Spirit Airlines, Inc. (NYSE:SAVE) to Post Q2 2024 Earnings of ($0.15) Per Share, Seaport Res Ptn Forecasts

Spirit Airlines, Inc. (NYSE:SAVE) – Equities research analysts at Seaport Res Ptn cut their Q2 2024 earnings per share estimates for Spirit Airlines in a report released on Monday, April 8th. Seaport Res Ptn analyst D. Mckenzie now expects that the company will post earnings of ($0.15) per share for the quarter, down from their prior estimate of $0.15. Seaport Res Ptn has a “Neutral” rating on the stock. The consensus estimate for Spirit Airlines’ current full-year earnings is ($2.87) per share. Seaport Res Ptn also issued estimates for Spirit Airlines’ Q3 2024 earnings at ($0.25) EPS and FY2024 earnings at ($1.95) EPS.

Spirit Airlines (NYSE:SAVE) last announced its quarterly earnings results on Thursday, February 8th. The company reported ($1.36) earnings per share for the quarter, beating analysts’ consensus estimates of ($1.42) by $0.06. The firm had revenue of $1.32 billion for the quarter, compared to analysts’ expectations of $1.32 billion. Spirit Airlines had a negative return on equity of 26.38% and a negative net margin of 8.34%. The business’s revenue was down 5.0% compared to the same quarter last year. During the same period in the prior year, the business posted $0.12 earnings per share.

Several other equities analysts also recently issued reports on SAVE. Bank of America initiated coverage on Spirit Airlines in a research report on Wednesday, January 17th. They issued an “underperform” rating and a $5.00 price objective for the company. Susquehanna decreased their price objective on shares of Spirit Airlines from $5.00 to $4.00 and set a “negative” rating on the stock in a report on Tuesday. Citigroup boosted their target price on shares of Spirit Airlines from $3.95 to $4.00 and gave the stock a “sell” rating in a research note on Monday, February 12th. TD Cowen decreased their price target on shares of Spirit Airlines from $11.00 to $5.00 and set a “market perform” rating on the stock in a research note on Monday, January 22nd. Finally, Barclays assumed coverage on shares of Spirit Airlines in a report on Wednesday, March 27th. They issued an “underweight” rating and a $4.00 price target for the company. Five equities research analysts have rated the stock with a sell rating and three have issued a hold rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Reduce” and an average price target of $5.07.

Spirit Airlines Trading Down 3.7 %

Shares of SAVE stock opened at $4.18 on Thursday. The company has a market capitalization of $457.62 million, a P/E ratio of -1.02 and a beta of 1.35. The firm has a 50-day moving average price of $5.44 and a 200 day moving average price of $10.70. The company has a quick ratio of 0.90, a current ratio of 0.90 and a debt-to-equity ratio of 2.69. Spirit Airlines has a 12-month low of $3.96 and a 12-month high of $19.69.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of the company. American Century Companies Inc. increased its holdings in shares of Spirit Airlines by 88.2% in the third quarter. American Century Companies Inc. now owns 626,269 shares of the company’s stock worth $10,333,000 after acquiring an additional 293,517 shares in the last quarter. Charles Schwab Investment Management Inc. increased its stake in Spirit Airlines by 3.7% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,024,413 shares of the company’s stock worth $16,903,000 after purchasing an additional 37,019 shares in the last quarter. Cambridge Investment Research Advisors Inc. raised its holdings in Spirit Airlines by 616.6% during the 3rd quarter. Cambridge Investment Research Advisors Inc. now owns 143,436 shares of the company’s stock worth $2,367,000 after buying an additional 123,419 shares during the period. Alpine Associates Management Inc. lifted its stake in Spirit Airlines by 29.7% in the third quarter. Alpine Associates Management Inc. now owns 1,904,500 shares of the company’s stock valued at $31,424,000 after buying an additional 436,486 shares in the last quarter. Finally, FMR LLC lifted its stake in Spirit Airlines by 1.3% in the third quarter. FMR LLC now owns 5,296,283 shares of the company’s stock valued at $87,389,000 after buying an additional 67,977 shares in the last quarter. Institutional investors own 58.73% of the company’s stock.

Spirit Airlines Dividend Announcement

The business also recently declared a dividend, which was paid on Thursday, February 29th. Stockholders of record on Friday, February 23rd were paid a $0.10 dividend. The ex-dividend date was Thursday, February 22nd.

Spirit Airlines Company Profile

Spirit Airlines, Inc provides airline services. The company also offers hotels and rental cars services. It serves 93 destinations in 15 countries in the United States, Latin America, and the Caribbean. As of December 31, 2023, the company operated a fleet of 205 Airbus single-aisle aircraft. The company was formerly known as Clippert Trucking Company and changed its name to Spirit Airlines, Inc in 1992.