Spirit Airlines (NYSE:SAVE) Announces Earnings Results

Spirit Airlines (NYSE:SAVEGet Free Report) announced its earnings results on Thursday. The company reported ($1.36) EPS for the quarter, topping the consensus estimate of ($1.42) by $0.06, Briefing.com reports. Spirit Airlines had a negative net margin of 8.34% and a negative return on equity of 25.06%. The company had revenue of $1.32 billion during the quarter, compared to analysts’ expectations of $1.32 billion. During the same period last year, the company posted $0.12 earnings per share. The business’s revenue for the quarter was down 5.0% on a year-over-year basis. Spirit Airlines updated its Q1 2024 guidance to EPS.

Spirit Airlines Stock Performance

SAVE traded down $0.53 during trading on Friday, reaching $6.65. 9,829,943 shares of the company’s stock were exchanged, compared to its average volume of 39,077,600. Spirit Airlines has a fifty-two week low of $4.04 and a fifty-two week high of $19.69. The company has a market capitalization of $725.98 million, a P/E ratio of -1.63 and a beta of 1.37. The company has a quick ratio of 0.91, a current ratio of 0.91 and a debt-to-equity ratio of 2.31. The business has a 50 day moving average price of $12.24 and a 200 day moving average price of $14.14.

Spirit Airlines Dividend Announcement

The company also recently disclosed a dividend, which was paid on Wednesday, January 31st. Stockholders of record on Thursday, January 25th were given a dividend of $0.10 per share. The ex-dividend date was Wednesday, January 24th.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Vanguard Group Inc. lifted its holdings in Spirit Airlines by 1.5% during the 1st quarter. Vanguard Group Inc. now owns 9,935,537 shares of the company’s stock valued at $217,291,000 after purchasing an additional 148,348 shares during the last quarter. Dimensional Fund Advisors LP raised its stake in shares of 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 acquiring an additional 997,254 shares during the last quarter. Geode Capital Management LLC grew its position in Spirit Airlines by 2.7% during the 2nd quarter. Geode Capital Management LLC now owns 2,142,802 shares of the company’s stock worth $36,770,000 after acquiring an additional 55,929 shares during the last quarter. Alliancebernstein L.P. increased its holdings in Spirit Airlines by 10.9% during the 2nd quarter. Alliancebernstein L.P. now owns 1,749,204 shares of the company’s stock valued at $30,016,000 after purchasing an additional 171,462 shares in the last quarter. Finally, State of Wisconsin Investment Board raised its position in Spirit Airlines by 45.1% in the 4th quarter. State of Wisconsin Investment Board now owns 1,037,048 shares of the company’s stock valued at $20,202,000 after purchasing an additional 322,215 shares during the last quarter. Institutional investors own 65.22% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on SAVE. Seaport Res Ptn lowered shares of Spirit Airlines from a “buy” rating to a “neutral” rating in a research note on Wednesday, January 17th. Susquehanna reissued a “negative” rating and issued a $5.00 target price (down from $15.00) on shares of Spirit Airlines in a research report on Wednesday, January 17th. Bank of America assumed coverage on shares of Spirit Airlines in a research note on Wednesday, January 17th. They issued an “underperform” rating and a $5.00 price objective for the company. TD Cowen lowered their target price on shares of Spirit Airlines from $11.00 to $5.00 and set a “market perform” rating on the stock in a research report on Monday, January 22nd. Finally, Citigroup cut Spirit Airlines from a “neutral” rating to a “sell” rating and reduced their price target for the stock from $13.00 to $4.00 in a research report on Thursday, January 18th. Four investment analysts have rated the stock with a sell rating and three have issued a hold rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Reduce” and a consensus target price of $8.17.

Check Out Our Latest Analysis on Spirit Airlines

Spirit Airlines Company Profile

(Get Free Report)

Spirit Airlines, Inc provides airline services. The company provides front seats, including wider seats with extra legroom, carry-on and checked baggage, assigned seats, travel insurance, and onboard beverages and snacks, as well as hotels, cars, vacation packages, and cruises services. It serves 92 destinations in 16 countries in the United States, Latin America, and the Caribbean.

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Earnings History for Spirit Airlines (NYSE:SAVE)

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