Spirit Airlines, Inc. (NASDAQ:SAVE) had its price objective raised by stock analysts at Buckingham Research from $31.00 to $37.00 in a research note issued on Friday, October 27th. The firm presently has a “neutral” rating on the transportation company’s stock. Buckingham Research’s price objective suggests a potential upside of 4.88% from the company’s previous close.
A number of other brokerages have also weighed in on SAVE. Cowen and Company reaffirmed a “hold” rating and issued a $37.00 target price on shares of Spirit Airlines in a research note on Tuesday, October 17th. Morgan Stanley restated an “equal weight” rating and set a $60.00 price objective (down from $61.00) on shares of Spirit Airlines in a research note on Thursday, July 13th. Bank of America Corporation downgraded shares of Spirit Airlines from a “buy” rating to a “neutral” rating and reduced their price objective for the stock from $68.00 to $44.00 in a research note on Friday, July 28th. Stifel Nicolaus restated a “buy” rating and set a $55.00 price objective (down from $75.00) on shares of Spirit Airlines in a research note on Sunday, July 30th. Finally, Zacks Investment Research downgraded shares of Spirit Airlines from a “hold” rating to a “strong sell” rating in a research note on Wednesday, August 16th. Two equities research analysts have rated the stock with a sell rating, ten have assigned a hold rating and three have issued a buy rating to the stock. Spirit Airlines currently has a consensus rating of “Hold” and a consensus price target of $41.00.
Spirit Airlines (NASDAQ SAVE) traded down $0.54 during trading on Friday, hitting $35.28. The stock had a trading volume of 1,161,900 shares, compared to its average volume of 1,425,058. Spirit Airlines has a twelve month low of $30.32 and a twelve month high of $60.40. The company has a market capitalization of $2,450.00, a price-to-earnings ratio of 10.66, a PEG ratio of 1.46 and a beta of 0.71. 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 (NASDAQ:SAVE) last posted its earnings results on Thursday, October 26th. The transportation company reported $0.94 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.90 by $0.04. Spirit Airlines had a net margin of 8.55% and a return on equity of 15.86%. The company had revenue of $687.20 million during the quarter, compared to analysts’ expectations of $686.13 million. During the same quarter in the previous year, the company posted $1.24 earnings per share. Spirit Airlines’s quarterly revenue was up 10.6% compared to the same quarter last year. analysts predict that Spirit Airlines will post 3.08 earnings per share for the current year.
Spirit Airlines announced that its Board of Directors has initiated a share repurchase plan on Thursday, October 26th that authorizes the company to buyback $100.00 million in outstanding shares. This buyback authorization authorizes the transportation company to reacquire shares of its stock through open market purchases. Shares buyback plans are generally an indication that the company’s leadership believes its stock is undervalued.
In other news, Director H. Mcintyre Gardner bought 5,000 shares of the firm’s stock in a transaction on Friday, September 15th. The shares were bought at an average price of $33.78 per share, for a total transaction of $168,900.00. The purchase was disclosed in a document filed with the SEC, which is available at the SEC website. Company insiders own 0.33% of the company’s stock.
Institutional investors and hedge funds have recently bought and sold shares of the company. The Manufacturers Life Insurance Company boosted its position in Spirit Airlines by 7.0% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 2,160 shares of the transportation company’s stock worth $112,000 after purchasing an additional 141 shares in the last quarter. Advisor Group Inc. lifted its position in shares of Spirit Airlines by 18.8% during the 2nd quarter. Advisor Group Inc. now owns 2,170 shares of the transportation company’s stock valued at $113,000 after buying an additional 344 shares in the last quarter. First Personal Financial Services lifted its position in shares of Spirit Airlines by 87.9% during the 3rd quarter. First Personal Financial Services now owns 3,088 shares of the transportation company’s stock valued at $103,000 after buying an additional 1,445 shares in the last quarter. Victory Capital Management Inc. purchased a new position in shares of Spirit Airlines during the 3rd quarter valued at approximately $142,000. Finally, Intact Investment Management Inc. acquired a new position in Spirit Airlines in the 2nd quarter valued at $238,000. Hedge funds and other institutional investors own 92.85% 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.
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