Spirit Airlines (SAVE) Stock Rating Lowered by BidaskClub

Spirit Airlines (NASDAQ:SAVE) was downgraded by equities researchers at BidaskClub from a “buy” rating to a “hold” rating in a note issued to investors on Saturday.

A number of other equities research analysts have also recently issued reports on the stock. Deutsche Bank raised shares of Spirit Airlines from a “hold” rating to a “buy” rating and boosted their target price for the company from $40.00 to $58.00 in a report on Thursday, December 21st. ValuEngine raised shares of Spirit Airlines from a “hold” rating to a “buy” rating in a report on Friday, December 1st. Stephens began coverage on shares of Spirit Airlines in a report on Wednesday, November 29th. They set an “overweight” rating and a $50.00 target price on the stock. Zacks Investment Research raised shares of Spirit Airlines from a “sell” rating to a “hold” rating in a report on Friday, November 10th. Finally, JPMorgan Chase & Co. cut shares of Spirit Airlines from a “neutral” rating to an “underweight” rating and set a $39.00 target price on the stock. in a report on Wednesday, November 1st. One equities research analyst has rated the stock with a sell rating, nine have issued a hold rating and six have assigned a buy rating to the stock. Spirit Airlines currently has a consensus rating of “Hold” and a consensus target price of $43.42.

Shares of Spirit Airlines (SAVE) traded up $0.13 during mid-day trading on Friday, reaching $43.63. 680,699 shares of the company’s stock were exchanged, compared to its average volume of 1,360,000. The company has a debt-to-equity ratio of 0.77, a current ratio of 1.88 and a quick ratio of 1.88. Spirit Airlines has a 1-year low of $30.32 and a 1-year high of $60.28. The company has a market cap of $3,030.00, a PE ratio of 13.85, a price-to-earnings-growth ratio of 1.82 and a beta of 0.75.

Spirit Airlines (NASDAQ:SAVE) last issued 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 business had revenue of $687.20 million for the quarter, compared to analysts’ expectations of $686.13 million. During the same quarter in the previous year, the firm posted $1.24 EPS. The business’s revenue for the quarter was up 10.6% compared to the same quarter last year. analysts forecast that Spirit Airlines will post 3.08 EPS for the current fiscal year.

Spirit Airlines declared that its board has authorized a stock repurchase program on Thursday, October 26th that permits the company to repurchase $100.00 million in outstanding shares. This repurchase authorization permits the transportation company to buy shares of its stock through open market purchases. Shares repurchase programs are usually an indication that the company’s board 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 shares were sold at an average price of $42.92, for a total value of $100,432.80. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Corporate insiders own 0.33% of the company’s stock.

Several institutional investors have recently added to or reduced their stakes in the company. California Public Employees Retirement System increased its holdings in shares of Spirit Airlines by 2.8% in the third quarter. California Public Employees Retirement System now owns 141,263 shares of the transportation company’s stock worth $4,720,000 after purchasing an additional 3,863 shares during the period. U S Global Investors Inc. increased its holdings in shares of Spirit Airlines by 53.1% in the third quarter. U S Global Investors Inc. now owns 140,897 shares of the transportation company’s stock worth $4,706,000 after purchasing an additional 48,851 shares during the period. Janus Henderson Group PLC grew its position in Spirit Airlines by 96.2% in the third quarter. Janus Henderson Group PLC now owns 24,510 shares of the transportation company’s stock worth $819,000 after acquiring an additional 12,015 shares in the last quarter. Royce & Associates LP grew its position in Spirit Airlines by 30.2% in the third quarter. Royce & Associates LP now owns 553,265 shares of the transportation company’s stock worth $18,485,000 after acquiring an additional 128,481 shares in the last quarter. Finally, Mackenzie Financial Corp grew its position in Spirit Airlines by 8.8% in the third quarter. Mackenzie Financial Corp now owns 1,774,332 shares of the transportation company’s stock worth $59,280,000 after acquiring an additional 143,817 shares in 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.

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