Spirit Airlines (NASDAQ:SAVE) Downgraded by BidaskClub to Hold

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

Other equities research analysts have also recently issued reports about the company. Morgan Stanley dropped their target price on Spirit Airlines from $56.00 to $41.00 and set an equal weight rating on the stock in a research report on Wednesday, August 14th. Credit Suisse Group cut Spirit Airlines from an outperform rating to a neutral rating and dropped their target price for the company from $68.00 to $51.00 in a research report on Friday, July 26th. Bank of America cut Spirit Airlines from a buy rating to a neutral rating and dropped their target price for the company from $71.00 to $61.00 in a research report on Thursday, April 25th. Deutsche Bank cut Spirit Airlines from a buy rating to a hold rating and dropped their target price for the company from $79.00 to $55.00 in a research report on Thursday, July 25th. Finally, Imperial Capital decreased their price target 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. Nine investment analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. Spirit Airlines has an average rating of Buy and a consensus price target of $61.00.

NASDAQ:SAVE opened at $38.60 on Friday. Spirit Airlines has a 52 week low of $37.11 and a 52 week high of $65.35. The stock’s 50-day moving average price is $45.56 and its 200-day moving average price is $51.38.

Spirit Airlines (NASDAQ:SAVE) last posted its 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 business had revenue of $1.01 billion for the quarter, compared to analyst estimates of $1.01 billion. During the same quarter last year, the business earned $1.11 earnings per share. Spirit Airlines’s revenue was up 18.9% on a year-over-year basis.

In other Spirit Airlines news, insider Edward M. Christie III bought 2,375 shares of the firm’s stock in a transaction on Tuesday, July 30th. The shares were acquired at an average cost of $41.93 per share, with a total value of $99,583.75. The acquisition was disclosed in a document filed with the SEC, which is available through this link. Also, Director Robert D. Johnson sold 750 shares of the firm’s stock in a transaction that occurred on Monday, June 3rd. The stock was 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 purchased a total of 5,051 shares of company stock worth $211,885 over the last ninety days. 0.33% of the stock is currently owned by corporate insiders.

A number of institutional investors and hedge funds have recently added to or reduced their stakes in SAVE. Dimensional Fund Advisors LP grew its holdings in Spirit Airlines by 2.7% during the fourth quarter. Dimensional Fund Advisors LP now owns 4,341,595 shares of the transportation company’s stock worth $251,464,000 after buying an additional 114,209 shares in the last quarter. Legal & General Group Plc boosted its position in Spirit Airlines by 18.0% in the fourth quarter. Legal & General Group Plc now owns 15,256 shares of the transportation company’s stock worth $884,000 after purchasing an additional 2,325 shares during the last quarter. Norges Bank purchased a new position in Spirit Airlines in the fourth quarter worth $15,630,000. Geode Capital Management LLC boosted its position in Spirit Airlines by 7.7% in the fourth quarter. Geode Capital Management LLC now owns 748,803 shares of the transportation company’s stock worth $43,370,000 after purchasing an additional 53,696 shares during the last quarter. Finally, Strs Ohio boosted its position in Spirit Airlines by 42.0% in the first quarter. Strs Ohio now owns 14,200 shares of the transportation company’s stock worth $750,000 after purchasing an additional 4,200 shares during 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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