Spirit Airlines (SAVE) Raised to “Buy” at ValuEngine
ValuEngine upgraded shares of Spirit Airlines (NASDAQ:SAVE) from a hold rating to a buy rating in a research report sent to investors on Friday.
Other research analysts have also issued reports about the company. Stephens assumed coverage on Spirit Airlines in a research report on Wednesday, November 29th. They set an overweight rating and a $50.00 price target on the stock. Cowen reissued a hold rating and set a $37.00 price target on shares of Spirit Airlines in a research report on Tuesday, October 17th. Zacks Investment Research lowered Spirit Airlines from a hold rating to a strong sell rating in a research report on Wednesday, August 16th. Stifel Nicolaus dropped their price target on Spirit Airlines from $55.00 to $45.00 and set a buy rating on the stock in a research report on Tuesday, October 17th. Finally, Morgan Stanley dropped their price target on Spirit Airlines from $54.00 to $46.00 and set an equal weight rating on the stock in a research report on Thursday, August 17th. Two research analysts have rated the stock with a sell rating, nine have issued a hold rating and five have given a buy rating to the company’s stock. Spirit Airlines presently has a consensus rating of Hold and a consensus target price of $41.75.
Shares of Spirit Airlines (NASDAQ SAVE) traded down $0.01 during trading on Friday, hitting $42.62. The stock had a trading volume of 2,326,300 shares, compared to its average volume of 1,431,434. The firm has a market capitalization of $2,956.68, a price-to-earnings ratio of 12.69, a PEG ratio of 1.73 and a beta of 0.75. The company has a quick ratio of 1.88, a current ratio of 1.88 and a debt-to-equity ratio of 0.77. Spirit Airlines has a 12 month low of $30.32 and a 12 month high of $60.40.
Spirit Airlines (NASDAQ:SAVE) last posted its quarterly earnings results on Thursday, October 26th. The transportation company reported $0.94 earnings per share for the quarter, beating the consensus estimate of $0.90 by $0.04. The firm had revenue of $687.20 million for the quarter, compared to analyst estimates of $686.13 million. Spirit Airlines had a return on equity of 15.86% and a net margin of 8.55%. Spirit Airlines’s quarterly revenue was up 10.6% on a year-over-year basis. During the same period in the previous year, the firm earned $1.24 earnings per share. equities analysts anticipate that Spirit Airlines will post 3.08 earnings per share for the current fiscal year.
Spirit Airlines declared that its Board of Directors has approved a share repurchase plan on Thursday, October 26th that permits the company to repurchase $100.00 million in outstanding shares. This repurchase authorization permits the transportation company to reacquire shares of its stock through open market purchases. Stock repurchase plans are usually 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 stock in a transaction on Friday, September 15th. The shares were purchased at an average price of $33.78 per share, for a total transaction of $168,900.00. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Insiders own 0.33% of the company’s stock.
A number of hedge funds and other institutional investors have recently modified their holdings of the business. The Manufacturers Life Insurance Company grew its stake 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 in the last quarter. Aperio Group LLC grew its stake in Spirit Airlines by 4.6% in the second quarter. Aperio Group LLC now owns 7,260 shares of the transportation company’s stock valued at $375,000 after purchasing an additional 322 shares in the last quarter. Advisor Group Inc. grew its stake 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 in the last quarter. Sentry Investment Management LLC grew its stake in Spirit Airlines by 1.7% in the second quarter. Sentry Investment Management LLC now owns 54,044 shares of the transportation company’s stock valued at $2,791,000 after purchasing an additional 888 shares in the last quarter. Finally, Pacer Advisors Inc. grew its stake in Spirit Airlines by 12.0% in the second quarter. Pacer Advisors Inc. now owns 9,222 shares of the transportation company’s stock valued at $476,000 after purchasing an additional 989 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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