Brokers Set Expectations for Spirit Airlines, Inc.’s Q3 2024 Earnings (NYSE:SAVE)

Spirit Airlines, Inc. (NYSE:SAVE) – Equities researchers at Seaport Res Ptn reduced their Q3 2024 earnings per share (EPS) estimates for Spirit Airlines in a note issued to investors on Monday, July 22nd. Seaport Res Ptn analyst D. Mckenzie now forecasts that the company will post earnings of ($0.95) per share for the quarter, down from their previous estimate of ($0.50). The consensus estimate for Spirit Airlines’ current full-year earnings is ($4.79) per share. Seaport Res Ptn also issued estimates for Spirit Airlines’ FY2024 earnings at ($4.42) EPS, FY2025 earnings at ($2.25) EPS and FY2026 earnings at ($0.50) EPS.

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

SAVE has been the topic of several other reports. Deutsche Bank Aktiengesellschaft downgraded shares of Spirit Airlines from a “hold” rating to a “sell” rating and decreased their price objective for the company from $3.00 to $2.00 in a research report on Monday, July 8th. Susquehanna cut their target price on Spirit Airlines from $3.00 to $2.50 and set a “negative” rating for the company in a research report on Tuesday, July 16th. Raymond James cut Spirit Airlines from a “market perform” rating to an “underperform” rating in a report on Friday, July 5th. Barclays cut their price objective on shares of Spirit Airlines from $4.00 to $3.00 and set an “underweight” rating for the company in a report on Wednesday, July 10th. Finally, TD Cowen lowered shares of Spirit Airlines from a “hold” rating to a “sell” rating and dropped their target price for the stock from $3.00 to $2.00 in a research report on Wednesday, July 17th. Eight analysts have rated the stock with a sell rating and two have assigned a hold rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Reduce” and an average price target of $2.64.

Spirit Airlines Price Performance

Shares of NYSE:SAVE opened at $2.96 on Thursday. The company has a market capitalization of $324.12 million, a P/E ratio of -0.67 and a beta of 1.40. Spirit Airlines has a 1-year low of $2.69 and a 1-year high of $18.52. The firm’s 50 day simple moving average is $3.44 and its two-hundred day simple moving average is $4.94. The company has a debt-to-equity ratio of 3.17, a current ratio of 0.97 and a quick ratio of 0.97.

Institutional Investors Weigh In On Spirit Airlines

Several institutional investors have recently modified their holdings of SAVE. SeaCrest Wealth Management LLC purchased a new stake in Spirit Airlines in the 2nd quarter worth about $63,000. Nisa Investment Advisors LLC grew its stake in Spirit Airlines by 950.3% in the 2nd quarter. Nisa Investment Advisors LLC now owns 18,663 shares of the company’s stock worth $68,000 after acquiring an additional 16,886 shares in the last quarter. Roman Butler Fullerton & Co. raised its stake 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 valued at $652,000 after acquiring an additional 10,595 shares in the last quarter. Advisor Resource Council purchased a new stake in shares of Spirit Airlines in the second quarter valued at approximately $69,621,000. Finally, Virtu Financial LLC bought a new position in Spirit Airlines in the first quarter worth approximately $496,000. 58.73% of the stock is owned by 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.