Spirit Airlines (SAVE) Upgraded to “Outperform” at Cowen

Cowen upgraded shares of Spirit Airlines (NASDAQ:SAVE) from a market perform rating to an outperform rating in a research note published on Thursday, The Fly reports.

Other research analysts have also issued reports about the company. Zacks Investment Research lowered Spirit Airlines from a buy rating to a hold rating in a research report on Wednesday, September 12th. BidaskClub lowered Spirit Airlines from a strong-buy rating to a buy rating in a research report on Tuesday, September 25th. Imperial Capital restated an outperform rating and set a $69.00 price target (up from $61.00) on shares of Spirit Airlines in a research report on Thursday, September 27th. Macquarie set a $56.00 price target on Spirit Airlines and gave the stock a buy rating in a research report on Monday, October 8th. Finally, Deutsche Bank raised their price target on Spirit Airlines from $51.00 to $53.00 and gave the stock a buy rating in a research report on Wednesday, October 10th. Six equities research analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has given a strong buy rating to the company’s stock. The company currently has an average rating of Buy and a consensus price target of $60.63.

Spirit Airlines stock traded down $0.64 during mid-day trading on Thursday, hitting $60.11. The company’s stock had a trading volume of 1,098,000 shares, compared to its average volume of 1,245,050. Spirit Airlines has a 1 year low of $34.36 and a 1 year high of $65.35.

Spirit Airlines (NASDAQ:SAVE) last issued its quarterly earnings data on Wednesday, October 24th. The transportation company reported $1.47 earnings per share for the quarter, topping the consensus estimate of $1.44 by $0.03. The business had revenue of $904.33 million during the quarter, compared to analysts’ expectations of $904.05 million.

In other Spirit Airlines news, Director Robert D. Johnson sold 750 shares of the firm’s stock in a transaction on Monday, December 3rd. The stock was sold at an average price of $64.65, for a total value of $48,487.50. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, SVP Rocky Wiggins sold 4,500 shares of the firm’s stock in a transaction on Tuesday, October 30th. The shares were sold at an average price of $50.56, for a total value of $227,520.00. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 7,250 shares of company stock worth $398,228. 0.33% of the stock is owned by insiders.

A number of institutional investors have recently bought and sold shares of SAVE. BlackRock Inc. raised its stake in Spirit Airlines by 67.1% in the second quarter. BlackRock Inc. now owns 4,468,084 shares of the transportation company’s stock valued at $162,416,000 after buying an additional 1,794,176 shares in the last quarter. FMR LLC increased its position in shares of Spirit Airlines by 12.0% during the second quarter. FMR LLC now owns 10,236,765 shares of the transportation company’s stock worth $372,107,000 after purchasing an additional 1,100,206 shares in the last quarter. Capital International Investors acquired a new stake in shares of Spirit Airlines during the third quarter worth about $41,005,000. Millennium Management LLC increased its position in shares of Spirit Airlines by 778.4% during the second quarter. Millennium Management LLC now owns 884,020 shares of the transportation company’s stock worth $32,134,000 after purchasing an additional 783,381 shares in the last quarter. Finally, Hennessy Advisors Inc. acquired a new stake in shares of Spirit Airlines during the third quarter worth about $27,322,000.

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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