Spirit Airlines, Inc. Expected to Earn Q2 2024 Earnings of ($0.15) Per Share (NYSE:SAVE)

Spirit Airlines, Inc. (NYSE:SAVE) – Investment analysts at Seaport Res Ptn reduced their Q2 2024 earnings per share estimates for shares of Spirit Airlines in a research note issued on Monday, April 8th. Seaport Res Ptn analyst D. Mckenzie now anticipates that the company will post earnings per share of ($0.15) for the quarter, down from their previous estimate of $0.15. Seaport Res Ptn has a “Neutral” rating on the stock. The consensus estimate for Spirit Airlines’ current full-year earnings is ($2.87) 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.

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

Several other equities research analysts have also weighed in on the company. Citigroup lifted their price target on Spirit Airlines from $3.95 to $4.00 and gave the company a “sell” rating in a research report on Monday, February 12th. Bank of America started coverage on shares of Spirit Airlines in a research report on Wednesday, January 17th. They set an “underperform” rating and a $5.00 price target for the company. Susquehanna cut their price objective on shares of Spirit Airlines from $5.00 to $4.00 and set a “negative” rating on the stock in a report on Tuesday. TD Cowen decreased their target price on shares of Spirit Airlines from $11.00 to $5.00 and set a “market perform” rating for the company in a research note on Monday, January 22nd. Finally, Evercore ISI dropped their price target on Spirit Airlines from $18.00 to $3.50 and set an “in-line” rating on the stock in a research report on Thursday, April 4th. Five analysts have rated the stock with a sell rating and three have given a hold rating to the company’s stock. According to MarketBeat.com, Spirit Airlines currently has an average rating of “Reduce” and an average price target of $5.07.

Spirit Airlines Stock Performance

Shares of SAVE opened at $4.18 on Thursday. The company has a 50-day simple moving average of $5.44 and a two-hundred day simple moving average of $10.70. 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 capitalization of $457.62 million, a PE ratio of -1.02 and a beta of 1.35. Spirit Airlines has a one year low of $3.96 and a one year high of $19.69.

Institutional Investors Weigh In On Spirit Airlines

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Cetera Advisor Networks LLC purchased a new position in Spirit Airlines in the 1st quarter worth approximately $296,000. MetLife Investment Management LLC boosted its holdings in shares of Spirit Airlines by 54.4% during the 1st quarter. MetLife Investment Management LLC now owns 53,926 shares of the company’s stock valued at $1,179,000 after purchasing an additional 18,997 shares during the last quarter. Dimensional Fund Advisors LP grew its position in shares of Spirit Airlines by 37.8% during the first quarter. Dimensional Fund Advisors LP now owns 3,637,683 shares of the company’s stock valued at $79,557,000 after purchasing an additional 997,254 shares in the last quarter. Allianz Asset Management GmbH increased its holdings in shares of Spirit Airlines by 13.6% in the first quarter. Allianz Asset Management GmbH now owns 12,175 shares of the company’s stock worth $266,000 after purchasing an additional 1,458 shares during the last quarter. Finally, Vanguard Group Inc. lifted its position in shares of Spirit Airlines by 1.5% in the first quarter. Vanguard Group Inc. now owns 9,935,537 shares of the company’s stock worth $217,291,000 after buying an additional 148,348 shares in the last quarter. 58.73% of the stock is owned by hedge funds and other institutional investors.

Spirit Airlines Dividend Announcement

The business also recently declared 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 of this dividend 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.