Spirit Airlines (NYSE:SAVE) Lowered to “Neutral” at Seaport Res Ptn

Spirit Airlines (NYSE:SAVEGet Free Report) was downgraded by research analysts at Seaport Res Ptn from a “buy” rating to a “neutral” rating in a report released on Wednesday, PriceTargets.com reports.

Several other research firms also recently issued reports on SAVE. Susquehanna reissued a “negative” rating and issued a $5.00 price target (down previously from $15.00) on shares of Spirit Airlines in a research note on Wednesday. Citigroup lowered their target price on Spirit Airlines from $16.50 to $13.00 and set a “neutral” rating on the stock in a research report on Wednesday, November 1st. Finally, Bank of America began coverage on Spirit Airlines in a research report on Wednesday. They issued an “underperform” rating and a $5.00 target price on the stock. Three research analysts have rated the stock with a sell rating and three have issued a hold rating to the company. According to MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $10.60.

View Our Latest Stock Report on SAVE

Spirit Airlines Stock Performance

SAVE opened at $6.14 on Wednesday. The business’s 50-day moving average price is $14.12 and its two-hundred day moving average price is $15.54. Spirit Airlines has a 1 year low of $5.74 and a 1 year high of $20.99. The company has a market capitalization of $669.76 million, a price-to-earnings ratio of -1.25 and a beta of 1.36. The company has a debt-to-equity ratio of 2.31, a current ratio of 0.91 and a quick ratio of 0.91.

Spirit Airlines (NYSE:SAVEGet Free Report) last released its quarterly earnings results on Thursday, October 26th. The company reported ($1.37) earnings per share (EPS) for the quarter, beating the consensus estimate of ($1.47) by $0.10. Spirit Airlines had a negative return on equity of 13.33% and a negative net margin of 9.84%. The firm had revenue of $1.26 billion for the quarter, compared to the consensus estimate of $1.26 billion. During the same quarter last year, the business posted $0.03 EPS. The company’s revenue for the quarter was down 6.3% on a year-over-year basis. Equities analysts expect that Spirit Airlines will post -3.46 EPS for the current fiscal year.

Institutional Investors Weigh In On Spirit Airlines

A number of institutional investors have recently made changes to their positions in the company. Captrust Financial Advisors boosted its stake in shares of Spirit Airlines by 3.3% in the first quarter. Captrust Financial Advisors now owns 16,802 shares of the company’s stock valued at $367,000 after buying an additional 536 shares during the period. Price T Rowe Associates Inc. MD boosted its stake in shares of Spirit Airlines by 1.3% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 55,706 shares of the company’s stock valued at $1,085,000 after buying an additional 738 shares during the period. Legal & General Group Plc boosted its stake in shares of Spirit Airlines by 2.9% in the fourth quarter. Legal & General Group Plc now owns 32,307 shares of the company’s stock valued at $629,000 after buying an additional 902 shares during the period. MetLife Investment Management LLC boosted its stake in shares of Spirit Airlines by 1.8% in the second quarter. MetLife Investment Management LLC now owns 57,706 shares of the company’s stock valued at $990,000 after buying an additional 1,037 shares during the period. Finally, Swiss National Bank boosted its stake in shares of Spirit Airlines by 2.0% in the third quarter. Swiss National Bank now owns 60,000 shares of the company’s stock valued at $990,000 after buying an additional 1,200 shares during the period. Institutional investors own 65.22% of the company’s stock.

About Spirit Airlines

(Get Free Report)

Spirit Airlines, Inc provides airline services. The company provides front seats, including wider seats with extra legroom, carry-on and checked baggage, assigned seats, travel insurance, and onboard beverages and snacks, as well as hotels, cars, vacation packages, and cruises services. It serves 92 destinations in 16 countries in the United States, Latin America, and the Caribbean.

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