Spirit Airlines, Inc. (NYSE:SAVE - Free Report) - Equities research analysts at Seaport Res Ptn lowered their Q2 2024 earnings per share estimates for Spirit Airlines in a research note issued to investors on Monday, April 8th. Seaport Res Ptn analyst D. Mckenzie now anticipates that the company will earn ($0.15) per share for the quarter, down from their prior forecast of $0.15. Seaport Res Ptn currently has a "Neutral" rating on the stock. The consensus estimate for Spirit Airlines' current full-year earnings is ($2.80) 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.
A number of other research firms also recently weighed in on SAVE. TD Cowen dropped 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. Barclays initiated coverage on shares of Spirit Airlines in a research note on Wednesday, March 27th. They issued an "underweight" rating and a $4.00 price target on the stock. Citigroup upped their price target 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. Susquehanna dropped their price target on shares of Spirit Airlines from $5.00 to $4.00 and set a "negative" rating on the stock in a research note on Tuesday. Finally, Evercore ISI dropped their price target on shares of Spirit Airlines from $18.00 to $3.50 and set an "in-line" rating on the stock in a research note on Thursday, April 4th. Five research analysts have rated the stock with a sell rating and three have assigned a hold rating to the stock. According to data from MarketBeat.com, Spirit Airlines presently has a consensus rating of "Reduce" and a consensus target price of $5.07.
Check Out Our Latest Stock Analysis on Spirit Airlines
Spirit Airlines Stock Down 2.5 %
Shares of SAVE traded down $0.11 during mid-day trading on Thursday, reaching $4.35. The company's stock had a trading volume of 5,317,723 shares, compared to its average volume of 15,617,455. The business has a fifty day moving average of $5.48 and a 200 day moving average of $10.79. The company has a market cap of $476.24 million, a price-to-earnings ratio of -1.06 and a beta of 1.35. Spirit Airlines has a 1 year low of $3.96 and a 1 year high of $19.69. 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 (NYSE:SAVE - Get Free Report) last released its earnings results on Thursday, February 8th. The company reported ($1.36) earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($1.42) by $0.06. The company had revenue of $1.32 billion during the quarter, compared to analyst estimates of $1.32 billion. Spirit Airlines had a negative return on equity of 26.38% and a negative net margin of 8.34%. The company's revenue for the quarter was down 5.0% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.12 earnings per share.
Hedge Funds Weigh In On Spirit Airlines
Hedge funds have recently bought and sold shares of the business. International Assets Investment Management LLC increased its position in Spirit Airlines by 467.7% during the fourth quarter. International Assets Investment Management LLC now owns 1,970 shares of the company's stock worth $32,000 after buying an additional 1,623 shares during the last quarter. First Horizon Advisors Inc. acquired a new stake in shares of Spirit Airlines in the fourth quarter valued at about $33,000. Northwestern Mutual Wealth Management Co. grew its position in shares of Spirit Airlines by 272.4% in the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 2,119 shares of the company's stock valued at $41,000 after purchasing an additional 1,550 shares during the last quarter. Cary Street Partners Investment Advisory LLC acquired a new stake in shares of Spirit Airlines in the third quarter valued at about $50,000. Finally, Migdal Insurance & Financial Holdings Ltd. grew its position in shares of Spirit Airlines by 862.8% in the fourth quarter. Migdal Insurance & Financial Holdings Ltd. now owns 3,466 shares of the company's stock valued at $57,000 after purchasing an additional 3,106 shares during the last quarter. 58.73% of the stock is owned by institutional investors and hedge funds.
Spirit Airlines Dividend Announcement
The firm also recently announced a dividend, which was paid on Thursday, February 29th. Shareholders of record on Friday, February 23rd were given a dividend of $0.10 per share. The ex-dividend date was Thursday, February 22nd.
Spirit Airlines Company Profile
(
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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.
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