Spirit Airlines (NYSE:SAVE) Releases Earnings Results

Spirit Airlines (NYSE:SAVE - Get Free Report) released its earnings results on Monday. The company reported ($1.46) earnings per share for the quarter, missing analysts' consensus estimates of ($1.45) by ($0.01), Briefing.com reports. Spirit Airlines had a negative net margin of 8.34% and a negative return on equity of 26.38%. The company had revenue of $1.27 billion for the quarter, compared to the consensus estimate of $1.27 billion. During the same quarter in the previous year, the company posted ($0.82) earnings per share. The business's revenue was down 6.2% compared to the same quarter last year.

Spirit Airlines Trading Down 1.2 %

Shares of SAVE stock traded down $0.04 during trading hours on Tuesday, hitting $3.31. 9,096,957 shares of the company's stock traded hands, compared to its average volume of 13,825,525. 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 $3.18 and a 12 month high of $19.69. The stock has a market cap of $362.45 million, a PE ratio of -0.81 and a beta of 1.41. The stock's 50 day simple moving average is $4.54 and its 200 day simple moving average is $9.20.

Spirit Airlines Announces Dividend

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

Analysts Set New Price Targets

Several analysts recently issued reports on SAVE shares. TD Cowen reduced their price target on shares of Spirit Airlines from $4.00 to $3.00 and set a "hold" rating on the stock in a research report on Tuesday. Deutsche Bank Aktiengesellschaft reduced their target price on Spirit Airlines from $4.00 to $3.00 and set a "hold" rating on the stock in a report on Tuesday. Barclays started coverage on Spirit Airlines in a research report on Wednesday, March 27th. They set an "underweight" rating and a $4.00 price objective for the company. Susquehanna decreased their target price on Spirit Airlines from $5.00 to $4.00 and set a "negative" rating on the stock in a research report on Tuesday, April 9th. Finally, Seaport Res Ptn lowered shares of Spirit Airlines from a "buy" rating to a "neutral" rating in a report on Wednesday, January 17th. Five investment analysts have rated the stock with a sell rating and four have given a hold rating to the stock. Based on data from MarketBeat.com, Spirit Airlines presently has an average rating of "Reduce" and an average price target of $4.54.

About Spirit Airlines

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.