Spirit Airlines (NYSE:SAVE) Issues Quarterly Earnings Results, Misses Estimates By $0.02 EPS

Spirit Airlines (NYSE:SAVE – Get Rating) announced its earnings results on Wednesday. The company reported ($1.60) earnings per share (EPS) for the quarter, missing the consensus estimate of ($1.58) by ($0.02), MarketWatch Earnings reports. The business had revenue of $967.30 million for the quarter, compared to analyst estimates of $958.36 million. Spirit Airlines had a negative return on equity of 19.70% and a negative net margin of 14.63%. The company’s revenue for the quarter was up 109.7% compared to the same quarter last year. During the same period last year, the firm earned ($2.48) EPS.

Shares of SAVE opened at $20.69 on Friday. The firm has a 50-day simple moving average of $23.22 and a two-hundred day simple moving average of $23.12. The stock has a market cap of $2.25 billion, a PE ratio of -4.56 and a beta of 1.41. Spirit Airlines has a 1-year low of $18.26 and a 1-year high of $37.19. The company has a debt-to-equity ratio of 1.41, a current ratio of 1.44 and a quick ratio of 1.44.

Several hedge funds have recently modified their holdings of SAVE. Goldman Sachs Group Inc. raised its holdings in shares of Spirit Airlines by 317.6% in the 4th quarter. Goldman Sachs Group Inc. now owns 1,230,685 shares of the company’s stock valued at $26,890,000 after buying an additional 935,971 shares during the period. Parametric Portfolio Associates LLC boosted its stake in shares of Spirit Airlines by 34.6% in the fourth quarter. Parametric Portfolio Associates LLC now owns 136,994 shares of the company’s stock valued at $2,993,000 after purchasing an additional 35,202 shares during the period. Norges Bank purchased a new position in shares of Spirit Airlines in the fourth quarter valued at approximately $2,727,000. Lombard Odier Asset Management USA Corp grew its holdings in shares of Spirit Airlines by 41.5% in the fourth quarter. Lombard Odier Asset Management USA Corp now owns 92,000 shares of the company’s stock valued at $2,010,000 after purchasing an additional 27,000 shares in the last quarter. Finally, LPL Financial LLC increased its stake in Spirit Airlines by 32.3% during the 4th quarter. LPL Financial LLC now owns 77,909 shares of the company’s stock worth $1,702,000 after buying an additional 19,036 shares during the period. Hedge funds and other institutional investors own 62.67% of the company’s stock.

A number of research firms recently weighed in on SAVE. Barclays lowered their price target on shares of Spirit Airlines from $46.00 to $38.00 and set an “overweight” rating on the stock in a research report on Friday, January 14th. Susquehanna lowered Spirit Airlines from a “positive” rating to a “neutral” rating and dropped their price target for the company from $31.00 to $25.00 in a research report on Thursday, January 13th. Susquehanna Bancshares downgraded Spirit Airlines from a “positive” rating to a “neutral” rating and reduced their price objective for the stock from $31.00 to $25.00 in a research report on Thursday, January 13th. Finally, Deutsche Bank Aktiengesellschaft dropped their target price on Spirit Airlines from $38.00 to $27.00 in a report on Thursday. Six analysts have rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Buy” and an average target price of $31.14.

Spirit Airlines Company Profile (Get Rating)

Spirit Airlines, Inc provides airline services. It serves 85 destinations in 16 countries in the United States, Latin America, and the Caribbean. As of December 31, 2021, the company had a fleet of 173 Airbus single-aisle aircraft. It sells tickets through its call centers and airport ticket counters, as well as online through spirit.com; and through various third parties, including online, traditional travel agents, and electronic global distribution systems.

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