Wall Street analysts expect that Spirit Airlines, Inc. (NYSE:SAVE) will report $521.79 million in sales for the current fiscal quarter, Zacks Investment Research reports. Five analysts have made estimates for Spirit Airlines' earnings, with the highest sales estimate coming in at $550.00 million and the lowest estimate coming in at $500.00 million. Spirit Airlines reported sales of $969.82 million in the same quarter last year, which indicates a negative year over year growth rate of 46.2%. The business is scheduled to issue its next quarterly earnings results on Wednesday, February 3rd.
According to Zacks, analysts expect that Spirit Airlines will report full-year sales of $1.83 billion for the current fiscal year, with estimates ranging from $1.81 billion to $1.86 billion. For the next financial year, analysts forecast that the firm will report sales of $2.95 billion, with estimates ranging from $2.47 billion to $3.24 billion. Zacks Investment Research's sales calculations are an average based on a survey of analysts that follow Spirit Airlines.
Spirit Airlines (NYSE:SAVE) last announced its quarterly earnings results on Wednesday, October 28th. The company reported ($2.32) earnings per share (EPS) for the quarter, topping the consensus estimate of ($2.63) by $0.31. The business had revenue of $401.92 million for the quarter, compared to the consensus estimate of $384.69 million. Spirit Airlines had a negative return on equity of 20.56% and a negative net margin of 8.34%.
Several brokerages recently issued reports on SAVE. 140166 raised their price target on Spirit Airlines from $19.00 to $22.00 and gave the stock a "neutral" rating in a report on Thursday, January 14th. Bank of America raised Spirit Airlines from an "underperform" rating to a "neutral" rating in a report on Friday, January 8th. Evercore ISI raised Spirit Airlines from an "in-line" rating to an "outperform" rating in a research note on Thursday, October 8th. JPMorgan Chase & Co. downgraded Spirit Airlines from an "overweight" rating to an "underweight" rating and set a $25.00 target price on the stock. in a research note on Wednesday, December 16th. Finally, Zacks Investment Research raised Spirit Airlines from a "sell" rating to a "hold" rating and set a $19.00 target price on the stock in a research note on Monday, November 2nd. Three research analysts have rated the stock with a sell rating, six have given a hold rating, five have issued a buy rating and one has issued a strong buy rating to the stock. Spirit Airlines currently has a consensus rating of "Hold" and a consensus price target of $22.27.
Shares of NYSE SAVE opened at $27.67 on Friday. The company has a market cap of $2.70 billion, a price-to-earnings ratio of -13.11 and a beta of 1.59. Spirit Airlines has a 12-month low of $7.01 and a 12-month high of $47.50. The company has a current ratio of 1.93, a quick ratio of 1.93 and a debt-to-equity ratio of 1.28. The stock's 50 day simple moving average is $24.86 and its 200 day simple moving average is $21.53.
In other news, Director H. Mcintyre Gardner sold 5,000 shares of Spirit Airlines stock in a transaction on Thursday, December 17th. The stock was sold at an average price of $26.21, for a total transaction of $131,050.00. 0.63% of the stock is currently owned by company insiders.
Several hedge funds have recently modified their holdings of the company. Public Employees Retirement System of Ohio increased its position in shares of Spirit Airlines by 63.6% during the 2nd quarter. Public Employees Retirement System of Ohio now owns 1,999 shares of the company's stock valued at $36,000 after purchasing an additional 777 shares during the period. Johnson Midwest Financial LLC acquired a new position in shares of Spirit Airlines in the 4th quarter worth $29,000. Aperio Group LLC grew its holdings in shares of Spirit Airlines by 2.1% in the 3rd quarter. Aperio Group LLC now owns 59,706 shares of the company's stock worth $961,000 after acquiring an additional 1,217 shares during the last quarter. PNC Financial Services Group Inc. grew its holdings in shares of Spirit Airlines by 22.1% in the 2nd quarter. PNC Financial Services Group Inc. now owns 7,986 shares of the company's stock worth $141,000 after acquiring an additional 1,448 shares during the last quarter. Finally, Truist Financial Corp grew its holdings in shares of Spirit Airlines by 12.2% in the 3rd quarter. Truist Financial Corp now owns 13,823 shares of the company's stock worth $222,000 after acquiring an additional 1,504 shares during the last quarter. Institutional investors own 52.20% of the company's stock.
Spirit Airlines Company Profile
Spirit Airlines, Inc provides low-fare airline services. The company operates approximately 600 daily flights to 77 destinations in the United States, the Caribbean, and Latin America. As of December 31, 2019, the company had a fleet of 145 Airbus single-aisle aircraft comprising 31 A319ceos, 64 A320ceos, 20 A320neos and 30 A321ceos.
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