Seaport Res Ptn Comments on Spirit Airlines, Inc.’s Q2 2024 Earnings (NYSE:SAVE)

Spirit Airlines, Inc. (NYSE:SAVE) – Investment analysts at Seaport Res Ptn lowered their Q2 2024 earnings per share estimates for shares of Spirit Airlines in a research report issued on Monday, April 15th. Seaport Res Ptn analyst D. Mckenzie now expects that the company will post earnings per share of ($0.40) for the quarter, down from their previous estimate 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.

Other analysts have also recently issued research reports about the company. Susquehanna reduced their price target on Spirit Airlines from $5.00 to $4.00 and set a “negative” rating for the company in a research report on Tuesday, April 9th. Evercore ISI reduced their price target on Spirit Airlines from $18.00 to $3.50 and set an “in-line” rating for the company in a research report on Thursday, April 4th. Barclays initiated coverage on Spirit Airlines in a research report on Wednesday, March 27th. They issued an “underweight” rating and a $4.00 price target for the company. Bank of America initiated coverage on Spirit Airlines in a research note on Wednesday, January 17th. They issued an “underperform” rating and a $5.00 price objective on the stock. Finally, Citigroup dropped their price objective on Spirit Airlines from $4.00 to $3.85 and set a “sell” rating on the stock in a research note on Wednesday. Five equities research analysts have rated the stock with a sell rating and three have given a hold rating to the stock. Based on data from MarketBeat, Spirit Airlines currently has a consensus rating of “Reduce” and a consensus price target of $4.91.

Spirit Airlines Price Performance

SAVE opened at $4.12 on Wednesday. The stock has a market cap of $450.50 million, a price-to-earnings ratio of -1.01 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 current ratio of 0.90, a quick ratio of 0.90 and a debt-to-equity ratio of 2.69. The stock has a fifty day moving average price of $5.28 and a 200 day moving average price of $10.41.

Spirit Airlines (NYSE:SAVE) last issued its quarterly earnings results on Thursday, February 8th. The company reported ($1.36) earnings per share (EPS) for the quarter, beating the consensus estimate of ($1.42) by $0.06. The company had revenue of $1.32 billion for the quarter, compared to analysts’ expectations of $1.32 billion. Spirit Airlines had a negative return on equity of 26.38% and a negative net margin of 8.34%. The firm’s revenue for the quarter was down 5.0% on a year-over-year basis. During the same period last year, the firm earned $0.12 EPS.

Spirit Airlines Announces Dividend

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

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in SAVE. International Assets Investment Management LLC increased its holdings in shares of 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 purchasing an additional 1,623 shares during the period. First Horizon Advisors Inc. bought a new position in shares of Spirit Airlines during the fourth quarter worth approximately $33,000. Northwestern Mutual Wealth Management Co. increased its stake in 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 acquiring an additional 1,550 shares during the last quarter. Cary Street Partners Investment Advisory LLC bought a new position in Spirit Airlines in the third quarter valued at approximately $50,000. Finally, Migdal Insurance & Financial Holdings Ltd. increased its stake in 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 acquiring an additional 3,106 shares during the last quarter. 58.73% of the stock is owned by institutional investors.

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.