Spirit Airlines, Inc. (NYSE:SAVE) to Post Q2 2024 Earnings of ($0.40) Per Share, Seaport Res Ptn Forecasts

Spirit Airlines, Inc. (NYSE:SAVE - Free Report) - Investment analysts at Seaport Res Ptn dropped their Q2 2024 earnings per share estimates for shares of Spirit Airlines in a research report issued to clients and investors on Monday, April 15th. Seaport Res Ptn analyst D. Mckenzie now forecasts that the company will post earnings of ($0.40) 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 ($2.75) 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 - Get Free Report) last announced its earnings results on Thursday, February 8th. The company reported ($1.36) earnings per share for the quarter, topping analysts' consensus estimates of ($1.42) by $0.06. Spirit Airlines had a negative return on equity of 26.38% and a negative net margin of 8.34%. The firm had revenue of $1.32 billion for the quarter, compared to the consensus estimate of $1.32 billion. During the same quarter in the previous year, the business earned $0.12 EPS. The company's revenue was down 5.0% compared to the same quarter last year.

A number of other equities research analysts have also recently commented on SAVE. Citigroup lowered their price target on shares of Spirit Airlines from $4.00 to $3.85 and set a "sell" rating on the stock in a report on Wednesday. Bank of America assumed coverage on shares of Spirit Airlines in a report on Wednesday, January 17th. They issued an "underperform" rating and a $5.00 price target on the stock. Evercore ISI lowered 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 report on Thursday, April 4th. 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 on the stock. Finally, Susquehanna lowered their target price on shares of Spirit Airlines from $5.00 to $4.00 and set a "negative" rating on the stock in a report on Tuesday, April 9th. Five equities research analysts have rated the stock with a sell rating and three have given a hold rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Reduce" and an average target price of $4.91.

Spirit Airlines Price Performance

Shares of NYSE SAVE remained flat at $4.12 during midday trading on Wednesday. The stock had a trading volume of 7,080,859 shares, compared to its average volume of 15,151,029. The company has a debt-to-equity ratio of 2.69, a current ratio of 0.90 and a quick ratio of 0.90. The firm has a market cap of $450.50 million, a PE ratio of -1.01 and a beta of 1.35. The firm has a 50-day moving average price of $5.28 and a 200 day moving average price of $10.41. Spirit Airlines has a 12-month low of $3.96 and a 12-month high of $19.69.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the company. American Century Companies Inc. grew its position in shares of Spirit Airlines by 88.2% during the 3rd quarter. American Century Companies Inc. now owns 626,269 shares of the company's stock valued at $10,333,000 after purchasing an additional 293,517 shares in the last quarter. Charles Schwab Investment Management Inc. grew its position in Spirit Airlines by 3.7% in the third quarter. Charles Schwab Investment Management Inc. now owns 1,024,413 shares of the company's stock worth $16,903,000 after acquiring an additional 37,019 shares in the last quarter. Cambridge Investment Research Advisors Inc. grew its position in Spirit Airlines by 616.6% in the third quarter. Cambridge Investment Research Advisors Inc. now owns 143,436 shares of the company's stock worth $2,367,000 after acquiring an additional 123,419 shares in the last quarter. Alpine Associates Management Inc. grew its position 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 worth $31,424,000 after acquiring an additional 436,486 shares in the last quarter. Finally, FMR LLC grew its position in Spirit Airlines by 1.3% in the third quarter. FMR LLC now owns 5,296,283 shares of the company's stock worth $87,389,000 after acquiring an additional 67,977 shares in the last quarter. 58.73% of the stock is currently owned by hedge funds and other institutional investors.

Spirit Airlines Announces Dividend

The firm also recently announced a dividend, which was paid on Thursday, February 29th. Shareholders of record on Friday, February 23rd were issued a dividend of $0.10 per share. 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.