Spirit Airlines, Inc. Expected to Post Q3 2024 Earnings of ($2.15) Per Share (NYSE:SAVE)

Spirit Airlines, Inc. (NYSE:SAVE - Free Report) - Research analysts at Seaport Res Ptn raised their Q3 2024 earnings estimates for shares of Spirit Airlines in a research note issued to investors on Wednesday, October 9th. Seaport Res Ptn analyst D. Mckenzie now forecasts that the company will earn ($2.15) per share for the quarter, up from their previous estimate of ($2.50). The consensus estimate for Spirit Airlines' current full-year earnings is ($7.02) per share. Seaport Res Ptn also issued estimates for Spirit Airlines' Q4 2024 earnings at ($1.90) EPS and FY2024 earnings at ($6.96) EPS.

Several other research analysts also recently weighed in on the stock. Raymond James downgraded shares of Spirit Airlines from a "market perform" rating to an "underperform" rating in a research report on Friday, July 5th. Barclays lowered their price target on Spirit Airlines from $4.00 to $3.00 and set an "underweight" rating on the stock in a research note on Wednesday, July 10th. TD Cowen downgraded Spirit Airlines from a "hold" rating to a "sell" rating and reduced their price objective for the company from $3.00 to $2.00 in a research note on Wednesday, July 17th. Bank of America lowered their target price on shares of Spirit Airlines from $3.25 to $2.75 and set an "underperform" rating on the stock in a research note on Wednesday, July 17th. Finally, Deutsche Bank Aktiengesellschaft downgraded shares of Spirit Airlines from a "hold" rating to a "sell" rating and decreased their price target for the stock from $3.00 to $2.00 in a research note on Monday, July 8th. Seven investment analysts have rated the stock with a sell rating and two have assigned a hold rating to the stock. According to MarketBeat.com, the stock has an average rating of "Reduce" and a consensus target price of $2.50.

Spirit Airlines Price Performance

Shares of SAVE stock traded up $0.03 during mid-day trading on Monday, hitting $1.65. 3,893,198 shares of the stock were exchanged, compared to its average volume of 9,210,961. The company has a quick ratio of 0.94, a current ratio of 0.94 and a debt-to-equity ratio of 3.86. Spirit Airlines has a 52-week low of $1.40 and a 52-week high of $17.49. The firm has a fifty day moving average of $2.46 and a 200 day moving average of $3.24. The company has a market cap of $180.13 million, a PE ratio of -0.37 and a beta of 1.38.

Spirit Airlines (NYSE:SAVE - Get Free Report) last announced its quarterly earnings results on Thursday, August 1st. The company reported ($1.44) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($1.30) by ($0.14). The company had revenue of $1.28 billion during the quarter, compared to analyst estimates of $1.30 billion. Spirit Airlines had a negative net margin of 13.20% and a negative return on equity of 57.87%. The company's revenue was down 10.6% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.29 earnings per share.

Hedge Funds Weigh In On Spirit Airlines

A number of institutional investors and hedge funds have recently modified their holdings of the company. Vanguard Group Inc. raised its holdings in Spirit Airlines by 0.7% during the first quarter. Vanguard Group Inc. now owns 10,491,947 shares of the company's stock worth $50,781,000 after purchasing an additional 73,044 shares in the last quarter. BNP Paribas Financial Markets raised its stake in Spirit Airlines by 2,369.9% during the 1st quarter. BNP Paribas Financial Markets now owns 733,846 shares of the company's stock worth $3,552,000 after acquiring an additional 704,134 shares in the last quarter. Federated Hermes Inc. lifted its position in Spirit Airlines by 331.2% in the second quarter. Federated Hermes Inc. now owns 432,494 shares of the company's stock valued at $1,583,000 after acquiring an additional 332,188 shares during the last quarter. American Century Companies Inc. boosted its stake in Spirit Airlines by 11.8% in the second quarter. American Century Companies Inc. now owns 179,934 shares of the company's stock valued at $659,000 after acquiring an additional 19,038 shares in the last quarter. Finally, Roman Butler Fullerton & Co. grew its holdings in shares of Spirit Airlines by 6.3% during the second quarter. Roman Butler Fullerton & Co. now owns 178,033 shares of the company's stock worth $652,000 after purchasing an additional 10,595 shares during the last quarter. Institutional investors and hedge funds 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.