Spirit Airlines (NASDAQ:SAVE) Downgraded by BidaskClub to Hold

BidaskClub cut shares of Spirit Airlines (NASDAQ:SAVE) from a buy rating to a hold rating in a research report report published on Saturday morning, BidAskClub reports.

Other equities analysts have also issued reports about the company. Credit Suisse Group lowered Spirit Airlines from an outperform rating to a neutral rating and decreased their target price for the stock from $68.00 to $51.00 in a research note on Friday, July 26th. Imperial Capital reduced their price objective on Spirit Airlines from $78.00 to $64.00 and set an outperform rating on the stock in a research report on Tuesday, July 30th. Citigroup set a $67.00 price objective on Spirit Airlines and gave the company a buy rating in a research report on Friday, July 26th. Goldman Sachs Group lowered Spirit Airlines from a buy rating to a neutral rating and reduced their price objective for the company from $69.00 to $60.00 in a research report on Thursday, June 6th. Finally, Macquarie lowered Spirit Airlines from an outperform rating to a neutral rating and reduced their price objective for the company from $71.00 to $47.00 in a research report on Monday, July 29th. Nine investment analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company’s stock. Spirit Airlines presently has a consensus rating of Buy and a consensus target price of $61.00.

Shares of NASDAQ SAVE opened at $38.60 on Friday. The stock’s 50-day simple moving average is $45.56 and its two-hundred day simple moving average is $51.38. Spirit Airlines has a twelve month low of $37.11 and a twelve month high of $65.35.

Spirit Airlines (NASDAQ:SAVE) last announced its earnings results on Wednesday, July 24th. The transportation company reported $1.69 earnings per share for the quarter, topping analysts’ consensus estimates 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. Spirit Airlines’s revenue was up 18.9% compared to the same quarter last year. During the same quarter in the prior year, the company earned $1.11 earnings per share.

In related news, Director Robert D. Johnson sold 750 shares of the firm’s stock in a transaction that occurred on Monday, June 3rd. The stock was sold at an average price of $45.97, for a total transaction of $34,477.50. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Edward M. Christie III purchased 2,375 shares of Spirit Airlines stock in a transaction that occurred on Tuesday, July 30th. The shares were bought at an average price of $41.93 per share, for a total transaction of $99,583.75. The disclosure for this purchase can be found here. Insiders have bought a total of 5,051 shares of company stock worth $211,885 over the last quarter. Corporate insiders own 0.33% of the company’s stock.

A number of institutional investors and hedge funds have recently bought and sold shares of SAVE. Dimensional Fund Advisors LP lifted its stake in shares of Spirit Airlines by 2.7% in the fourth quarter. Dimensional Fund Advisors LP now owns 4,341,595 shares of the transportation company’s stock worth $251,464,000 after buying an additional 114,209 shares during the last quarter. Legal & General Group Plc lifted its stake in shares of Spirit Airlines by 18.0% in the fourth quarter. Legal & General Group Plc now owns 15,256 shares of the transportation company’s stock worth $884,000 after buying an additional 2,325 shares during the last quarter. Norges Bank acquired a new stake in shares of Spirit Airlines in the fourth quarter worth $15,630,000. Geode Capital Management LLC lifted its stake in shares of Spirit Airlines by 7.7% in the fourth quarter. Geode Capital Management LLC now owns 748,803 shares of the transportation company’s stock worth $43,370,000 after buying an additional 53,696 shares during the last quarter. Finally, Strs Ohio lifted its stake in shares of Spirit Airlines by 42.0% in the first quarter. Strs Ohio now owns 14,200 shares of the transportation company’s stock worth $750,000 after buying an additional 4,200 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.

Read More: Fundamental Analysis and Choosing Stocks

Analyst Recommendations for Spirit Airlines (NASDAQ:SAVE)

Receive News & Ratings for Spirit Airlines Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Spirit Airlines and related companies with MarketBeat.com's FREE daily email newsletter.