Zacks Research Comments on Spirit Airlines, Inc.’s Q2 2024 Earnings (NYSE:SAVE)

Spirit Airlines, Inc. (NYSE:SAVE) – Equities research analysts at Zacks Research lifted their Q2 2024 earnings estimates for shares of Spirit Airlines in a research report issued to clients and investors on Wednesday, June 26th. Zacks Research analyst R. Department now anticipates that the company will post earnings per share of ($1.20) for the quarter, up from their prior forecast 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.

Spirit Airlines (NYSE:SAVE) last announced its quarterly earnings results on Monday, May 6th. The company reported ($1.46) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates 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 company had revenue of $1.27 billion during the quarter, compared to the consensus estimate of $1.27 billion. During the same quarter in the prior year, the firm posted ($0.82) earnings per share. The business’s revenue was down 6.2% on a year-over-year basis.

Other analysts have also recently issued reports about the company. Deutsche Bank Aktiengesellschaft decreased their price objective on Spirit Airlines from $4.00 to $3.00 and set a “hold” rating on the stock in a report on Tuesday, May 7th. Barclays initiated coverage on shares of Spirit Airlines in a research note on Wednesday, March 27th. They set an “underweight” rating and a $4.00 price target on the stock. Citigroup dropped their price objective on shares of Spirit Airlines from $3.85 to $3.50 and set a “sell” rating for the company in a research note on Tuesday, May 14th. Evercore ISI decreased 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. Finally, Susquehanna cut their price objective on shares of Spirit Airlines from $4.00 to $3.00 and set a “negative” rating on the stock in a research report on Wednesday, May 8th. Five analysts have rated the stock with a sell rating and four have assigned a hold rating to the stock. Based on data from MarketBeat, Spirit Airlines currently has an average rating of “Reduce” and an average price target of $3.57.

Spirit Airlines Price Performance

Shares of Spirit Airlines stock opened at $3.55 on Monday. The stock has a 50 day moving average of $3.69 and a 200 day moving average of $6.54. Spirit Airlines has a 12 month low of $3.18 and a 12 month high of $19.69. The firm has a market cap of $388.18 million, a PE ratio of -0.80 and a beta of 1.40. The company has a current ratio of 0.97, a quick ratio of 0.97 and a debt-to-equity ratio of 3.17.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the stock. BNP Paribas Financial Markets raised its holdings in shares of Spirit Airlines by 2,369.9% in the first quarter. BNP Paribas Financial Markets now owns 733,846 shares of the company’s stock valued at $3,552,000 after acquiring an additional 704,134 shares in the last quarter. Dimensional Fund Advisors LP lifted its position in shares of Spirit Airlines by 13.1% in the 4th quarter. Dimensional Fund Advisors LP now owns 3,143,384 shares of the company’s stock worth $51,520,000 after purchasing an additional 363,519 shares during the period. Thompson Siegel & Walmsley LLC bought a new position in shares of Spirit Airlines during the fourth quarter valued at approximately $5,488,000. American Century Companies Inc. increased its holdings in Spirit Airlines by 88.2% during the third quarter. American Century Companies Inc. now owns 626,269 shares of the company’s stock valued at $10,333,000 after buying an additional 293,517 shares during the period. Finally, IPG Investment Advisors LLC raised its stake in Spirit Airlines by 41.1% in the fourth quarter. IPG Investment Advisors LLC now owns 980,655 shares of the company’s stock worth $16,073,000 after buying an additional 285,615 shares in the last quarter. Hedge funds and other institutional investors own 58.73% of the company’s stock.

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.