Spirit Airlines (NYSE:SAVE) Shares Gap Up on Earnings Beat

Spirit Airlines, Inc. (NYSE:SAVEGet Free Report) gapped up before the market opened on Thursday after the company announced better than expected quarterly earnings. The stock had previously closed at $6.95, but opened at $7.35. Spirit Airlines shares last traded at $7.51, with a volume of 3,060,861 shares trading hands.

The company reported ($1.36) earnings per share for the quarter, topping the consensus estimate of ($1.42) by $0.06. Spirit Airlines had a negative return on equity of 25.06% and a negative net margin of 8.34%. The firm had revenue of $1.32 billion during the quarter, compared to analyst estimates of $1.32 billion. During the same period in the previous year, the company earned $0.12 EPS. The company’s revenue for the quarter was down 5.0% on a year-over-year basis.

Spirit Airlines Dividend Announcement

The firm also recently declared a dividend, which was paid on Wednesday, January 31st. Stockholders of record on Thursday, January 25th were issued a dividend of $0.10 per share. The ex-dividend date was Wednesday, January 24th.

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on SAVE shares. Bank of America started coverage on Spirit Airlines in a report on Wednesday, January 17th. They set an “underperform” rating and a $5.00 price target for the company. Susquehanna restated a “negative” rating and set a $5.00 price objective (down from $15.00) on shares of Spirit Airlines in a research report on Wednesday, January 17th. TD Cowen lowered their price objective on Spirit Airlines from $11.00 to $5.00 and set a “market perform” rating on the stock in a research report on Monday, January 22nd. Citigroup cut Spirit Airlines from a “neutral” rating to a “sell” rating and lowered their price target for the company from $13.00 to $4.00 in a research report on Thursday, January 18th. Finally, Seaport Res Ptn cut Spirit Airlines from a “buy” rating to a “neutral” rating in a research report on Wednesday, January 17th. Four investment analysts have rated the stock with a sell rating and three have given a hold rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Reduce” and a consensus target price of $8.17.

View Our Latest Stock Analysis on SAVE

Institutional Investors Weigh In On Spirit Airlines

A number of hedge funds have recently modified their holdings of the business. Cambridge Investment Research Advisors Inc. lifted its position in shares of Spirit Airlines by 616.6% in the third quarter. Cambridge Investment Research Advisors Inc. now owns 143,436 shares of the company’s stock valued at $2,367,000 after buying an additional 123,419 shares during the last quarter. Alpine Associates Management Inc. lifted its holdings in Spirit Airlines by 29.7% during the 3rd quarter. Alpine Associates Management Inc. now owns 1,904,500 shares of the company’s stock worth $31,424,000 after purchasing an additional 436,486 shares during the last quarter. Cyrus Capital Partners L.P. lifted its holdings in Spirit Airlines by 47.7% during the 2nd quarter. Cyrus Capital Partners L.P. now owns 3,125,870 shares of the company’s stock worth $53,640,000 after purchasing an additional 1,010,000 shares during the last quarter. Wilbanks Smith & Thomas Asset Management LLC lifted its holdings in Spirit Airlines by 112.7% during the 3rd quarter. Wilbanks Smith & Thomas Asset Management LLC now owns 672,186 shares of the company’s stock worth $11,091,000 after purchasing an additional 356,184 shares during the last quarter. Finally, Rhumbline Advisers lifted its holdings in Spirit Airlines by 9.8% during the 2nd quarter. Rhumbline Advisers now owns 200,326 shares of the company’s stock worth $3,438,000 after purchasing an additional 17,913 shares during the last quarter. Institutional investors and hedge funds own 65.22% of the company’s stock.

Spirit Airlines Stock Down 7.4 %

The company has a fifty day moving average of $12.24 and a two-hundred day moving average of $14.14. The company has a debt-to-equity ratio of 2.31, a quick ratio of 0.91 and a current ratio of 0.91.

About Spirit Airlines

(Get Free Report)

Spirit Airlines, Inc provides airline services. The company provides front seats, including wider seats with extra legroom, carry-on and checked baggage, assigned seats, travel insurance, and onboard beverages and snacks, as well as hotels, cars, vacation packages, and cruises services. It serves 92 destinations in 16 countries in the United States, Latin America, and the Caribbean.

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