Q2 2024 EPS Estimates for Spirit Airlines, Inc. Reduced by Seaport Res Ptn (NYSE:SAVE)

Spirit Airlines, Inc. (NYSE:SAVE) – Investment analysts at Seaport Res Ptn reduced their Q2 2024 EPS estimates for shares of Spirit Airlines in a note issued to investors on Monday, April 15th. Seaport Res Ptn analyst D. Mckenzie now expects that the company will post earnings of ($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.

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

Other research analysts have also issued research reports about the stock. Susquehanna cut their price objective on shares of Spirit Airlines from $5.00 to $4.00 and set a “negative” rating for the company in a research report on Tuesday, April 9th. TD Cowen decreased their price objective on shares of Spirit Airlines from $5.00 to $4.00 and set a “hold” rating on the stock in a research note on Tuesday. Barclays assumed coverage on shares of Spirit Airlines in a research note on Wednesday, March 27th. They set an “underweight” rating and a $4.00 price objective on the stock. Evercore ISI decreased their price objective on shares of Spirit Airlines from $18.00 to $3.50 and set an “in-line” rating on the stock in a research note on Thursday, April 4th. Finally, Bank of America assumed coverage on shares of Spirit Airlines in a research note on Wednesday, January 17th. They set an “underperform” rating and a $5.00 price objective on the stock. Five research analysts have rated the stock with a sell rating and three have given a hold rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Reduce” and a consensus price target of $4.91.

Spirit Airlines Stock Performance

Spirit Airlines stock remained flat at $4.11 on Wednesday. 7,011,932 shares of the company’s stock were exchanged, compared to its average volume of 15,150,133. The firm has a market cap of $449.95 million, a PE ratio of -1.01 and a beta of 1.35. The company has a debt-to-equity ratio of 2.69, a quick ratio of 0.90 and a current ratio of 0.90. Spirit Airlines has a 52-week low of $3.96 and a 52-week high of $19.69. The company’s fifty day moving average is $5.34 and its two-hundred day moving average is $10.45.

Institutional Trading of Spirit Airlines

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Cetera Advisor Networks LLC acquired a new position in Spirit Airlines in the first quarter valued at approximately $296,000. MetLife Investment Management LLC lifted its holdings in Spirit Airlines by 54.4% in the first 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 during the period. Dimensional Fund Advisors LP lifted its holdings in Spirit Airlines by 37.8% in the first quarter. Dimensional Fund Advisors LP now owns 3,637,683 shares of the company’s stock valued at $79,557,000 after buying an additional 997,254 shares during the period. Allianz Asset Management GmbH lifted its holdings in Spirit Airlines by 13.6% in the first quarter. Allianz Asset Management GmbH now owns 12,175 shares of the company’s stock valued at $266,000 after buying an additional 1,458 shares during the period. Finally, Vanguard Group Inc. lifted its holdings in Spirit Airlines by 1.5% in the first quarter. Vanguard Group Inc. now owns 9,935,537 shares of the company’s stock valued at $217,291,000 after buying an additional 148,348 shares during the period. Institutional investors and hedge funds own 58.73% of the company’s stock.

Spirit Airlines Dividend Announcement

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

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.