Brokerages Set Spirit Airlines Incorporated (NASDAQ:SAVE) Target Price at $53.36

Shares of Spirit Airlines Incorporated (NASDAQ:SAVE) have earned a consensus rating of “Hold” from the nineteen research firms that are presently covering the stock, Marketbeat Ratings reports. One equities research analyst has rated the stock with a sell rating, ten have given a hold rating and five have given a buy rating to the company. The average 12-month target price among brokerages that have updated their coverage on the stock in the last year is $53.07.

A number of brokerages have commented on SAVE. Bank of America cut shares of Spirit Airlines to a “sell” rating and set a $39.00 price target on the stock. in a research report on Monday, September 23rd. Imperial Capital cut their target price on shares of Spirit Airlines from $78.00 to $64.00 and set an “outperform” rating on the stock in a report on Tuesday, July 30th. Credit Suisse Group cut shares of Spirit Airlines from an “outperform” rating to a “neutral” rating and cut their target price for the stock from $68.00 to $51.00 in a report on Friday, July 26th. Stephens cut shares of Spirit Airlines from an “overweight” rating to an “equal” rating and cut their target price for the stock from $55.00 to $45.00 in a report on Monday, September 23rd. Finally, Vertical Research started coverage on shares of Spirit Airlines in a report on Thursday, August 22nd. They issued a “hold” rating on the stock.

In other news, insider Edward M. Christie III acquired 2,375 shares of the stock in a transaction on Tuesday, July 30th. The stock was acquired at an average price of $41.93 per share, with a total value of $99,583.75. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director H. Mcintyre Gardner acquired 2,500 shares of the stock in a transaction on Wednesday, July 31st. The shares were purchased at an average cost of $41.92 per share, with a total value of $104,800.00. The disclosure for this purchase can be found here. In the last quarter, insiders purchased 5,051 shares of company stock worth $211,885. 0.33% of the stock is currently owned by company insiders.

Several institutional investors and hedge funds have recently bought and sold shares of SAVE. Zurcher Kantonalbank Zurich Cantonalbank grew its holdings in Spirit Airlines by 20.1% during the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 1,661 shares of the transportation company’s stock valued at $79,000 after buying an additional 278 shares during the last quarter. Aviance Capital Partners LLC raised its holdings in shares of Spirit Airlines by 1.1% during the second quarter. Aviance Capital Partners LLC now owns 30,085 shares of the transportation company’s stock valued at $1,436,000 after buying an additional 334 shares during the last quarter. Advisor Group Inc. raised its holdings in shares of Spirit Airlines by 12.4% during the second quarter. Advisor Group Inc. now owns 3,341 shares of the transportation company’s stock valued at $160,000 after buying an additional 368 shares during the last quarter. Meridian Wealth Management LLC bought a new stake in shares of Spirit Airlines during the first quarter valued at approximately $26,000. Finally, Mid Atlantic Financial Management Inc. ADV raised its holdings in Spirit Airlines by 5.5% during the second quarter. Mid Atlantic Financial Management Inc. ADV now owns 9,820 shares of the transportation company’s stock worth $469,000 after purchasing an additional 515 shares in the last quarter.

Shares of Spirit Airlines stock opened at $36.05 on Monday. Spirit Airlines has a 12-month low of $32.97 and a 12-month high of $65.35. The company’s 50-day moving average price is $36.73 and its 200-day moving average price is $46.00.

Spirit Airlines (NASDAQ:SAVE) last announced its quarterly earnings results on Wednesday, July 24th. The transportation company reported $1.69 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.64 by $0.05. The firm had revenue of $1.01 billion during the quarter, compared to analysts’ expectations of $1.01 billion. The company’s quarterly revenue was up 18.9% compared to the same quarter last year. During the same period in the previous year, the company posted $1.11 earnings per share.

About Spirit Airlines

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.

See Also: What moving averages are used to define a golden cross?

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.