Spirit Airlines’ (NASDAQ:SAVE) “Hold” Rating Reiterated at Cowen

Cowen reissued their hold rating on shares of Spirit Airlines (NASDAQ:SAVE) in a research note released on Tuesday, January 9th. Cowen currently has a $49.00 price target on the transportation company’s stock.

SAVE has been the topic of a number of other research reports. BidaskClub upgraded Spirit Airlines from a hold rating to a buy rating in a research report on Wednesday, December 27th. Deutsche Bank upgraded Spirit Airlines from a hold rating to a buy rating and boosted 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. Bank of America upgraded Spirit Airlines from a neutral rating to a buy rating and set a $53.00 price objective on the stock in a research report on Tuesday, January 9th. Finally, ValuEngine raised Spirit Airlines from a hold rating to a buy rating in a report on Friday, December 1st. Two equities research 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 an average rating of Hold and a consensus price target of $46.75.

Spirit Airlines (SAVE) opened at $41.07 on Tuesday. Spirit Airlines has a 52 week low of $30.32 and a 52 week high of $60.28. The company has a quick ratio of 1.88, a current ratio of 1.88 and a debt-to-equity ratio of 0.77. The stock has a market capitalization of $2,920.00, a price-to-earnings ratio of 13.04, a PEG ratio of 1.82 and a beta of 0.75.

Spirit Airlines declared that its Board of Directors has initiated a share repurchase plan on Thursday, October 26th that allows the company to repurchase $100.00 million in outstanding shares. This repurchase authorization allows the transportation company to purchase shares of its stock through open market purchases. Shares repurchase plans are generally a sign that the company’s board of directors believes its shares are undervalued.

In related news, VP John A. Bendoraitis sold 2,340 shares of the business’s stock in a transaction dated Wednesday, December 6th. The stock was sold at an average price of $42.92, for a total value of $100,432.80. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. 0.33% of the stock is owned by insiders.

Institutional investors have recently modified their holdings of the stock. Franklin Resources Inc. increased its position in Spirit Airlines by 4.0% in the 2nd quarter. Franklin Resources Inc. now owns 2,128,314 shares of the transportation company’s stock valued at $109,927,000 after buying an additional 82,438 shares in the last quarter. Clinton Group Inc. bought a new stake in Spirit Airlines in the 2nd quarter valued at about $813,000. Verition Fund Management LLC bought a new stake in Spirit Airlines in the 2nd quarter valued at about $1,407,000. Wedge Capital Management L L P NC increased its position in Spirit Airlines by 1.5% in the 3rd quarter. Wedge Capital Management L L P NC now owns 349,947 shares of the transportation company’s stock valued at $11,692,000 after buying an additional 5,258 shares in the last quarter. Finally, Caxton Associates LP bought a new stake in Spirit Airlines during the 2nd quarter worth approximately $1,550,000.

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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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