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

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BidaskClub downgraded shares of Spirit Airlines (NASDAQ:SAVE) from a hold rating to a sell rating in a research note released on Tuesday, BidAskClub reports.

Several other research analysts also recently weighed in on the company. Goldman Sachs Group boosted their price target on Spirit Airlines from $15.00 to $20.00 and gave the company a conviction-buy rating in a report on Monday, June 29th. Wolfe Research cut shares of Spirit Airlines from a peer perform rating to an underperform rating and set a $37.00 price objective for the company. in a research note on Friday, May 29th. Barclays downgraded Spirit Airlines from an overweight rating to a neutral rating and lowered their price target for the company from $25.00 to $20.00 in a research report on Monday, May 4th. JPMorgan Chase & Co. boosted their price target on Spirit Airlines from $10.00 to $14.00 in a research report on Wednesday, June 10th. Finally, Cowen lowered their price target on Spirit Airlines from $21.00 to $19.00 and set an outperform rating for the company in a research report on Wednesday, April 29th. Five analysts have rated the stock with a sell rating, six have assigned a hold rating, eight have issued a buy rating and one has given a strong buy rating to the company. The stock currently has a consensus rating of Hold and a consensus target price of $29.53.

Shares of SAVE opened at $16.65 on Tuesday. The stock has a fifty day moving average of $18.34 and a two-hundred day moving average of $22.88. Spirit Airlines has a fifty-two week low of $7.01 and a fifty-two week high of $55.21.

Spirit Airlines (NASDAQ:SAVE) last issued its quarterly earnings results on Wednesday, May 6th. The transportation company reported ($0.86) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.60) by ($0.26). The business had revenue of $771.10 million during the quarter, compared to the consensus estimate of $825.68 million. The business’s revenue was down 9.9% compared to the same quarter last year. During the same period in the previous year, the business earned $0.84 EPS.

Hedge funds and other institutional investors have recently bought and sold shares of the business. Macquarie Group Ltd. boosted its stake in Spirit Airlines by 265.0% during the 4th quarter. Macquarie Group Ltd. now owns 2,617 shares of the transportation company’s stock valued at $105,000 after acquiring an additional 1,900 shares during the last quarter. US Bancorp DE increased its holdings in Spirit Airlines by 413.7% in the first quarter. US Bancorp DE now owns 2,661 shares of the transportation company’s stock valued at $34,000 after buying an additional 2,143 shares during the last quarter. Valeo Financial Advisors LLC increased its holdings in Spirit Airlines by 1,106.8% in the second quarter. Valeo Financial Advisors LLC now owns 3,017 shares of the transportation company’s stock valued at $54,000 after buying an additional 2,767 shares during the last quarter. Northwestern Mutual Wealth Management Co. raised its stake in Spirit Airlines by 467.0% during the first quarter. Northwestern Mutual Wealth Management Co. now owns 3,612 shares of the transportation company’s stock valued at $47,000 after buying an additional 2,975 shares in the last quarter. Finally, Harel Insurance Investments & Financial Services Ltd. bought a new position in Spirit Airlines during the 2nd quarter worth approximately $71,000.

Spirit Airlines Company Profile

Spirit Airlines, Inc provides low-fare airline services. The company operates approximately 600 daily flights to 77 destinations in the United States, the Caribbean, and Latin America. As of December 31, 2019, the company had a fleet of 145 Airbus single-aisle aircraft comprising 31 A319ceos, 64 A320ceos, 20 A320neos and 30 A321ceos.

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