Cowen Reaffirms Hold Rating for Spirit Airlines (SAVE)

Spirit Airlines (NASDAQ:SAVE)‘s stock had its “hold” rating restated by stock analysts at Cowen in a research report issued to clients and investors on Tuesday. They currently have a $49.00 target price on the transportation company’s stock. Cowen’s price target indicates a potential upside of 3.42% from the stock’s current price.

Other research analysts have also issued research reports about the company. Stephens started coverage on Spirit Airlines in a report on Wednesday, November 29th. They set an “overweight” rating and a $50.00 price objective for the company. Zacks Investment Research lowered Spirit Airlines from a “hold” rating to a “sell” rating in a research note on Monday. Stifel Nicolaus cut their target price on Spirit Airlines from $55.00 to $45.00 and set a “buy” rating for the company in a research note on Tuesday, October 17th. BidaskClub lowered Spirit Airlines from a “buy” rating to a “hold” rating in a research note on Saturday, January 6th. Finally, Bank of America raised Spirit Airlines from a “neutral” rating to a “buy” rating and set a $53.00 target price for the company in a research note on Tuesday. Two investment analysts have rated the stock with a sell rating, seven have issued a hold rating and seven have issued a buy rating to the company’s stock. Spirit Airlines presently has an average rating of “Hold” and a consensus target price of $45.83.

Shares of Spirit Airlines (SAVE) traded up $2.47 during midday trading on Tuesday, hitting $47.38. The stock had a trading volume of 1,390,179 shares, compared to its average volume of 1,380,000. 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 $3,280.00, a price-to-earnings ratio of 15.04, a price-to-earnings-growth ratio of 1.82 and a beta of 0.75.

Spirit Airlines (NASDAQ:SAVE) last issued its quarterly earnings data on Thursday, October 26th. The transportation company reported $0.94 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.90 by $0.04. Spirit Airlines had a return on equity of 15.86% and a net margin of 8.55%. The company had revenue of $687.20 million during the quarter, compared to analyst estimates of $686.13 million. During the same quarter in the previous year, the firm earned $1.24 earnings per share. Spirit Airlines’s revenue was up 10.6% on a year-over-year basis. analysts anticipate that Spirit Airlines will post 3.08 EPS for the current year.

Spirit Airlines announced that its Board of Directors has initiated a stock buyback program on Thursday, October 26th that permits the company to repurchase $100.00 million in shares. This repurchase authorization permits the transportation company to buy 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 business’s stock in a transaction that occurred on 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 hyperlink. Insiders own 0.33% of the company’s stock.

A number of hedge funds have recently made changes to their positions in SAVE. First Personal Financial Services lifted its position in Spirit Airlines by 87.9% in the third quarter. First Personal Financial Services now owns 3,088 shares of the transportation company’s stock valued at $103,000 after purchasing an additional 1,445 shares during the last quarter. The Manufacturers Life Insurance Company lifted its position in Spirit Airlines by 7.0% in the second quarter. The Manufacturers Life Insurance Company now owns 2,160 shares of the transportation company’s stock valued at $112,000 after purchasing an additional 141 shares during the last quarter. Advisor Group Inc. lifted its position in Spirit Airlines by 18.8% in the second quarter. Advisor Group Inc. now owns 2,170 shares of the transportation company’s stock valued at $113,000 after purchasing an additional 344 shares during the last quarter. Victory Capital Management Inc. bought a new stake in Spirit Airlines in the third quarter valued at approximately $142,000. Finally, Harbor Advisors LLC lifted its position in Spirit Airlines by 60.0% in the third quarter. Harbor Advisors LLC now owns 8,000 shares of the transportation company’s stock valued at $267,000 after purchasing an additional 3,000 shares during 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.

Analyst Recommendations for Spirit Airlines (NASDAQ:SAVE)

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