Spirit AeroSystems (NYSE:SPR) Shares Gap Up - Here's Why

Spirit AeroSystems Holdings, Inc. (NYSE:SPR - Get Free Report) gapped up before the market opened on Monday . The stock had previously closed at $31.73, but opened at $33.00. Spirit AeroSystems shares last traded at $33.34, with a volume of 312,070 shares.

Wall Street Analyst Weigh In

Several equities research analysts have recently issued reports on SPR shares. Sanford C. Bernstein reissued a "market perform" rating on shares of Spirit AeroSystems in a research note on Monday, July 8th. JPMorgan Chase & Co. restated a "neutral" rating and issued a $37.00 price objective (up from $36.00) on shares of Spirit AeroSystems in a research report on Monday, July 8th. Royal Bank of Canada reaffirmed a "sector perform" rating and set a $37.25 target price on shares of Spirit AeroSystems in a research note on Tuesday, August 20th. StockNews.com started coverage on shares of Spirit AeroSystems in a research note on Tuesday, October 15th. They issued a "sell" rating on the stock. Finally, Citigroup restated a "neutral" rating and set a $37.25 price objective (down from $39.00) on shares of Spirit AeroSystems in a research report on Wednesday, July 3rd. One analyst has rated the stock with a sell rating, sixteen have assigned a hold rating and one has issued a buy rating to the company's stock. According to MarketBeat, Spirit AeroSystems has an average rating of "Hold" and a consensus price target of $35.07.

Spirit AeroSystems Stock Up 4.3 %

The firm has a market capitalization of $3.86 billion, a PE ratio of -3.22 and a beta of 1.85. The business has a 50-day moving average price of $33.38 and a 200-day moving average price of $32.96.

Spirit AeroSystems (NYSE:SPR - Get Free Report) last issued its earnings results on Monday, August 5th. The aerospace company reported ($2.73) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.98) by ($1.75). The business had revenue of $1.49 billion during the quarter, compared to analyst estimates of $1.57 billion. During the same period in the previous year, the business earned ($1.46) earnings per share. The firm's revenue was up 9.3% on a year-over-year basis. On average, equities research analysts anticipate that Spirit AeroSystems Holdings, Inc. will post -4.67 earnings per share for the current year.

Institutional Trading of Spirit AeroSystems

Several hedge funds have recently made changes to their positions in the company. Harel Insurance Investments & Financial Services Ltd. purchased a new position in Spirit AeroSystems in the first quarter worth approximately $25,000. Byrne Asset Management LLC purchased a new position in shares of Spirit AeroSystems during the 2nd quarter worth $30,000. Riverview Trust Co acquired a new stake in shares of Spirit AeroSystems during the 1st quarter worth about $35,000. Allspring Global Investments Holdings LLC raised its holdings in Spirit AeroSystems by 148.7% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 1,211 shares of the aerospace company's stock valued at $44,000 after buying an additional 724 shares during the period. Finally, Manchester Capital Management LLC lifted its position in Spirit AeroSystems by 586.2% in the first quarter. Manchester Capital Management LLC now owns 1,942 shares of the aerospace company's stock valued at $70,000 after buying an additional 1,659 shares during the last quarter. Hedge funds and other institutional investors own 93.59% of the company's stock.

About Spirit AeroSystems

Spirit AeroSystems Holdings, Inc engages in the design, engineering, manufacture, and marketing of commercial aerostructures worldwide. It operates through three segments: Commercial, Defense & Space, and Aftermarket. The Commercial segment offers forward, mid, and rear fuselage sections and systems, floor beams, nacelles, struts/pylons, horizontal and vertical stabilizers, flaps and slats flight control surfaces, wing structures, and wing systems.