Zacks Research Brokers Boost Earnings Estimates for Spirit Airlines, Inc. (NYSE:SAVE)

Spirit Airlines, Inc. (NYSE:SAVE) – Equities research analysts at Zacks Research lifted their Q2 2024 earnings per share estimates for Spirit Airlines in a research report issued on Wednesday, June 26th. Zacks Research analyst R. Department now expects that the company will post earnings per share of ($1.20) for the quarter, up from their prior estimate of ($1.21). The consensus estimate for Spirit Airlines’ current full-year earnings is ($3.88) per share. Zacks Research also issued estimates for Spirit Airlines’ Q3 2024 earnings at ($0.74) EPS, Q4 2024 earnings at ($0.75) EPS, FY2024 earnings at ($4.15) EPS, Q1 2025 earnings at ($1.01) EPS, Q2 2025 earnings at ($0.85) EPS, Q4 2025 earnings at ($0.35) EPS, FY2025 earnings at ($2.57) EPS, Q1 2026 earnings at ($0.51) EPS and FY2026 earnings at ($0.88) EPS.

Other equities research analysts also recently issued research reports about the company. Evercore ISI lowered 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. Susquehanna lowered their price objective on Spirit Airlines from $4.00 to $3.00 and set a “negative” rating on the stock in a research report on Wednesday, May 8th. TD Cowen lowered their price objective on Spirit Airlines from $4.00 to $3.00 and set a “hold” rating on the stock in a research report on Tuesday, May 7th. Citigroup lowered their price objective on Spirit Airlines from $3.85 to $3.50 and set a “sell” rating on the stock in a research report on Tuesday, May 14th. Finally, Deutsche Bank Aktiengesellschaft lowered their price objective on Spirit Airlines from $4.00 to $3.00 and set a “hold” rating on the stock in a research report on Tuesday, May 7th. Five investment analysts have rated the stock with a sell rating and four have given a hold rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Reduce” and an average price target of $3.57.

Spirit Airlines Price Performance

Spirit Airlines stock opened at $3.66 on Monday. Spirit Airlines has a one year low of $3.18 and a one year high of $19.69. The business has a fifty day moving average price of $3.69 and a 200-day moving average price of $6.62. The company has a debt-to-equity ratio of 3.17, a current ratio of 0.97 and a quick ratio of 0.97. The firm has a market capitalization of $400.77 million, a P/E ratio of -0.82 and a beta of 1.40.

Spirit Airlines (NYSE:SAVE) last announced its quarterly earnings data on Monday, May 6th. The company reported ($1.46) earnings per share for the quarter, missing the consensus estimate of ($1.45) by ($0.01). Spirit Airlines had a negative net margin of 9.21% and a negative return on equity of 34.64%. The firm had revenue of $1.27 billion for the quarter, compared to the consensus estimate of $1.27 billion. During the same period last year, the company posted ($0.82) earnings per share. Spirit Airlines’s revenue for the quarter was down 6.2% on a year-over-year basis.

Hedge Funds Weigh In On Spirit Airlines

A number of hedge funds have recently added to or reduced their stakes in SAVE. Venture Visionary Partners LLC boosted its holdings in Spirit Airlines by 11.3% in the 4th quarter. Venture Visionary Partners LLC now owns 14,218 shares of the company’s stock worth $233,000 after buying an additional 1,449 shares during the period. Cambridge Investment Research Advisors Inc. raised its position in shares of Spirit Airlines by 1.1% during the 4th quarter. Cambridge Investment Research Advisors Inc. now owns 144,977 shares of the company’s stock valued at $2,376,000 after buying an additional 1,541 shares in the last quarter. International Assets Investment Management LLC raised its position in Spirit Airlines by 467.7% in the 4th quarter. International Assets Investment Management LLC now owns 1,970 shares of the company’s stock worth $32,000 after purchasing an additional 1,623 shares during the period. Byrne Asset Management LLC raised its position in Spirit Airlines by 81.0% in the 4th quarter. Byrne Asset Management LLC now owns 4,200 shares of the company’s stock worth $69,000 after purchasing an additional 1,880 shares during the period. Finally, First Horizon Advisors Inc. purchased a new stake in Spirit Airlines in the 4th quarter worth about $33,000. 58.73% of the stock is currently owned by hedge funds and other institutional investors.

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.