Spirit Airlines (SAVE) Stock Rating Upgraded by Bank of America

Bank of America upgraded shares of Spirit Airlines (NASDAQ:SAVE) from a neutral rating to a buy rating in a research report report published on Tuesday, January 9th, Marketbeat reports. Bank of America currently has $53.00 target price on the transportation company’s stock.

Several other brokerages also recently commented on SAVE. BidaskClub raised Spirit Airlines from a hold rating to a buy rating in a report on Wednesday, December 27th. Deutsche Bank raised Spirit Airlines from a hold rating to a buy rating and lifted their price objective for the stock from $40.00 to $58.00 in a research report on Thursday, December 21st. Zacks Investment Research lowered Spirit Airlines from a hold rating to a sell rating in a research report on Monday, January 8th. ValuEngine upgraded Spirit Airlines from a hold rating to a buy rating in a research note on Friday, December 1st. Finally, Stephens began coverage on Spirit Airlines in a research note on Wednesday, November 29th. They set an overweight rating and a $50.00 price target for the company. Two investment analysts have rated the stock with a sell rating, eight have given a hold rating and six have assigned a buy rating to the stock. The company presently has a consensus rating of Hold and a consensus price target of $46.75.

Spirit Airlines (NASDAQ SAVE) traded down $0.74 during midday trading on Tuesday, hitting $41.28. The company had a trading volume of 399,028 shares, compared to its average volume of 1,544,128. The firm has a market cap of $2,920.00, a P/E ratio of 13.34, a price-to-earnings-growth ratio of 1.82 and a beta of 0.75. Spirit Airlines has a 12 month low of $30.32 and a 12 month high of $60.28. The company has a debt-to-equity ratio of 0.77, a quick ratio of 1.88 and a current ratio of 1.88.

Spirit Airlines declared that its board has initiated a share buyback program 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 programs are usually an indication that the company’s board of directors believes its shares are undervalued.

In other Spirit Airlines news, VP John A. Bendoraitis sold 2,340 shares of the firm’s stock in a transaction that occurred on Wednesday, December 6th. The shares were sold at an average price of $42.92, for a total transaction of $100,432.80. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 0.33% of the stock is owned by corporate insiders.

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Schroder Investment Management Group increased its holdings in Spirit Airlines by 67.2% in the 3rd quarter. Schroder Investment Management Group now owns 1,319,480 shares of the transportation company’s stock valued at $44,242,000 after acquiring an additional 530,281 shares during the last quarter. Dimensional Fund Advisors LP increased its holdings in shares of Spirit Airlines by 29.2% in the 3rd quarter. Dimensional Fund Advisors LP now owns 1,930,412 shares of the transportation company’s stock worth $64,495,000 after buying an additional 436,012 shares during the last quarter. Calamos Advisors LLC increased its holdings in shares of Spirit Airlines by 107.0% in the 3rd quarter. Calamos Advisors LLC now owns 699,240 shares of the transportation company’s stock worth $23,362,000 after buying an additional 361,478 shares during the last quarter. JPMorgan Chase & Co. increased its holdings in shares of Spirit Airlines by 135.9% in the 3rd quarter. JPMorgan Chase & Co. now owns 529,027 shares of the transportation company’s stock worth $17,738,000 after buying an additional 304,721 shares during the last quarter. Finally, Precocity Capital LP increased its holdings in shares of Spirit Airlines by 166.7% in the 3rd quarter. Precocity Capital LP now owns 400,000 shares of the transportation company’s stock worth $13,364,000 after buying an additional 250,000 shares during the last quarter.

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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.

Analyst Recommendations for Spirit Airlines (NASDAQ:SAVE)

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