub downgraded shares of Spirit Airlines from a “hold” rating to a “sell” rating in a research note on Friday, June 23rd. Bank of America Corporation decreased their target price on shares of Spirit Airlines from $75.00 to $68.00 and set a “buy” rating for the company in a research report on Friday, June 30th. Finally, Deutsche Bank AG decreased their target price on shares of Spirit Airlines from $71.00 to $69.00 and set a “buy” rating for the company in a research report on Wednesday, July 12th. Two research analysts have rated the stock with a sell rating, five have issued a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the stock. The company currently has a consensus rating of “Hold” and an average price target of $52.63.
Shares of Spirit Airlines (SAVE) traded down 0.06% during trading on Friday, reaching $34.03. 2,224,121 shares of the company were exchanged. The firm has a market cap of $2.36 billion, a price-to-earnings ratio of 9.86 and a beta of 0.57. Spirit Airlines has a 52-week low of $33.67 and a 52-week high of $60.40. The stock’s 50-day moving average is $41.24 and its 200-day moving average is $50.40.
Spirit Airlines (NASDAQ:SAVE) last posted its quarterly earnings results on Thursday, July 27th. The transportation company reported $1.14 earnings per share for the quarter, beating the consensus estimate of $1.11 by $0.03. Spirit Airlines had a net margin of 11.14% and a return on equity of 21.35%. The firm had revenue of $701.68 million during the quarter, compared to the consensus estimate of $702.29 million. During the same period in the previous year, the firm posted $1.11 earnings per share. The business’s revenue was up 20.1% compared to the same quarter last year. Equities research analysts predict that Spirit Airlines will post $3.61 earnings per share for the current fiscal year.
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A number of hedge funds and other institutional investors have recently added to or reduced their stakes in SAVE. The Manufacturers Life Insurance Company boosted its position in Spirit Airlines by 7.0% in the second quarter. The Manufacturers Life Insurance Company now owns 2,160 shares of the transportation company’s stock worth $112,000 after buying an additional 141 shares during the last quarter. Advisor Group Inc. boosted its position in Spirit Airlines by 18.8% in the second quarter. Advisor Group Inc. now owns 2,170 shares of the transportation company’s stock worth $113,000 after buying an additional 344 shares during the last quarter. Intact Investment Management Inc. bought a new position in Spirit Airlines during the second quarter worth $238,000. Ramsey Quantitative Systems bought a new position in Spirit Airlines during the second quarter worth $281,000. Finally, Oppenheimer Asset Management Inc. bought a new position in Spirit Airlines during the first quarter worth $346,000. Hedge funds and other institutional investors own 97.00% 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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