Spirit Airlines (NASDAQ:SAVE) Downgraded by BidaskClub

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Spirit Airlines (NASDAQ:SAVE) was downgraded by equities researchers at BidaskClub from a “hold” rating to a “sell” rating in a report released on Friday, BidAskClub reports.

Several other brokerages also recently commented on SAVE. Cowen cut their price objective on Spirit Airlines from $51.00 to $48.00 and set an “outperform” rating on the stock in a research report on Friday, October 11th. TheStreet downgraded Spirit Airlines from a “b-” rating to a “c” rating in a research report on Wednesday, August 21st. Stephens downgraded Spirit Airlines from an “overweight” rating to an “equal” rating and cut their price objective for the company from $55.00 to $45.00 in a research report on Monday, September 23rd. Vertical Research initiated coverage on Spirit Airlines in a research report on Thursday, August 22nd. They issued a “hold” rating on the stock. Finally, Buckingham Research raised Spirit Airlines from a “neutral” rating to a “buy” rating and upped their price objective for the company from $41.00 to $50.00 in a research report on Monday, December 2nd. Two equities research analysts have rated the stock with a sell rating, nine have assigned a hold rating and six have assigned a buy rating to the company. The company has an average rating of “Hold” and a consensus target price of $50.67.

Shares of Spirit Airlines stock opened at $38.36 on Friday. The stock’s fifty day moving average is $38.44 and its two-hundred day moving average is $41.58. Spirit Airlines has a 52 week low of $32.97 and a 52 week high of $64.76.

Spirit Airlines (NASDAQ:SAVE) last announced its quarterly earnings data on Wednesday, October 23rd. The transportation company reported $1.32 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $1.23 by $0.09. The business had revenue of $991.97 million during the quarter, compared to the consensus estimate of $987.68 million. The business’s revenue was up 9.7% compared to the same quarter last year. During the same period last year, the company earned $1.47 EPS.

Several institutional investors and hedge funds have recently bought and sold shares of the company. Vanguard Group Inc. grew its position in shares of Spirit Airlines by 0.6% during the 2nd quarter. Vanguard Group Inc. now owns 6,227,740 shares of the transportation company’s stock worth $297,250,000 after buying an additional 39,004 shares in the last quarter. BlackRock Inc. grew its position in shares of Spirit Airlines by 2.0% during the 2nd quarter. BlackRock Inc. now owns 4,768,550 shares of the transportation company’s stock worth $227,603,000 after buying an additional 94,529 shares in the last quarter. Invesco Ltd. grew its position in shares of Spirit Airlines by 328.2% during the 2nd quarter. Invesco Ltd. now owns 3,135,363 shares of the transportation company’s stock worth $149,652,000 after buying an additional 2,403,128 shares in the last quarter. Mackenzie Financial Corp lifted its stake in shares of Spirit Airlines by 27.4% during the 2nd quarter. Mackenzie Financial Corp now owns 2,531,404 shares of the transportation company’s stock worth $120,824,000 after purchasing an additional 544,424 shares during the last quarter. Finally, Nuveen Asset Management LLC purchased a new stake in shares of Spirit Airlines during the 2nd quarter worth $83,714,000.

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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Analyst Recommendations for Spirit Airlines (NASDAQ:SAVE)

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