Spirit Airlines (NASDAQ:SAVE) Given “Hold” Rating at Cowen

Cowen restated their hold rating on shares of Spirit Airlines (NASDAQ:SAVE) in a research report released on Tuesday, January 9th. They currently have a $49.00 price target on the transportation company’s stock.

Several other equities analysts also recently issued reports on the company. ValuEngine raised Spirit Airlines from a hold rating to a buy rating in a research report on Friday, December 1st. Stifel Nicolaus reaffirmed a buy rating and issued a $55.00 price target on shares of Spirit Airlines in a report on Thursday, September 28th. Stephens initiated coverage on shares of Spirit Airlines in a report on Wednesday, November 29th. They issued an overweight rating and a $50.00 price target on the stock. Macquarie initiated coverage on shares of Spirit Airlines in a research note on Monday, September 25th. They set a neutral rating and a $33.00 target price on the stock. Finally, BidaskClub lowered shares of Spirit Airlines from a buy rating to a hold rating in a research note on Saturday, January 6th. Two research analysts have rated the stock with a sell rating, eight have assigned a hold rating and six have given a buy rating to the company’s stock. Spirit Airlines has a consensus rating of Hold and a consensus target price of $46.75.

Shares of Spirit Airlines (NASDAQ:SAVE) traded down $0.95 during mid-day trading on Tuesday, hitting $41.07. The stock had a trading volume of 883,746 shares, compared to its average volume of 1,569,300. The firm has a market capitalization of $2,920.00, a P/E ratio of 13.04, a PEG ratio of 1.82 and a beta of 0.75. The company has a debt-to-equity ratio of 0.77, a quick ratio of 1.88 and a current ratio of 1.88. Spirit Airlines has a 1-year low of $30.32 and a 1-year high of $60.28.

Spirit Airlines announced that its Board of Directors has initiated a share buyback program on Thursday, October 26th that permits the company to buyback $100.00 million in shares. This buyback authorization permits the transportation company to reacquire shares of its stock through open market purchases. Stock buyback programs are often a sign that the company’s board of directors believes its shares are undervalued.

In other news, VP John A. Bendoraitis sold 2,340 shares of the firm’s stock in a transaction that occurred on Wednesday, December 6th. The shares were sold at an average price of $42.92, for a total transaction of $100,432.80. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. 0.33% of the stock is owned by company insiders.

Several large investors have recently bought and sold shares of the stock. The Manufacturers Life Insurance Company boosted its position in shares of Spirit Airlines by 7.0% during 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 during the period. Advisor Group Inc. boosted 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 worth $113,000 after purchasing an additional 344 shares during the period. Sentry Investment Management LLC boosted its position in shares of Spirit Airlines by 1.7% during the 2nd quarter. Sentry Investment Management LLC now owns 54,044 shares of the transportation company’s stock worth $2,791,000 after purchasing an additional 888 shares during the period. First Personal Financial Services boosted 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 worth $103,000 after purchasing an additional 1,445 shares during the period. Finally, Legal & General Group Plc boosted its position in shares of Spirit Airlines by 8.0% during the 2nd quarter. Legal & General Group Plc now owns 20,480 shares of the transportation company’s stock worth $1,057,000 after purchasing an additional 1,522 shares during the period.

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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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