J P Morgan Chase & Co downgraded shares of Spirit Airlines, Inc. (NASDAQ:SAVE) from a neutral rating to an underweight rating in a report released on Wednesday. The brokerage currently has $39.00 price objective on the transportation company’s stock.

SAVE has been the subject of several other research reports. Imperial Capital restated an in-line rating and issued a $36.00 target price (up previously from $32.00) on shares of Spirit Airlines in a research note on Friday, October 27th. Zacks Investment Research upgraded Spirit Airlines from a sell rating to a hold rating in a research note on Monday, August 7th. Morgan Stanley restated an equal weight rating and issued a $45.00 target price (down previously from $46.00) on shares of Spirit Airlines in a research note on Friday, September 1st. Deutsche Bank AG downgraded Spirit Airlines from a buy rating to a hold rating and set a $38.00 target price for the company. in a research note on Friday, October 6th. Finally, Buckingham Research downgraded Spirit Airlines from a buy rating to a neutral rating in a research note on Friday, July 28th. Three research analysts have rated the stock with a sell rating, nine have given a hold rating and three have given a buy rating to the company’s stock. Spirit Airlines currently has a consensus rating of Hold and an average price target of $41.00.

Spirit Airlines (NASDAQ:SAVE) last issued its earnings results on Thursday, October 26th. The transportation company reported $0.94 EPS for the quarter, topping the 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 business had revenue of $687.20 million during the quarter, compared to the consensus estimate of $686.13 million. During the same quarter last year, the company earned $1.24 EPS. The firm’s revenue was up 10.6% compared to the same quarter last year.

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Spirit Airlines announced that its board has authorized a share 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. Stock repurchase programs are generally a sign that the company’s board of directors believes its stock is undervalued.

In other news, Director H. Mcintyre Gardner bought 5,000 shares of the company’s stock in a transaction that occurred on Friday, September 15th. The stock was bought at an average price of $33.78 per share, for a total transaction of $168,900.00. The acquisition was disclosed in a legal filing with the SEC, which is available through this hyperlink. Insiders own 0.33% of the company’s stock.

A number of large investors have recently added to or reduced their stakes in the stock. Daiwa Securities Group Inc. bought a new stake in Spirit Airlines in the 3rd quarter worth approximately $1,607,000. Hodges Capital Management Inc. lifted its position in Spirit Airlines by 35.6% in the 3rd quarter. Hodges Capital Management Inc. now owns 438,675 shares of the transportation company’s stock worth $14,656,000 after buying an additional 115,130 shares during the last quarter. First Personal Financial Services lifted its position in Spirit Airlines by 87.9% in the 3rd quarter. First Personal Financial Services now owns 3,088 shares of the transportation company’s stock worth $103,000 after buying an additional 1,445 shares during the last quarter. Ironwood Investment Management LLC lifted its position in Spirit Airlines by 5.2% in the 3rd quarter. Ironwood Investment Management LLC now owns 37,014 shares of the transportation company’s stock worth $1,237,000 after buying an additional 1,839 shares during the last quarter. Finally, Wedge Capital Management L L P NC lifted 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 worth $11,692,000 after buying an additional 5,258 shares during the last quarter. Institutional investors own 97.05% of the company’s stock.

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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