Spirit Airlines (SAVE) Stock Rating Upgraded by JPMorgan Chase & Co.

JPMorgan Chase & Co. upgraded shares of Spirit Airlines (NASDAQ:SAVE) from a neutral rating to an overweight rating in a research report report published on Wednesday, Marketbeat reports. They currently have $82.00 price target on the transportation company’s stock, up from their prior price target of $59.00.

SAVE has been the subject of several other reports. Buckingham Research set a $61.00 target price on shares of Spirit Airlines and gave the stock a buy rating in a research report on Thursday, August 30th. Imperial Capital upped their price objective on shares of Spirit Airlines from $72.00 to $90.00 and gave the stock an outperform rating in a research report on Friday, October 26th. BidaskClub raised shares of Spirit Airlines from a hold rating to a buy rating in a research report on Tuesday, October 16th. Zacks Investment Research downgraded shares of Spirit Airlines from a strong-buy rating to a hold rating in a research report on Wednesday, October 10th. Finally, Macquarie set a $56.00 price objective on shares of Spirit Airlines and gave the stock a buy rating in a research report on Monday, October 8th. Seven research analysts have rated the stock with a hold rating, twelve have assigned a buy rating and one has issued a strong buy rating to the company. The company has an average rating of Buy and a consensus target price of $60.94.

NASDAQ:SAVE opened at $64.12 on Wednesday. Spirit Airlines has a one year low of $34.36 and a one year high of $64.23.

Spirit Airlines (NASDAQ:SAVE) last posted its earnings results on Wednesday, October 24th. The transportation company reported $1.47 EPS for the quarter, topping the consensus estimate of $1.44 by $0.03. The business had revenue of $904.33 million for the quarter, compared to the consensus estimate of $904.05 million.

In other Spirit Airlines news, Director Robert D. Johnson sold 750 shares of the business’s stock in a transaction dated Tuesday, September 4th. The shares were sold at an average price of $47.53, for a total value of $35,647.50. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, SVP Rocky Wiggins sold 566 shares of the business’s stock in a transaction dated Tuesday, September 11th. The shares were sold at an average price of $47.89, for a total transaction of $27,105.74. The disclosure for this sale can be found here. Insiders sold a total of 5,816 shares of company stock valued at $290,273 over the last ninety days. 0.33% of the stock is currently owned by insiders.

A number of institutional investors and hedge funds have recently added to or reduced their stakes in SAVE. Strs Ohio purchased a new position in Spirit Airlines in the second quarter valued at about $105,000. Point72 Hong Kong Ltd boosted its stake in Spirit Airlines by 147.4% in the second quarter. Point72 Hong Kong Ltd now owns 2,904 shares of the transportation company’s stock valued at $106,000 after acquiring an additional 1,730 shares during the last quarter. Sei Investments Co. boosted its stake in Spirit Airlines by 127.9% in the second quarter. Sei Investments Co. now owns 3,934 shares of the transportation company’s stock valued at $143,000 after acquiring an additional 2,208 shares during the last quarter. BNP Paribas Arbitrage SA boosted its stake in Spirit Airlines by 286.2% in the second quarter. BNP Paribas Arbitrage SA now owns 4,445 shares of the transportation company’s stock valued at $162,000 after acquiring an additional 3,294 shares during the last quarter. Finally, GSA Capital Partners LLP purchased a new position in Spirit Airlines in the third quarter valued at about $206,000.

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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