Deutsche Bank upgraded shares of Spirit Airlines (NASDAQ:SAVE) from a hold rating to a buy rating in a report released on Thursday, December 21st, MarketBeat reports. The brokerage currently has $58.00 price target on the transportation company’s stock, up from their previous price target of $40.00.
Other analysts have also recently issued reports about the company. Citigroup upped their target price on Spirit Airlines from $48.00 to $50.00 and gave the company a buy rating in a report on Friday, October 27th. Stifel Nicolaus cut their price target on Spirit Airlines from $55.00 to $45.00 and set a buy rating on the stock in a report on Tuesday, October 17th. ValuEngine upgraded Spirit Airlines from a hold rating to a buy rating in a report on Friday, December 1st. Morgan Stanley restated an equal weight rating and set a $45.00 price target (down from $46.00) on shares of Spirit Airlines in a report on Friday, September 1st. Finally, Cowen restated a hold rating and set a $37.00 price target on shares of Spirit Airlines in a report on Tuesday, October 17th. Two analysts have rated the stock with a sell rating, seven have given a hold rating and seven have assigned a buy rating to the stock. The stock currently has a consensus rating of Hold and a consensus price target of $45.83.
Shares of Spirit Airlines (NASDAQ:SAVE) opened at $48.26 on Thursday. Spirit Airlines has a twelve month low of $30.32 and a twelve month high of $60.28. The company has a market capitalization of $3,350.00, a P/E ratio of 15.32, a P/E/G ratio of 1.82 and a beta of 0.75. The company has a quick ratio of 1.88, a current ratio of 1.88 and a debt-to-equity ratio of 0.77.
Spirit Airlines (NASDAQ:SAVE) last announced its earnings results on Thursday, October 26th. The transportation company reported $0.94 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.90 by $0.04. Spirit Airlines had a return on equity of 15.86% and a net margin of 8.55%. The business had revenue of $687.20 million for the quarter, compared to analysts’ expectations of $686.13 million. During the same period in the prior year, the business posted $1.24 earnings per share. The firm’s revenue was up 10.6% on a year-over-year basis. equities analysts predict that Spirit Airlines will post 3.08 EPS for the current fiscal year.
Spirit Airlines announced that its board has approved a share repurchase plan on Thursday, October 26th that authorizes the company to repurchase $100.00 million in shares. This repurchase authorization authorizes the transportation company to repurchase shares of its stock through open market purchases. Shares repurchase plans are often a sign that the company’s management believes its stock is undervalued.
In related news, VP John A. Bendoraitis sold 2,340 shares of the stock in a transaction on Wednesday, December 6th. The stock was sold at an average price of $42.92, for a total value of $100,432.80. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Corporate insiders own 0.33% of the company’s stock.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in SAVE. First Personal Financial Services raised its position in Spirit Airlines by 87.9% in the 3rd quarter. First Personal Financial Services now owns 3,088 shares of the transportation company’s stock valued at $103,000 after buying an additional 1,445 shares during the last quarter. The Manufacturers Life Insurance Company raised its position in Spirit Airlines by 7.0% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 2,160 shares of the transportation company’s stock valued at $112,000 after buying an additional 141 shares during the last quarter. Advisor Group Inc. raised its position in Spirit Airlines by 18.8% in the 2nd quarter. Advisor Group Inc. now owns 2,170 shares of the transportation company’s stock valued at $113,000 after buying an additional 344 shares during the last quarter. Victory Capital Management Inc. purchased a new stake in shares of Spirit Airlines during the 3rd quarter valued at $142,000. Finally, Intact Investment Management Inc. purchased a new stake in shares of Spirit Airlines during the 2nd quarter valued at $238,000.
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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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