Vertical Research Begins Coverage on Spirit Airlines (SAVE)

Vertical Research started coverage on shares of Spirit Airlines (NASDAQ:SAVE) in a research note published on Monday, February 4th, The Fly reports. The brokerage issued a buy rating on the transportation company’s stock.

A number of other brokerages have also recently issued reports on SAVE. Wolfe Research cut shares of Spirit Airlines from an outperform rating to a hold rating in a research note on Friday, December 7th. JPMorgan Chase & Co. upped their target price on shares of Spirit Airlines to $59.00 in a report on Sunday, December 2nd. Morgan Stanley upped their target price on shares of Spirit Airlines from $58.00 to $68.00 and gave the stock an equal weight rating in a report on Monday, December 3rd. Credit Suisse Group raised shares of Spirit Airlines from a neutral rating to an outperform rating and upped their target price for the stock from $59.00 to $77.00 in a report on Thursday, December 6th. Finally, Cowen reissued an outperform rating and set a $76.00 price objective (up previously from $71.00) on shares of Spirit Airlines in a report on Thursday, January 17th. Five equities research analysts have rated the stock with a hold rating, fourteen have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Spirit Airlines presently has an average rating of Buy and a consensus price target of $68.00.

Shares of NASDAQ SAVE traded up $0.36 during trading hours on Monday, hitting $56.61. 1,651,915 shares of the stock were exchanged, compared to its average volume of 1,272,613. Spirit Airlines has a one year low of $34.36 and a one year high of $65.35.

Spirit Airlines (NASDAQ:SAVE) last posted its quarterly earnings data on Tuesday, February 5th. The transportation company reported $1.38 earnings per share (EPS) for the quarter, hitting the Thomson Reuters’ consensus estimate of $1.38. The firm had revenue of $862.80 million for the quarter, compared to the consensus estimate of $861.65 million. Spirit Airlines’s quarterly revenue was up 29.5% on a year-over-year basis. During the same period in the prior year, the company posted $0.73 earnings per share.

In related news, COO John A. Bendoraitis sold 2,000 shares of the stock in a transaction that occurred on Thursday, December 13th. The shares were sold at an average price of $61.11, for a total value of $122,220.00. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Robert D. Johnson sold 750 shares of the stock in a transaction that occurred on Monday, December 3rd. The shares were sold at an average price of $64.65, for a total transaction of $48,487.50. The disclosure for this sale can be found here. 0.33% of the stock is currently owned by company insiders.

Several large investors have recently made changes to their positions in SAVE. JPMorgan Chase & Co. raised its holdings in Spirit Airlines by 786.9% during the 3rd quarter. JPMorgan Chase & Co. now owns 124,312 shares of the transportation company’s stock worth $5,839,000 after buying an additional 110,295 shares during the period. MetLife Investment Advisors LLC raised its holdings in Spirit Airlines by 47.9% during the 3rd quarter. MetLife Investment Advisors LLC now owns 46,371 shares of the transportation company’s stock worth $2,178,000 after buying an additional 15,018 shares during the period. Voya Investment Management LLC raised its holdings in Spirit Airlines by 42.9% during the 2nd quarter. Voya Investment Management LLC now owns 25,765 shares of the transportation company’s stock worth $937,000 after buying an additional 7,732 shares during the period. Mackenzie Financial Corp raised its holdings in shares of Spirit Airlines by 7.9% in the third quarter. Mackenzie Financial Corp now owns 2,064,490 shares of the transportation company’s stock valued at $96,969,000 after purchasing an additional 151,426 shares during the last quarter. Finally, Fox Run Management L.L.C. acquired a new stake in shares of Spirit Airlines in the third quarter valued at approximately $540,000.

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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