Spirit Airlines (NYSE:SAVE) Posts Earnings Results, Misses Estimates By $0.14 EPS

Spirit Airlines (NYSE:SAVE) released its quarterly earnings data on Thursday. The company reported ($1.44) EPS for the quarter, missing analysts’ consensus estimates of ($1.30) by ($0.14), Briefing.com reports. Spirit Airlines had a negative net margin of 13.20% and a negative return on equity of 53.58%. The business had revenue of $1.28 billion during the quarter, compared to analysts’ expectations of $1.30 billion. During the same quarter in the previous year, the company posted $0.29 EPS. The company’s revenue was down 10.6% compared to the same quarter last year.

Spirit Airlines Price Performance

Shares of SAVE stock remained flat at $2.76 during midday trading on Friday. The company’s stock had a trading volume of 5,462,532 shares, compared to its average volume of 6,101,966. The stock has a 50-day simple moving average of $3.36 and a 200 day simple moving average of $4.48. Spirit Airlines has a one year low of $2.60 and a one year high of $17.94. The firm has a market capitalization of $302.22 million, a PE ratio of -0.62 and a beta of 1.41. The company has a debt-to-equity ratio of 3.17, a quick ratio of 0.97 and a current ratio of 0.97.

Wall Street Analysts Forecast Growth

SAVE has been the topic of a number of recent analyst reports. Bank of America dropped their price objective on Spirit Airlines from $3.25 to $2.75 and set an “underperform” rating on the stock in a report on Wednesday, July 17th. Susquehanna dropped their price objective on Spirit Airlines from $3.00 to $2.50 and set a “negative” rating on the stock in a report on Tuesday, July 16th. Raymond James downgraded Spirit Airlines from a “market perform” rating to an “underperform” rating in a research note on Friday, July 5th. Deutsche Bank Aktiengesellschaft downgraded Spirit Airlines from a “hold” rating to a “sell” rating and dropped their price target for the stock from $3.00 to $2.00 in a research note on Monday, July 8th. Finally, Citigroup dropped their price target on Spirit Airlines from $3.50 to $2.75 and set a “sell” rating on the stock in a research note on Tuesday, July 23rd. Eight investment analysts have rated the stock with a sell rating and two have given a hold rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Reduce” and a consensus price target of $2.64.

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.