Q2 2024 Earnings Estimate for Spirit Airlines, Inc. (NYSE:SAVE) Issued By Seaport Res Ptn

Spirit Airlines, Inc. (NYSE:SAVE) – Stock analysts at Seaport Res Ptn cut their Q2 2024 earnings per share estimates for Spirit Airlines in a research report issued to clients and investors on Monday, April 15th. Seaport Res Ptn analyst D. Mckenzie now anticipates that the company will earn ($0.40) per share 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 ($2.75) per share. Seaport Res Ptn also issued estimates for Spirit Airlines’ Q3 2024 earnings at ($0.20) EPS, Q4 2024 earnings at $0.05 EPS and FY2025 earnings at $0.25 EPS.

Several other research analysts have also recently weighed in on the company. Evercore ISI cut their price objective 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. Citigroup decreased their price objective on Spirit Airlines from $4.00 to $3.85 and set a “sell” rating on the stock in a research note on Wednesday. Susquehanna decreased their target price on Spirit Airlines from $5.00 to $4.00 and set a “negative” rating on the stock in a research note on Tuesday, April 9th. Bank of America initiated coverage on Spirit Airlines in a research note on Wednesday, January 17th. They issued an “underperform” rating and a $5.00 target price on the stock. Finally, TD Cowen reduced their price objective on Spirit Airlines from $5.00 to $4.00 and set a “hold” rating on the stock in a research report on Tuesday. Five analysts have rated the stock with a sell rating and three have assigned a hold rating to the company. Based on data from MarketBeat, Spirit Airlines presently has a consensus rating of “Reduce” and an average price target of $4.91.

Spirit Airlines Stock Down 1.7 %

SAVE stock opened at $4.04 on Wednesday. The stock’s fifty day simple moving average is $5.22 and its two-hundred day simple moving average is $10.36. The company has a current ratio of 0.90, a quick ratio of 0.90 and a debt-to-equity ratio of 2.69. Spirit Airlines has a 1-year low of $3.96 and a 1-year high of $19.69. The stock has a market cap of $442.30 million, a P/E ratio of -0.99 and a beta of 1.35.

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

Spirit Airlines Announces Dividend

The firm also recently disclosed a dividend, which was paid on Thursday, February 29th. Shareholders of record on Friday, February 23rd were issued a $0.10 dividend. The ex-dividend date of this dividend was Thursday, February 22nd.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in the company. Cetera Advisor Networks LLC bought a new position in Spirit Airlines during the 1st quarter valued at approximately $296,000. MetLife Investment Management LLC increased its position in 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 buying an additional 18,997 shares in the last quarter. Dimensional Fund Advisors LP increased its holdings in shares of Spirit Airlines by 37.8% in the 1st quarter. Dimensional Fund Advisors LP now owns 3,637,683 shares of the company’s stock worth $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 1st 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 in the last quarter. Finally, Vanguard Group Inc. increased its holdings in shares of Spirit Airlines by 1.5% in the 1st quarter. Vanguard Group Inc. now owns 9,935,537 shares of the company’s stock worth $217,291,000 after purchasing an additional 148,348 shares in the last quarter. Hedge funds and other institutional investors own 58.73% of the company’s stock.

About Spirit Airlines

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.