BidaskClub Lowers Spirit Airlines (NASDAQ:SAVE) to Hold

BidaskClub cut shares of Spirit Airlines (NASDAQ:SAVE) from a buy rating to a hold rating in a research report sent to investors on Saturday morning, BidAskClub reports.

A number of other research analysts have also recently commented on SAVE. Macquarie cut Spirit Airlines from an outperform rating to a neutral rating and dropped their price target for the company from $71.00 to $47.00 in a research note on Monday, July 29th. Deutsche Bank cut Spirit Airlines from a buy rating to a hold rating and dropped their price target for the company from $79.00 to $55.00 in a research note on Thursday, July 25th. Bank of America cut Spirit Airlines from a buy rating to a neutral rating and dropped their price target for the company from $71.00 to $61.00 in a research note on Thursday, April 25th. Morgan Stanley dropped their price target on Spirit Airlines from $56.00 to $41.00 and set an equal weight rating for the company in a research note on Wednesday, August 14th. Finally, Goldman Sachs Group cut Spirit Airlines from a buy rating to a neutral rating and dropped their price target for the company from $69.00 to $60.00 in a research note on Thursday, June 6th. Nine equities research analysts have rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. The stock presently has a consensus rating of Buy and an average price target of $61.00.

Shares of SAVE opened at $38.59 on Friday. Spirit Airlines has a 52 week low of $37.11 and a 52 week high of $65.35. The stock has a fifty day moving average of $45.76 and a 200-day moving average of $51.48.



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

In related news, Director H. Mcintyre Gardner acquired 2,500 shares of the firm’s stock in a transaction that occurred on Wednesday, July 31st. The stock was acquired at an average cost of $41.92 per share, for a total transaction of $104,800.00. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Edward M. Christie III acquired 2,375 shares of the firm’s stock in a transaction that occurred on Tuesday, July 30th. The stock was bought at an average price of $41.93 per share, with a total value of $99,583.75. The disclosure for this purchase can be found here. Insiders purchased 5,051 shares of company stock valued at $211,885 over the last 90 days. 0.33% of the stock is currently owned by company insiders.

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Dimensional Fund Advisors LP lifted its stake in Spirit Airlines by 2.7% in the 4th quarter. Dimensional Fund Advisors LP now owns 4,341,595 shares of the transportation company’s stock worth $251,464,000 after acquiring an additional 114,209 shares in the last quarter. Legal & General Group Plc lifted its stake in Spirit Airlines by 18.0% in the 4th quarter. Legal & General Group Plc now owns 15,256 shares of the transportation company’s stock worth $884,000 after acquiring an additional 2,325 shares in the last quarter. Norges Bank purchased a new stake in Spirit Airlines in the 4th quarter worth about $15,630,000. Geode Capital Management LLC lifted its stake in Spirit Airlines by 7.7% in the 4th quarter. Geode Capital Management LLC now owns 748,803 shares of the transportation company’s stock worth $43,370,000 after acquiring an additional 53,696 shares in the last quarter. Finally, Strs Ohio lifted its stake in Spirit Airlines by 42.0% in the 1st quarter. Strs Ohio now owns 14,200 shares of the transportation company’s stock worth $750,000 after acquiring an additional 4,200 shares in the last quarter.

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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