Spirit Airlines Incorporated (NASDAQ:SAVE) Given Consensus Recommendation of “Buy” by Analysts

Shares of Spirit Airlines Incorporated (NASDAQ:SAVE) have been assigned a consensus recommendation of “Buy” from the nineteen ratings firms that are covering the company, Marketbeat Ratings reports. One equities research analyst has rated the stock with a sell recommendation, five have issued a hold recommendation, ten have assigned a buy recommendation and one has issued a strong buy recommendation on the company. The average 1-year price objective among analysts that have updated their coverage on the stock in the last year is $67.36.

Several analysts have issued reports on the stock. Zacks Investment Research downgraded shares of Spirit Airlines from a “buy” rating to a “hold” rating in a research note on Tuesday, March 12th. BidaskClub downgraded shares of Spirit Airlines from a “hold” rating to a “sell” rating in a research note on Tuesday, May 21st. Goldman Sachs Group downgraded shares of Spirit Airlines from a “buy” rating to a “neutral” rating and decreased their price target for the company from $69.00 to $60.00 in a research note on Thursday, June 6th. Cowen decreased their price target on shares of Spirit Airlines from $76.00 to $73.00 and set an “outperform” rating for the company in a research note on Thursday, April 11th. Finally, Imperial Capital decreased their price target on shares of Spirit Airlines from $92.00 to $83.00 and set an “outperform” rating for the company in a research note on Thursday, March 28th. They noted that the move was a valuation call.

NASDAQ SAVE traded up $0.78 during trading on Friday, hitting $47.73. The stock had a trading volume of 3,519,272 shares, compared to its average volume of 1,104,259. Spirit Airlines has a one year low of $35.37 and a one year high of $65.35. The firm’s 50 day moving average price is $48.40.

Spirit Airlines (NASDAQ:SAVE) last announced its quarterly earnings data on Wednesday, April 24th. The transportation company reported $0.84 earnings per share (EPS) for the quarter, hitting the Thomson Reuters’ consensus estimate of $0.84. The firm had revenue of $855.80 million during the quarter, compared to the consensus estimate of $855.77 million. The firm’s revenue for the quarter was up 21.5% on a year-over-year basis. During the same period in the previous year, the business earned $0.44 EPS.

In related news, SVP Laurie Villa sold 3,800 shares of Spirit Airlines stock in a transaction that occurred on Monday, April 29th. The shares were sold at an average price of $53.69, for a total transaction of $204,022.00. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Robert D. Johnson sold 750 shares of Spirit Airlines stock in a transaction that occurred on Monday, June 3rd. The shares were sold at an average price of $45.97, for a total transaction of $34,477.50. The disclosure for this sale can be found here. Insiders own 0.33% of the company’s stock.

Hedge funds have recently modified their holdings of the stock. Quadrant Capital Group LLC purchased a new position in Spirit Airlines during the first quarter valued at approximately $25,000. Meridian Wealth Management LLC purchased a new position in Spirit Airlines during the first quarter valued at approximately $26,000. Captrust Financial Advisors increased its holdings in Spirit Airlines by 162.5% during the fourth quarter. Captrust Financial Advisors now owns 1,008 shares of the transportation company’s stock valued at $58,000 after buying an additional 624 shares during the period. Northwestern Mutual Wealth Management Co. increased its holdings in Spirit Airlines by 148.4% during the first quarter. Northwestern Mutual Wealth Management Co. now owns 1,580 shares of the transportation company’s stock valued at $84,000 after buying an additional 944 shares during the period. Finally, Gideon Capital Advisors Inc. purchased a new position in Spirit Airlines during the fourth quarter valued at approximately $204,000.

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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