Trade Report: Today: Spirit Airlines Inc. (SAVE) Cut to “Buy” at Vetr Inc.

Today: Spirit Airlines Inc. (SAVE) Cut to “Buy” at Vetr Inc.

Spirit Airlines Inc. (NASDAQ:SAVE) was downgraded by investment analysts at Vetr from a “strong-buy” rating to a “buy” rating in a research report issued to clients and investors on Monday. They currently have a $48.00 target price on the stock. Vetr‘s price target indicates a potential upside of 9.64% from the company’s previous close.

Several other analysts have also issued reports on SAVE. Credit Suisse Group AG set a $55.00 target price on Spirit Airlines and gave the stock a “buy” rating in a report on Tuesday, September 13th. Wolfe Research lowered Spirit Airlines from an “outperform” rating to a “market perform” rating in a report on Tuesday, August 2nd. Zacks Investment Research raised Spirit Airlines from a “strong sell” rating to a “hold” rating in a report on Wednesday, August 17th. Citigroup Inc. reissued a “buy” rating and set a $56.00 target price on shares of Spirit Airlines in a report on Tuesday, July 19th. Finally, Raymond James Financial Inc. raised Spirit Airlines from an “outperform” rating to a “strong-buy” rating and set a $59.00 target price on the stock in a report on Thursday, August 4th. Four analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has issued a strong buy rating to the stock. Spirit Airlines has an average rating of “Buy” and a consensus target price of $58.87.

Shares of Spirit Airlines (NASDAQ:SAVE) opened at 43.78 on Monday. The firm has a market capitalization of $3.07 billion, a price-to-earnings ratio of 10.22 and a beta of 1.18. Spirit Airlines has a 12 month low of $32.73 and a 12 month high of $53.53. The company has a 50-day moving average price of $40.56 and a 200-day moving average price of $43.09.

Spirit Airlines (NASDAQ:SAVE) last issued its quarterly earnings data on Friday, July 29th. The company reported $1.11 EPS for the quarter, beating analysts’ consensus estimates of $1.08 by $0.03. The firm had revenue of $584.10 million for the quarter, compared to analyst estimates of $594.47 million. Spirit Airlines had a return on equity of 25.93% and a net margin of 13.83%. The company’s revenue for the quarter was up 5.5% on a year-over-year basis. During the same period in the prior year, the firm posted $1.03 EPS. Equities analysts forecast that Spirit Airlines will post $3.91 EPS for the current fiscal year.

A number of large investors have recently added to or reduced their stakes in SAVE. Legal & General Group Plc boosted its stake in Spirit Airlines by 9.5% in the second quarter. Legal & General Group Plc now owns 2,468 shares of the company’s stock valued at $111,000 after buying an additional 215 shares in the last quarter. Teacher Retirement System of Texas boosted its stake in Spirit Airlines by 13.6% in the second quarter. Teacher Retirement System of Texas now owns 2,515 shares of the company’s stock valued at $113,000 after buying an additional 302 shares in the last quarter. Tower Research Capital LLC TRC boosted its stake in Spirit Airlines by 38.6% in the second quarter. Tower Research Capital LLC TRC now owns 3,065 shares of the company’s stock valued at $138,000 after buying an additional 853 shares in the last quarter. Independent Portfolio Consultants Inc. boosted its stake in Spirit Airlines by 5.2% in the third quarter. Independent Portfolio Consultants Inc. now owns 3,511 shares of the company’s stock valued at $149,000 after buying an additional 175 shares in the last quarter. Finally, Huntington National Bank boosted its stake in Spirit Airlines by 855.3% in the second quarter. Huntington National Bank now owns 4,041 shares of the company’s stock valued at $182,000 after buying an additional 3,618 shares in the last quarter. 98.20% of the stock is owned by institutional investors and hedge funds.

Spirit Airlines Company Profile

Spirit Airlines, Inc is an airline company. The Company’s all-Airbus fleet operates more than 385 daily flights to 56 destinations in the United States, Caribbean and Latin America. Its ultra-low-cost carrier (ULCC) business model provides low, unbundled base fares that remove components traditionally included in the price of an airline ticket.

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