This is the average number from the 8 analysts who have published ratings in the past 6 months.
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Spirit Airlines, Inc. (NASDAQ:SAVE): On Friday heightened volatility was witnessed in Spirit Airlines, Inc.
The timing and location of the storms resulted in more than 500 flight cancellations and delays, which will negatively impact operating income by $20 million – $5 million of lower revenue and $15 million in higher costs, Spirit said. The stock’s 50-day moving average is $62.87 and its 200-day moving average is $71.85. The company has a market cap of $4.64 billion and a price-to-earnings ratio of 18.10.
The carrier, based in Miramar, Florida, said its second-quarter results were hurt by “numerous cancellations related to adverse weather” in June. The carrier’s shares were up 26 cents at $63.54 in 4 p.m. trading on the Nasdaq. The company reported $0.96 EPS for the quarter, meeting the Thomson Reuters consensus estimate of $0.96. The company shares have dropped 1.13% in the past 52 Weeks.
Insiders were bullish on the stock of Spirit Airlines however, with Thomas Canfield, Senior Vice President, General Counsel and Secretary, purchasing 1,200 shares of the company on June 1, 2015. Other key carriers are also expected to announce drops for this metric in Q2.
Spirit, and other discounters like Southwest and JetBlue Airways, have recently expanded capacity more quickly than Delta Air Lines, American Airlines Group and United Continental Holdings. Spirit’s preliminary systemwide completion factor for June 2015 was 95.3 percent. Analysts at Credit Suisse downgraded shares of Spirit Airlines from an “outperform” rating to a “neutral” rating and set a $69.00 price target on the stock in a research note on Friday, June 26th. Oran sold 2,000 shares of Spirit Airlines stock in a transaction that occurred on Monday, May 18th. In a report issued on June 23, Morgan Stanley analyst John Godyn assigned a Buy rating on SAVE, with a price target of $82, which implies an upside of 29.1% from current levels.
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Smart money appears to be in agreement with the latest analyst sentiment, as the funds tracked by Insider Monkey were bearish on the company during the first quarter. Spirit Airlines presently has an average rating of “Buy” and a consensus price target of $86.98. The stock was purchased at an average price of $63.72 per share, for a total transaction of $76,464.00. The 52-week low of the share price is at $52.75. The disclosure for this sale can be found here. Helane Becker, an analyst for Cowen Warn, mentioned the stiff pricing wars Spirit Airlines Incorporated (NASDAQ:SAVE) is facing in Chicago and Dallas. The Companys all-Airbus fleet, as of December 31, 2012, operated approximately 200 daily flights to over 50 destinations in the United States, Caribbean and Latin America.
