Seaport Res Ptn Analysts Decrease Earnings Estimates for Spirit Airlines, Inc. (NYSE:SAVE)

Spirit Airlines, Inc. (NYSE:SAVE) – Research analysts at Seaport Res Ptn decreased their Q3 2024 earnings per share estimates for shares of Spirit Airlines in a research note issued on Monday, July 22nd. Seaport Res Ptn analyst D. Mckenzie now forecasts that the company will earn ($0.95) per share for the quarter, down from their previous estimate of ($0.50). The consensus estimate for Spirit Airlines’ current full-year earnings is ($4.79) per share. Seaport Res Ptn also issued estimates for Spirit Airlines’ FY2024 earnings at ($4.42) EPS, FY2025 earnings at ($2.25) EPS and FY2026 earnings at ($0.50) EPS.

Several other analysts have also issued reports on SAVE. Susquehanna dropped their price objective on Spirit Airlines from $3.00 to $2.50 and set a “negative” rating on the stock in a research note on Tuesday, July 16th. Raymond James cut Spirit Airlines from a “market perform” rating to an “underperform” rating in a research note on Friday, July 5th. Deutsche Bank Aktiengesellschaft cut shares of Spirit Airlines from a “hold” rating to a “sell” rating and reduced their price objective for the stock from $3.00 to $2.00 in a research report on Monday, July 8th. Citigroup dropped their price objective on shares of Spirit Airlines from $3.50 to $2.75 and set a “sell” rating on the stock in a research report on Tuesday. Finally, Evercore ISI reduced their target price on shares of Spirit Airlines from $18.00 to $3.50 and set an “in-line” rating for the company in a report on Thursday, April 4th. Eight investment analysts have rated the stock with a sell rating and two have given a hold rating to the company. Based on data from MarketBeat.com, Spirit Airlines currently has a consensus rating of “Reduce” and an average price target of $2.64.

Spirit Airlines Trading Up 2.8 %

Shares of NYSE:SAVE opened at $2.96 on Thursday. Spirit Airlines has a 52-week low of $2.69 and a 52-week high of $18.52. The company has a debt-to-equity ratio of 3.17, a quick ratio of 0.97 and a current ratio of 0.97. The company has a market capitalization of $324.12 million, a P/E ratio of -0.67 and a beta of 1.40. The company has a 50-day simple moving average of $3.44 and a 200 day simple moving average of $4.94.

Spirit Airlines (NYSE:SAVE) last announced its quarterly earnings results on Monday, May 6th. The company reported ($1.46) EPS for the quarter, missing analysts’ consensus estimates of ($1.45) by ($0.01). The firm had revenue of $1.27 billion during the quarter, compared to analyst estimates of $1.27 billion. Spirit Airlines had a negative net margin of 9.21% and a negative return on equity of 34.64%. The business’s revenue was down 6.2% compared to the same quarter last year. During the same quarter in the prior year, the business earned ($0.82) EPS.

Hedge Funds Weigh In On Spirit Airlines

Hedge funds have recently bought and sold shares of the business. Vanguard Group Inc. grew its position in shares of Spirit Airlines by 0.7% during the 1st quarter. Vanguard Group Inc. now owns 10,491,947 shares of the company’s stock worth $50,781,000 after purchasing an additional 73,044 shares in the last quarter. Dimensional Fund Advisors LP grew its position in Spirit Airlines by 13.1% during the fourth quarter. Dimensional Fund Advisors LP now owns 3,143,384 shares of the company’s stock worth $51,520,000 after buying an additional 363,519 shares in the last quarter. Charles Schwab Investment Management Inc. increased its stake in Spirit Airlines by 3.2% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,057,224 shares of the company’s stock worth $17,328,000 after acquiring an additional 32,811 shares during the period. IPG Investment Advisors LLC raised its holdings in Spirit Airlines by 41.1% in the 4th quarter. IPG Investment Advisors LLC now owns 980,655 shares of the company’s stock valued at $16,073,000 after acquiring an additional 285,615 shares in the last quarter. Finally, BNP Paribas Financial Markets lifted its position in shares of Spirit Airlines by 2,369.9% during the 1st quarter. BNP Paribas Financial Markets now owns 733,846 shares of the company’s stock valued at $3,552,000 after acquiring an additional 704,134 shares during the period. 58.73% of the stock is owned by institutional investors.

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.