Spirit Airlines (NASDAQ:SAVE) Price Target Cut to $48.00

Spirit Airlines (NASDAQ:SAVE) had its price objective trimmed by Cowen from $51.00 to $48.00 in a research report report published on Friday morning, Briefing.com Automated Import reports. The firm currently has an outperform rating on the transportation company’s stock.

Several other research analysts have also recently issued reports on the stock. Citigroup set a $67.00 target price on shares of Spirit Airlines and gave the company a buy rating in a report on Friday, July 26th. Stephens cut shares of Spirit Airlines from an overweight rating to an equal rating and lowered their target price for the company from $55.00 to $45.00 in a report on Monday, September 23rd. Buckingham Research cut shares of Spirit Airlines from a buy rating to a neutral rating and lowered their target price for the company from $69.00 to $41.00 in a report on Monday, September 9th. TheStreet cut shares of Spirit Airlines from a b- rating to a c rating in a report on Wednesday, August 21st. Finally, Macquarie upgraded shares of Spirit Airlines from a neutral rating to an outperform rating and set a $47.00 target price for the company in a report on Friday, September 13th. One analyst has rated the stock with a sell rating, ten have given a hold rating and six have issued a buy rating to the company. The stock presently has an average rating of Hold and an average price target of $53.53.

Shares of Spirit Airlines stock traded up $2.06 during trading hours on Friday, hitting $36.05. The company had a trading volume of 3,245,206 shares, compared to its average volume of 1,140,372. The company’s 50-day moving average is $36.73 and its two-hundred day moving average is $46.00. Spirit Airlines has a twelve month low of $32.97 and a twelve month high of $65.35.

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

In other Spirit Airlines news, Director H. Mcintyre Gardner purchased 2,500 shares of the firm’s stock in a transaction that occurred on Wednesday, July 31st. The stock was purchased at an average price of $41.92 per share, for a total transaction of $104,800.00. The acquisition was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Edward M. Christie III purchased 2,375 shares of the firm’s stock in a transaction that occurred on Tuesday, July 30th. The shares were acquired at an average price of $41.93 per share, with a total value of $99,583.75. The disclosure for this purchase can be found here. In the last quarter, insiders have purchased 5,051 shares of company stock valued at $211,885. 0.33% of the stock is owned by company insiders.

Institutional investors have recently made changes to their positions in the business. Meridian Wealth Management LLC purchased a new position in Spirit Airlines during the 1st quarter worth $26,000. Steward Partners Investment Advisory LLC purchased a new position in Spirit Airlines during the 2nd quarter worth $28,000. Northwestern Mutual Wealth Management Co. raised its position in Spirit Airlines by 148.4% during the 1st quarter. Northwestern Mutual Wealth Management Co. now owns 1,580 shares of the transportation company’s stock worth $84,000 after buying an additional 944 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank raised its position in Spirit Airlines by 20.1% during the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 1,661 shares of the transportation company’s stock worth $79,000 after buying an additional 278 shares during the last quarter. Finally, Point72 Hong Kong Ltd raised its position in 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 buying an additional 1,444 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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