Spirit Airlines (SAVE) Upgraded to “Outperform” at Cowen

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Cowen upgraded shares of Spirit Airlines (NASDAQ:SAVE) from a market perform rating to an outperform rating in a report released on Thursday, The Fly reports.

SAVE has been the topic of a number of other reports. Buckingham Research set a $56.00 target price on shares of Spirit Airlines and gave the stock a buy rating in a report on Wednesday, October 10th. Imperial Capital increased their target price on shares of Spirit Airlines from $69.00 to $72.00 and gave the stock an outperform rating in a report on Thursday, October 11th. Zacks Investment Research lowered shares of Spirit Airlines from a buy rating to a hold rating in a report on Wednesday, September 12th. Deutsche Bank increased their target price on shares of Spirit Airlines from $51.00 to $53.00 and gave the stock a buy rating in a report on Wednesday, October 10th. Finally, BidaskClub lowered shares of Spirit Airlines from a buy rating to a hold rating in a report on Wednesday, October 3rd. Six analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has issued a strong buy rating to the company’s stock. The stock currently has a consensus rating of Buy and a consensus target price of $60.63.

NASDAQ:SAVE opened at $60.11 on Thursday. Spirit Airlines has a fifty-two week low of $34.36 and a fifty-two week high of $65.35.

Spirit Airlines (NASDAQ:SAVE) last posted its quarterly earnings data on Wednesday, October 24th. The transportation company reported $1.47 earnings per share for the quarter, topping the Zacks’ consensus estimate of $1.44 by $0.03. The company had revenue of $904.33 million for the quarter, compared to analysts’ expectations of $904.05 million.

In other news, SVP Rocky Wiggins sold 4,500 shares of the firm’s stock in a transaction on Tuesday, October 30th. The shares were sold at an average price of $50.56, for a total value of $227,520.00. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Robert D. Johnson sold 750 shares of the firm’s stock in a transaction on Monday, December 3rd. The shares were sold at an average price of $64.65, for a total transaction of $48,487.50. The disclosure for this sale can be found here. Insiders sold a total of 7,250 shares of company stock worth $398,228 over the last 90 days. Company insiders own 0.33% of the company’s stock.

Institutional investors and hedge funds have recently made changes to their positions in the company. JPMorgan Chase & Co. raised its holdings in shares of Spirit Airlines by 786.9% in the 3rd quarter. JPMorgan Chase & Co. now owns 124,312 shares of the transportation company’s stock valued at $5,839,000 after purchasing an additional 110,295 shares in the last quarter. MetLife Investment Advisors LLC raised its stake in Spirit Airlines by 47.9% during the 3rd quarter. MetLife Investment Advisors LLC now owns 46,371 shares of the transportation company’s stock worth $2,178,000 after acquiring an additional 15,018 shares in the last quarter. Voya Investment Management LLC raised its stake in Spirit Airlines by 42.9% during the 2nd quarter. Voya Investment Management LLC now owns 25,765 shares of the transportation company’s stock worth $937,000 after acquiring an additional 7,732 shares in the last quarter. Fox Run Management L.L.C. acquired a new stake in Spirit Airlines during the 3rd quarter worth $540,000. Finally, BlueMountain Capital Management LLC acquired a new stake in Spirit Airlines during the 3rd quarter worth $4,876,000.

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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