Spirit Airlines (NASDAQ:SAVE) Given a $38.00 Price Target at Morgan Stanley

Morgan Stanley set a $38.00 target price on Spirit Airlines (NASDAQ:SAVE) in a report released on Monday, TipRanks reports. The firm currently has a hold rating on the transportation company’s stock.

SAVE has been the subject of several other research reports. Credit Suisse Group lowered shares of Spirit Airlines from an outperform rating to a neutral rating and reduced their price objective for the company from $68.00 to $51.00 in a research note on Friday, July 26th. Deutsche Bank downgraded shares of Spirit Airlines from a buy rating to a hold rating and lowered their target price for the stock from $79.00 to $55.00 in a research report on Thursday, July 25th. TheStreet lowered Spirit Airlines from a b- rating to a c rating in a report on Wednesday, August 21st. Goldman Sachs Group cut Spirit Airlines from a buy rating to a neutral rating and reduced their price target for the stock from $69.00 to $60.00 in a research report on Thursday, June 6th. Finally, Macquarie downgraded Spirit Airlines from an outperform rating to a neutral rating and decreased their price target for the stock from $71.00 to $47.00 in a research note on Monday, July 29th. Twelve investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. The company currently has an average rating of Hold and a consensus target price of $57.47.

SAVE traded up $0.87 during midday trading on Monday, hitting $38.75. 1,144,273 shares of the company’s stock traded hands, compared to its average volume of 1,135,351. The stock’s fifty day simple moving average is $39.52 and its 200-day simple moving average is $48.73. Spirit Airlines has a one year low of $34.53 and a one year high of $65.35.

Spirit Airlines (NASDAQ:SAVE) last posted its earnings results on Wednesday, July 24th. The transportation company reported $1.69 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $1.64 by $0.05. The business had revenue of $1.01 billion during the quarter, compared to the consensus estimate of $1.01 billion. During the same period in the prior year, the firm earned $1.11 earnings per share. The business’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 stock in a transaction on Tuesday, July 30th. The shares were purchased at an average price of $41.93 per share, with a total value of $99,583.75. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director H. Mcintyre Gardner bought 2,500 shares of the stock in a transaction 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 disclosure for this purchase can be found here. In the last three months, insiders have acquired 5,051 shares of company stock valued at $211,885. Company insiders own 0.33% of the company’s stock.

Institutional investors and hedge funds have recently bought and sold shares of the company. Comerica Bank increased its position in Spirit Airlines by 8.8% during the second quarter. Comerica Bank now owns 70,618 shares of the transportation company’s stock worth $3,577,000 after acquiring an additional 5,707 shares during the period. OppenheimerFunds Inc. boosted its holdings in Spirit Airlines by 18.6% in the 1st quarter. OppenheimerFunds Inc. now owns 2,807,700 shares of the transportation company’s stock valued at $148,415,000 after purchasing an additional 440,339 shares during the period. Ontario Teachers Pension Plan Board grew its position in Spirit Airlines by 1,247.0% in the 1st quarter. Ontario Teachers Pension Plan Board now owns 97,211 shares of the transportation company’s stock worth $5,139,000 after purchasing an additional 89,994 shares during the last quarter. Hillcrest Asset Management LLC grew its position in Spirit Airlines by 0.6% in the 2nd quarter. Hillcrest Asset Management LLC now owns 177,150 shares of the transportation company’s stock worth $8,455,000 after purchasing an additional 1,070 shares during the last quarter. Finally, NumerixS Investment Technologies Inc bought a new position in shares of Spirit Airlines during the 1st quarter worth about $258,000.

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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