Spirit Airlines (NASDAQ:SAVE) PT Lowered to $41.00 at Morgan Stanley

Spirit Airlines (NASDAQ:SAVE) had its price objective cut by research analysts at Morgan Stanley from $56.00 to $41.00 in a research report issued on Wednesday, BenzingaRatingsTable reports. The brokerage presently has an “equal weight” rating on the transportation company’s stock. Morgan Stanley’s target price points to a potential upside of 8.07% from the company’s current price.

Several other research analysts also recently issued reports on the stock. Credit Suisse Group downgraded shares of Spirit Airlines from an “outperform” rating to a “neutral” rating and dropped their price objective for the stock from $68.00 to $51.00 in a report on Friday, July 26th. Citigroup set a $67.00 target price on shares of Spirit Airlines and gave the company a “buy” rating in a research note on Friday, July 26th. Macquarie cut shares of Spirit Airlines from an “outperform” rating to a “neutral” rating and lowered their target price for the company from $71.00 to $47.00 in a research note on Monday, July 29th. Bank of America cut shares of Spirit Airlines from a “buy” rating to a “neutral” rating and lowered their target price for the company from $71.00 to $61.00 in a research note on Thursday, April 25th. Finally, Imperial Capital lowered their target price on shares of Spirit Airlines from $78.00 to $64.00 and set an “outperform” rating on the stock in a research note on Tuesday, July 30th. Eight investment analysts have rated the stock with a hold rating and ten have issued a buy rating to the company’s stock. The stock presently has an average rating of “Buy” and an average target price of $61.00.

Shares of SAVE stock traded down $1.00 on Wednesday, hitting $37.94. The company’s stock had a trading volume of 15,002 shares, compared to its average volume of 1,163,049. Spirit Airlines has a fifty-two week low of $38.61 and a fifty-two week high of $65.35. The firm’s fifty day moving average price is $46.87.

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

In other news, Director H. Mcintyre Gardner purchased 2,500 shares of Spirit Airlines stock in a transaction on Wednesday, July 31st. The shares were purchased at an average cost of $41.92 per share, for a total transaction of $104,800.00. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Robert D. Johnson sold 750 shares of the business’s stock in a transaction dated 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. Over the last 90 days, insiders acquired 5,051 shares of company stock worth $211,885. Company insiders own 0.33% of the company’s stock.

Large investors have recently added to or reduced their stakes in the business. Vanguard Group Inc. lifted its holdings in Spirit Airlines by 0.6% in the second 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 during the period. BlackRock Inc. lifted its holdings in Spirit Airlines by 2.0% in the second quarter. BlackRock Inc. now owns 4,768,550 shares of the transportation company’s stock valued at $227,603,000 after buying an additional 94,529 shares during the period. Dimensional Fund Advisors LP lifted its holdings in Spirit Airlines by 2.7% in the fourth quarter. Dimensional Fund Advisors LP now owns 4,341,595 shares of the transportation company’s stock valued at $251,464,000 after buying an additional 114,209 shares during the period. OppenheimerFunds Inc. lifted its holdings in Spirit Airlines by 18.6% in the first quarter. OppenheimerFunds Inc. now owns 2,807,700 shares of the transportation company’s stock valued at $148,415,000 after buying an additional 440,339 shares during the period. Finally, Northern Trust Corp lifted its holdings in Spirit Airlines by 20.2% in the second quarter. Northern Trust Corp now owns 1,023,687 shares of the transportation company’s stock valued at $48,860,000 after buying an additional 171,739 shares during the period.

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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