Q2 2024 Earnings Estimate for Spirit Airlines, Inc. (NYSE:SAVE) Issued By Seaport Res Ptn

Spirit Airlines, Inc. (NYSE:SAVE) – Stock analysts at Seaport Res Ptn reduced their Q2 2024 EPS estimates for shares of Spirit Airlines in a research note issued on Monday, April 15th. Seaport Res Ptn analyst D. Mckenzie now expects that the company will earn ($0.40) per share for the quarter, down from their previous forecast of ($0.15). Seaport Res Ptn has a “Neutral” rating on the stock. The consensus estimate for Spirit Airlines’ current full-year earnings is ($2.75) per share. Seaport Res Ptn also issued estimates for Spirit Airlines’ Q3 2024 earnings at ($0.20) EPS, Q4 2024 earnings at $0.05 EPS and FY2025 earnings at $0.25 EPS.

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

Several other analysts have also recently weighed in on the company. TD Cowen dropped their price objective on Spirit Airlines from $5.00 to $4.00 and set a “hold” rating for the company in a report on Tuesday. Evercore ISI dropped their price objective on Spirit Airlines from $18.00 to $3.50 and set an “in-line” rating for the company in a report on Thursday, April 4th. Bank of America began coverage on Spirit Airlines in a report on Wednesday, January 17th. They set an “underperform” rating and a $5.00 price objective for the company. Barclays began coverage on Spirit Airlines in a report on Wednesday, March 27th. They set an “underweight” rating and a $4.00 price objective for the company. Finally, Susquehanna dropped their price objective on Spirit Airlines from $5.00 to $4.00 and set a “negative” rating for the company in a report on Tuesday, April 9th. Five research analysts have rated the stock with a sell rating and three have assigned a hold rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Reduce” and an average price target of $4.91.

Spirit Airlines Stock Down 1.7 %

Shares of NYSE SAVE opened at $4.04 on Wednesday. The firm’s 50-day simple moving average is $5.22 and its 200 day simple moving average is $10.36. The company has a market cap of $442.30 million, a price-to-earnings ratio of -0.99 and a beta of 1.35. 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.

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.

Institutional Trading of Spirit Airlines

A number of institutional investors and hedge funds have recently modified their holdings of SAVE. Captrust Financial Advisors increased its stake in Spirit Airlines by 3.3% during the 1st quarter. Captrust Financial Advisors now owns 16,802 shares of the company’s stock worth $367,000 after purchasing an additional 536 shares in the last quarter. Price T Rowe Associates Inc. MD increased its stake in Spirit Airlines by 1.3% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 55,706 shares of the company’s stock worth $1,085,000 after purchasing an additional 738 shares in the last quarter. Legal & General Group Plc increased its stake in Spirit Airlines by 2.9% during the 4th quarter. Legal & General Group Plc now owns 32,307 shares of the company’s stock worth $629,000 after purchasing an additional 902 shares in the last quarter. Swiss National Bank increased its stake in Spirit Airlines by 2.0% during the 3rd quarter. Swiss National Bank now owns 60,000 shares of the company’s stock worth $990,000 after purchasing an additional 1,200 shares in the last quarter. Finally, Venture Visionary Partners LLC increased its stake in Spirit Airlines by 11.3% during the 4th quarter. Venture Visionary Partners LLC now owns 14,218 shares of the company’s stock worth $233,000 after purchasing an additional 1,449 shares in the last quarter. 58.73% of the stock is owned by institutional investors.

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.