Wall Street analysts expect that Spirit Airlines, Inc. (NASDAQ:SAVE) will report sales of $709.98 million for the current fiscal quarter, according to Zacks Investment Research. Five analysts have provided estimates for Spirit Airlines’ earnings. The highest sales estimate is $735.30 million and the lowest is $692.00 million. Spirit Airlines posted sales of $621.33 million during the same quarter last year, which would indicate a positive year over year growth rate of 14.3%. The firm is expected to issue its next earnings results on Tuesday, October 24th.
On average, analysts expect that Spirit Airlines will report full year sales of $709.98 million for the current fiscal year, with estimates ranging from $2.59 billion to $2.67 billion. For the next fiscal year, analysts expect that the business will report sales of $3.12 billion per share, with estimates ranging from $3.00 billion to $3.25 billion. Zacks’ sales averages are a mean average based on a survey of research firms that follow Spirit Airlines.
Spirit Airlines (NASDAQ:SAVE) last posted its quarterly earnings results on Thursday, July 27th. The transportation company reported $1.14 EPS for the quarter, topping the Zacks’ consensus estimate of $1.11 by $0.03. Spirit Airlines had a return on equity of 17.96% and a net margin of 9.62%. The company had revenue of $701.68 million for the quarter, compared to analysts’ expectations of $702.29 million. During the same period in the previous year, the firm earned $1.11 EPS. The firm’s revenue was up 20.1% compared to the same quarter last year.
Several research firms have recently issued reports on SAVE. Stifel Nicolaus restated a “buy” rating and set a $55.00 price objective (down previously from $75.00) on shares of Spirit Airlines in a report on Sunday, July 30th. Bank of America Corporation downgraded shares of Spirit Airlines from a “buy” rating to a “neutral” rating and dropped their price objective for the stock from $68.00 to $44.00 in a report on Friday, July 28th. Cowen and Company restated a “market perform” rating and set a $59.00 price objective on shares of Spirit Airlines in a report on Tuesday, July 18th. Morgan Stanley restated an “equal weight” rating and set a $60.00 price objective (down previously from $61.00) on shares of Spirit Airlines in a report on Thursday, July 13th. Finally, Zacks Investment Research downgraded shares of Spirit Airlines from a “hold” rating to a “strong sell” rating in a report on Wednesday, August 16th. Two analysts have rated the stock with a sell rating, nine have given a hold rating, four have given a buy rating and one has given a strong buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and a consensus price target of $47.77.
Spirit Airlines (NASDAQ:SAVE) traded up 0.14% on Thursday, reaching $35.24. The company had a trading volume of 1,574,860 shares. The stock has a market capitalization of $2.44 billion, a P/E ratio of 10.21 and a beta of 0.66. The stock’s 50 day moving average is $34.31 and its 200-day moving average is $47.18. Spirit Airlines has a 1-year low of $30.32 and a 1-year high of $60.40.
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In related news, Director H. Mcintyre Gardner bought 5,000 shares of Spirit Airlines stock in a transaction dated Friday, September 15th. The shares were bought at an average cost of $33.78 per share, for a total transaction of $168,900.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 0.33% of the stock is currently owned by corporate insiders.
Hedge funds have recently made changes to their positions in the company. The Manufacturers Life Insurance Company lifted its holdings in Spirit Airlines by 7.0% in the second quarter. The Manufacturers Life Insurance Company now owns 2,160 shares of the transportation company’s stock valued at $112,000 after buying an additional 141 shares during the period. Advisor Group Inc. lifted its holdings in Spirit Airlines by 18.8% in the second quarter. Advisor Group Inc. now owns 2,170 shares of the transportation company’s stock valued at $113,000 after buying an additional 344 shares during the period. Intact Investment Management Inc. acquired a new position in Spirit Airlines in the second quarter valued at approximately $238,000. Ramsey Quantitative Systems acquired a new position in Spirit Airlines in the second quarter valued at approximately $281,000. Finally, Oppenheimer Asset Management Inc. acquired a new position in Spirit Airlines in the first quarter valued at approximately $346,000. Institutional investors own 96.99% of the company’s stock.
About Spirit Airlines
Spirit Airlines, Inc is an airline company. The Company provides air transportation for passengers. As of December 31, 2016, its all-Airbus Fit Fleet operated over 420 daily flights to 59 destinations in the United States, Caribbean and Latin America. As of December 31, 2016, it had a fleet of 95 Airbus single-aisle aircraft, which are referred to as A320 family aircraft and include the A319, A320 and A321 models, which have common design and equipment but differ most notably in fuselage length, service range and seat capacity.
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