Spirit Airlines (NASDAQ:SAVE) Stock Rating Upgraded by Macquarie

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Macquarie upgraded shares of Spirit Airlines (NASDAQ:SAVE) from a neutral rating to an outperform rating in a research report report published on Friday, Briefing.com Automated Import reports. They currently have $47.00 target price on the transportation company’s stock.

A number of other research firms have also weighed in on SAVE. Cowen decreased their price target on Spirit Airlines from $60.00 to $51.00 and set an outperform rating for the company in a research report on Monday, September 9th. Goldman Sachs Group lowered Spirit Airlines from a buy rating to a neutral rating and decreased their price target for the company from $69.00 to $60.00 in a research report on Thursday, June 6th. TheStreet lowered Spirit Airlines from a b- rating to a c rating in a research report on Wednesday, August 21st. Credit Suisse Group lowered Spirit Airlines from an outperform rating to a neutral rating and decreased their price target for the company from $68.00 to $51.00 in a research report on Friday, July 26th. Finally, BidaskClub lowered Spirit Airlines from a buy rating to a hold rating in a research report on Saturday, August 17th. Eleven analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. The company has an average rating of Hold and a consensus price target of $57.47.

NASDAQ:SAVE opened at $38.38 on Friday. The business’s 50-day moving average price is $38.91 and its 200 day moving average price is $48.29. Spirit Airlines has a 52-week low of $34.53 and a 52-week high of $65.35.

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

In other Spirit Airlines news, Director H. Mcintyre Gardner acquired 2,500 shares of the firm’s stock in a transaction on Wednesday, July 31st. The stock was purchased at an average cost of $41.92 per share, for a total transaction of $104,800.00. The purchase was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider Edward M. Christie III acquired 2,375 shares of the firm’s stock in a transaction 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. Insiders have acquired a total of 5,051 shares of company stock valued at $211,885 over the last 90 days. Corporate insiders own 0.33% of the company’s stock.

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Meridian Wealth Management LLC purchased a new stake in shares of Spirit Airlines during the 1st quarter worth about $26,000. Steward Partners Investment Advisory LLC purchased a new stake in shares of Spirit Airlines during the 2nd quarter worth about $28,000. Zurcher Kantonalbank Zurich Cantonalbank raised its stake in shares of 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 purchasing an additional 278 shares in the last quarter. Point72 Hong Kong Ltd raised its stake 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 in the last quarter. Finally, Northwestern Mutual Wealth Management Co. raised its stake in shares of 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 purchasing an additional 944 shares in 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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