Spirit Airlines (NASDAQ:SAVE) was upgraded by equities research analysts at Deutsche Bank from a “hold” rating to a “buy” rating in a research report issued to clients and investors on Thursday, MarketBeat.com reports. The firm presently has a $58.00 price objective on the transportation company’s stock, up from their prior price objective of $40.00. Deutsche Bank’s price objective indicates a potential upside of 30.37% from the stock’s current price.
A number of other brokerages have also issued reports on SAVE. Zacks Investment Research upgraded Spirit Airlines from a “sell” rating to a “hold” rating in a research report on Friday, November 10th. Buckingham Research boosted their price target on Spirit Airlines from $31.00 to $37.00 and gave the stock a “neutral” rating in a research report on Friday, October 27th. J P Morgan Chase & Co lowered Spirit Airlines from an “overweight” rating to a “neutral” rating and reduced their price target for the stock from $45.00 to $37.00 in a research report on Friday, September 15th. ValuEngine upgraded Spirit Airlines from a “hold” rating to a “buy” rating in a research report on Friday, December 1st. Finally, Cowen reiterated a “hold” rating and set a $37.00 price target on shares of Spirit Airlines in a research report on Tuesday, October 17th. Two research analysts have rated the stock with a sell rating, eight have assigned a hold rating and six have issued a buy rating to the company. The stock has an average rating of “Hold” and an average price target of $43.42.
Shares of Spirit Airlines (NASDAQ:SAVE) traded up $0.27 during mid-day trading on Thursday, reaching $44.49. The company’s stock had a trading volume of 1,021,400 shares, compared to its average volume of 1,432,598. 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 one year low of $30.32 and a one year high of $60.28. The firm has a market cap of $3,067.68, a price-to-earnings ratio of 13.16, a PEG ratio of 1.80 and a beta of 0.75.
Spirit Airlines announced that its Board of Directors has authorized a stock buyback plan on Thursday, October 26th that permits the company to repurchase $100.00 million in shares. This repurchase authorization permits the transportation company to reacquire shares of its stock through open market purchases. Stock repurchase plans are usually an indication that the company’s leadership believes its stock is undervalued.
In other news, VP John A. Bendoraitis sold 2,340 shares of the company’s stock in a transaction 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 document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 0.33% of the company’s stock.
Several institutional investors have recently made changes to their positions in SAVE. Vanguard Group Inc. lifted its holdings in shares of Spirit Airlines by 1.4% during the second quarter. Vanguard Group Inc. now owns 5,438,753 shares of the transportation company’s stock valued at $280,912,000 after purchasing an additional 73,982 shares during the last quarter. Wells Fargo & Company MN lifted its holdings in shares of Spirit Airlines by 3.1% during the third quarter. Wells Fargo & Company MN now owns 2,861,241 shares of the transportation company’s stock valued at $95,593,000 after purchasing an additional 86,449 shares during the last quarter. Franklin Resources Inc. lifted its holdings in shares of Spirit Airlines by 4.0% during the second quarter. Franklin Resources Inc. now owns 2,128,314 shares of the transportation company’s stock valued at $109,927,000 after purchasing an additional 82,438 shares during the last quarter. Dimensional Fund Advisors LP lifted its holdings in shares of Spirit Airlines by 29.2% during the third quarter. Dimensional Fund Advisors LP now owns 1,930,412 shares of the transportation company’s stock valued at $64,495,000 after purchasing an additional 436,012 shares during the last quarter. Finally, Mackenzie Financial Corp lifted its holdings in shares of Spirit Airlines by 8.8% during the third quarter. Mackenzie Financial Corp now owns 1,774,332 shares of the transportation company’s stock valued at $59,280,000 after purchasing an additional 143,817 shares during the last quarter.
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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.
