Spirit Airlines, Inc. to Post Q3 2023 Earnings of $0.44 Per Share, Zacks Research Forecasts (NYSE:SAVE)

Spirit Airlines, Inc. (NYSE:SAVE – Get Rating) – Research analysts at Zacks Research reduced their Q3 2023 earnings estimates for Spirit Airlines in a research note issued to investors on Tuesday, May 23rd. Zacks Research analyst M. Basu now forecasts that the company will earn $0.44 per share for the quarter, down from their previous forecast of $0.45. The consensus estimate for Spirit Airlines’ current full-year earnings is $0.41 per share. Zacks Research also issued estimates for Spirit Airlines’ FY2023 earnings at $0.57 EPS, Q2 2024 earnings at $0.22 EPS and FY2025 earnings at $2.89 EPS.

Spirit Airlines (NYSE:SAVE – Get Rating) last announced its quarterly earnings data on Thursday, April 27th. The company reported ($0.82) EPS for the quarter, topping analysts’ consensus estimates of ($0.89) by $0.07. The business had revenue of $1.35 billion for the quarter, compared to analyst estimates of $1.35 billion. Spirit Airlines had a negative net margin of 8.50% and a negative return on equity of 6.24%. The firm’s revenue for the quarter was up 39.5% on a year-over-year basis. During the same quarter in the previous year, the firm posted ($1.60) earnings per share.

Several other equities analysts have also weighed in on the stock. StockNews.com initiated coverage on shares of Spirit Airlines in a research report on Thursday, May 18th. They issued a “sell” rating on the stock. JPMorgan Chase & Co. decreased their price target on shares of Spirit Airlines from $28.00 to $10.00 in a research note on Monday, May 8th. Two research analysts have rated the stock with a sell rating, eight have assigned a hold rating and one has issued a buy rating to the stock. Based on data from MarketBeat, Spirit Airlines presently has a consensus rating of “Hold” and an average price target of $24.14.

Spirit Airlines Stock Performance

NYSE SAVE opened at $14.80 on Friday. The company has a current ratio of 1.09, a quick ratio of 1.09 and a debt-to-equity ratio of 2.15. The firm’s fifty day moving average price is $16.70 and its two-hundred day moving average price is $17.71. Spirit Airlines has a 1 year low of $14.41 and a 1 year high of $25.67. The firm has a market capitalization of $1.62 billion, a P/E ratio of -3.48 and a beta of 1.12.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in SAVE. Cetera Advisor Networks LLC acquired a new stake in Spirit Airlines in the 1st quarter valued at $296,000. MetLife Investment Management LLC raised its stake in Spirit Airlines by 54.4% in the 1st quarter. MetLife Investment Management LLC now owns 53,926 shares of the company’s stock valued at $1,179,000 after acquiring an additional 18,997 shares during the period. Dimensional Fund Advisors LP raised its stake in Spirit Airlines by 37.8% in the 1st quarter. Dimensional Fund Advisors LP now owns 3,637,683 shares of the company’s stock valued at $79,557,000 after acquiring an additional 997,254 shares during the period. Allianz Asset Management GmbH raised its stake in Spirit Airlines by 13.6% in the 1st quarter. Allianz Asset Management GmbH now owns 12,175 shares of the company’s stock valued at $266,000 after acquiring an additional 1,458 shares during the period. Finally, Vanguard Group Inc. raised its stake in Spirit Airlines by 1.5% in the 1st quarter. Vanguard Group Inc. now owns 9,935,537 shares of the company’s stock valued at $217,291,000 after acquiring an additional 148,348 shares during the period. Institutional investors own 67.72% of the company’s stock.

Spirit Airlines Dividend Announcement

The firm also recently disclosed a dividend, which will be paid on Wednesday, May 31st. Investors of record on Wednesday, May 24th will be issued a $0.10 dividend. The ex-dividend date is Tuesday, May 23rd. This represents a yield of 3.16%.

About Spirit Airlines

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Spirit Airlines, Inc engages in the provision of air transportation services. Its operations are concentrated in markets such as South Florida, the Caribbean, Latin America, and the Northeast and Northern Midwest regions of the United States. The firm offers travel insurance, carry-on and checked baggage, online booking, and other services.