Spirit Airlines (NASDAQ:SAVE) Upgraded to Buy at Vertical Research

Vertical Research upgraded shares of Spirit Airlines (NASDAQ:SAVE) from a hold rating to a buy rating in a research note published on Thursday, BenzingaRatingsTable reports.

Other research analysts have also issued research reports about the company. Cowen restated an outperform rating and issued a $50.00 price objective (up previously from $48.00) on shares of Spirit Airlines in a report on Monday, December 16th. Stifel Nicolaus set a $55.00 price objective on Spirit Airlines and gave the company a hold rating in a report on Friday, October 11th. Citigroup began coverage on Spirit Airlines in a report on Thursday, October 31st. They issued a buy rating and a $46.00 price objective on the stock. Bank of America lowered Spirit Airlines to a sell rating and set a $39.00 price objective on the stock. in a report on Monday, September 23rd. Finally, Morgan Stanley decreased their price objective on Spirit Airlines from $38.00 to $37.00 and set an equal weight rating on the stock in a report on Thursday, October 10th. Two analysts have rated the stock with a sell rating, eight have assigned a hold rating and seven have issued a buy rating to the stock. The company currently has an average rating of Hold and an average target price of $50.80.

SAVE stock traded down $0.21 during midday trading on Thursday, reaching $39.79. The stock had a trading volume of 1,707,473 shares, compared to its average volume of 1,209,110. The company’s fifty day simple moving average is $39.60 and its 200 day simple moving average is $40.40. Spirit Airlines has a 52-week low of $32.97 and a 52-week high of $64.76.

Spirit Airlines (NASDAQ:SAVE) last announced its quarterly earnings data on Wednesday, October 23rd. The transportation company reported $1.32 earnings per share for the quarter, beating analysts’ consensus estimates of $1.23 by $0.09. The firm had revenue of $991.97 million during the quarter, compared to analysts’ expectations of $987.68 million. The company’s revenue for the quarter was up 9.7% on a year-over-year basis. During the same quarter in the previous year, the business posted $1.47 EPS.

In other Spirit Airlines news, VP Brian J. Mcmenamy sold 6,456 shares of the firm’s stock in a transaction on Monday, December 16th. The stock was sold at an average price of $39.35, for a total value of $254,043.60. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 0.33% of the stock is owned by company insiders.

Several institutional investors and hedge funds have recently modified their holdings of the business. Point72 Hong Kong Ltd increased its position in shares of Spirit Airlines by 549.0% during the 2nd quarter. Point72 Hong Kong Ltd now owns 1,707 shares of the transportation company’s stock worth $81,000 after purchasing an additional 1,444 shares during the last quarter. Tower Research Capital LLC TRC acquired a new stake in shares of Spirit Airlines during the 2nd quarter worth about $134,000. Ladenburg Thalmann Financial Services Inc. increased its position in shares of Spirit Airlines by 10.0% during the 2nd quarter. Ladenburg Thalmann Financial Services Inc. now owns 6,093 shares of the transportation company’s stock worth $296,000 after purchasing an additional 556 shares during the last quarter. Country Club Trust Company n.a. increased its position in shares of Spirit Airlines by 24.1% during the 3rd quarter. Country Club Trust Company n.a. now owns 6,226 shares of the transportation company’s stock worth $226,000 after purchasing an additional 1,209 shares during the last quarter. Finally, NumerixS Investment Technologies Inc increased its position in shares of Spirit Airlines by 28.0% during the 2nd quarter. NumerixS Investment Technologies Inc now owns 6,400 shares of the transportation company’s stock worth $305,000 after purchasing an additional 1,400 shares during the last quarter.

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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