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

Spirit Airlines, Inc. (NYSE:SAVE) – Research analysts at Seaport Res Ptn reduced their Q2 2024 earnings per share estimates for shares of Spirit Airlines in a report released on Monday, May 6th. Seaport Res Ptn analyst D. Mckenzie now anticipates that the company will post earnings per share of ($1.00) for the quarter, down from their prior forecast of ($0.40). Seaport Res Ptn currently has a “Neutral” rating on the stock. The consensus estimate for Spirit Airlines’ current full-year earnings is ($2.79) per share. Seaport Res Ptn also issued estimates for Spirit Airlines’ Q3 2024 earnings at $0.00 EPS, Q4 2024 earnings at ($0.10) EPS and FY2024 earnings at ($2.57) EPS.

A number of other equities research analysts also recently issued reports on SAVE. Bank of America initiated coverage on shares of Spirit Airlines in a research report on Wednesday, January 17th. They set an “underperform” rating and a $5.00 price objective for the company. TD Cowen cut their price target on Spirit Airlines from $4.00 to $3.00 and set a “hold” rating for the company in a report on Tuesday. Deutsche Bank Aktiengesellschaft decreased their price objective on Spirit Airlines from $4.00 to $3.00 and set a “hold” rating on the stock in a research note on Tuesday. Citigroup cut their price objective on Spirit Airlines from $4.00 to $3.85 and set a “sell” rating for the company in a research note on Wednesday, April 17th. Finally, Barclays assumed coverage on shares of Spirit Airlines in a research note on Wednesday, March 27th. They set an “underweight” rating and a $4.00 target price on the stock. Five research analysts have rated the stock with a sell rating and four have given a hold rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Reduce” and an average target price of $3.62.

Spirit Airlines Price Performance

Shares of NYSE:SAVE opened at $3.41 on Thursday. The company has a quick ratio of 0.90, a current ratio of 0.90 and a debt-to-equity ratio of 2.69. The stock has a market capitalization of $372.85 million, a PE ratio of -0.83 and a beta of 1.41. The firm’s 50 day moving average price is $4.47 and its 200-day moving average price is $9.11. Spirit Airlines has a twelve month low of $3.18 and a twelve month high of $19.69.

Spirit Airlines (NYSE:SAVE) last posted its earnings results on Monday, May 6th. The company reported ($1.46) earnings per share for the quarter, missing analysts’ consensus estimates of ($1.45) by ($0.01). The firm had revenue of $1.27 billion during the quarter, compared to the consensus estimate of $1.27 billion. Spirit Airlines had a negative net margin of 8.34% and a negative return on equity of 26.38%. The firm’s revenue was down 6.2% compared to the same quarter last year. During the same period in the prior year, the company posted ($0.82) EPS.

Spirit Airlines Dividend Announcement

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

Hedge Funds Weigh In On Spirit Airlines

Several large investors have recently made changes to their positions in SAVE. Cambridge Investment Research Advisors Inc. lifted its position in shares of Spirit Airlines by 616.6% in the third quarter. Cambridge Investment Research Advisors Inc. now owns 143,436 shares of the company’s stock valued at $2,367,000 after acquiring an additional 123,419 shares in the last quarter. Deuterium Capital Management LLC purchased a new stake in shares of Spirit Airlines in the third quarter worth about $330,000. Principal Financial Group Inc. lifted its position in shares of Spirit Airlines by 39.4% in the third quarter. Principal Financial Group Inc. now owns 16,248 shares of the company’s stock worth $268,000 after buying an additional 4,591 shares in the last quarter. Wilbanks Smith & Thomas Asset Management LLC lifted its position in shares of Spirit Airlines by 112.7% in the third quarter. Wilbanks Smith & Thomas Asset Management LLC now owns 672,186 shares of the company’s stock worth $11,091,000 after buying an additional 356,184 shares in the last quarter. Finally, Swiss National Bank lifted its position in shares of Spirit Airlines by 2.0% in the third quarter. Swiss National Bank now owns 60,000 shares of the company’s stock worth $990,000 after buying an additional 1,200 shares in the last quarter. 58.73% of the stock is currently owned by hedge funds and other 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.