Spirit Airlines Incorporated (NASDAQ:SAVE) Receives Average Rating of “Buy” from Brokerages

Spirit Airlines Incorporated (NASDAQ:SAVE) has earned a consensus recommendation of “Hold” from the nineteen ratings firms that are presently covering the stock, MarketBeat Ratings reports. Nine analysts have rated the stock with a hold recommendation and eight have given a buy recommendation to the company. The average 1 year price target among analysts that have issued ratings on the stock in the last year is $61.07.

Several equities research analysts have issued reports on the stock. Credit Suisse Group downgraded shares of Spirit Airlines from an “outperform” rating to a “neutral” rating and decreased their price objective for the stock from $68.00 to $51.00 in a research note on Friday, July 26th. Goldman Sachs Group downgraded shares of Spirit Airlines from a “buy” rating to a “neutral” rating and decreased their price objective for the stock from $69.00 to $60.00 in a research note on Thursday, June 6th. BidaskClub downgraded shares of Spirit Airlines from a “buy” rating to a “hold” rating in a research note on Saturday. Citigroup set a $67.00 price objective on shares of Spirit Airlines and gave the stock a “buy” rating in a research note on Friday, July 26th. Finally, Raymond James set a $65.00 price objective on shares of Spirit Airlines and gave the stock a “buy” rating in a research note on Friday, July 26th.

In other news, Director Robert D. Johnson sold 750 shares of the company’s stock in a transaction on Monday, June 3rd. The shares were sold at an average price of $45.97, for a total value of $34,477.50. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director H. Mcintyre Gardner bought 2,500 shares of the firm’s stock in a transaction dated Wednesday, July 31st. The stock was purchased at an average price of $41.92 per share, with a total value of $104,800.00. The disclosure for this purchase can be found here. Insiders bought 5,051 shares of company stock valued at $211,885 over the last 90 days. Insiders own 0.33% of the company’s stock.

Several hedge funds have recently made changes to their positions in SAVE. Vanguard Group Inc. grew its position in Spirit Airlines by 0.6% in the 2nd quarter. Vanguard Group Inc. now owns 6,227,740 shares of the transportation company’s stock valued at $297,250,000 after buying an additional 39,004 shares in the last quarter. BlackRock Inc. boosted its position in shares of Spirit Airlines by 2.0% during the 2nd quarter. BlackRock Inc. now owns 4,768,550 shares of the transportation company’s stock valued at $227,603,000 after purchasing an additional 94,529 shares in the last quarter. Dimensional Fund Advisors LP boosted its position in shares of Spirit Airlines by 2.7% during the 4th quarter. Dimensional Fund Advisors LP now owns 4,341,595 shares of the transportation company’s stock valued at $251,464,000 after purchasing an additional 114,209 shares in the last quarter. Invesco Ltd. boosted its position in shares of Spirit Airlines by 328.2% during the 2nd quarter. Invesco Ltd. now owns 3,135,363 shares of the transportation company’s stock valued at $149,652,000 after purchasing an additional 2,403,128 shares in the last quarter. Finally, OppenheimerFunds Inc. boosted its position in shares of Spirit Airlines by 18.6% during the 1st quarter. OppenheimerFunds Inc. now owns 2,807,700 shares of the transportation company’s stock valued at $148,415,000 after purchasing an additional 440,339 shares in the last quarter.

Spirit Airlines stock traded up $1.09 during trading on Friday, reaching $38.40. The company had a trading volume of 528,300 shares, compared to its average volume of 1,154,575. Spirit Airlines has a 12-month low of $37.11 and a 12-month high of $65.35. The stock’s 50 day moving average price is $46.32 and its two-hundred day moving average price is $51.67.

Spirit Airlines (NASDAQ:SAVE) last released its earnings results on Wednesday, July 24th. The transportation company reported $1.69 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.64 by $0.05. The company had revenue of $1.01 billion during the quarter, compared to analysts’ expectations of $1.01 billion. During the same quarter in the previous year, the firm posted $1.11 earnings per share. Spirit Airlines’s revenue for the quarter was up 18.9% compared to the same quarter last year.

Spirit Airlines Company Profile

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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Analyst Recommendations for Spirit Airlines (NASDAQ:SAVE)

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