Spirit Airlines (NASDAQ:SAVE) was upgraded by equities researchers at Bank of America from a “neutral” rating to a “buy” rating in a report issued on Tuesday, The Fly reports.
Other equities analysts also recently issued research reports about the company. Stifel Nicolaus reissued a “buy” rating and set a $55.00 price target on shares of Spirit Airlines in a research report on Thursday, September 28th. Citigroup raised their price objective on Spirit Airlines from $48.00 to $50.00 and gave the company a “buy” rating in a research report on Friday, October 27th. ValuEngine raised Spirit Airlines from a “hold” rating to a “buy” rating in a research report on Friday, December 1st. Deutsche Bank raised Spirit Airlines from a “hold” rating to a “buy” rating and raised their price objective for the company from $40.00 to $58.00 in a research report on Thursday, December 21st. Finally, BidaskClub raised Spirit Airlines from a “hold” rating to a “buy” rating in a research report on Wednesday, December 27th. Two research analysts have rated the stock with a sell rating, seven have given a hold rating and seven have assigned a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and an average target price of $44.17.
Spirit Airlines (NASDAQ SAVE) opened at $43.23 on Tuesday. 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. The stock has a market capitalization of $3,000.00, a price-to-earnings ratio of 13.72, a PEG ratio of 1.82 and a beta of 0.75.
Spirit Airlines announced that its Board of Directors has authorized a stock repurchase program on Thursday, October 26th that allows the company to repurchase $100.00 million in shares. This repurchase authorization allows the transportation company to reacquire shares of its stock through open market purchases. Shares repurchase programs are usually an indication that the company’s board 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 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 filing with the Securities & Exchange Commission, which is accessible through this link. 0.33% of the stock is currently owned by company insiders.
A number of hedge funds and other institutional investors have recently modified their holdings of the business. California Public Employees Retirement System boosted its holdings in Spirit Airlines by 2.8% in the third quarter. California Public Employees Retirement System now owns 141,263 shares of the transportation company’s stock worth $4,720,000 after acquiring an additional 3,863 shares in the last quarter. U S Global Investors Inc. boosted its holdings in Spirit Airlines by 53.1% in the third quarter. U S Global Investors Inc. now owns 140,897 shares of the transportation company’s stock worth $4,706,000 after acquiring an additional 48,851 shares in the last quarter. Janus Henderson Group PLC boosted its holdings in Spirit Airlines by 96.2% in the third quarter. Janus Henderson Group PLC now owns 24,510 shares of the transportation company’s stock worth $819,000 after acquiring an additional 12,015 shares in the last quarter. Royce & Associates LP boosted its holdings in Spirit Airlines by 30.2% in the third quarter. Royce & Associates LP now owns 553,265 shares of the transportation company’s stock worth $18,485,000 after acquiring an additional 128,481 shares in the last quarter. Finally, Mackenzie Financial Corp boosted its holdings in Spirit Airlines by 8.8% in the third quarter. Mackenzie Financial Corp now owns 1,774,332 shares of the transportation company’s stock worth $59,280,000 after acquiring an additional 143,817 shares in the last quarter.
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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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