Brokerages predict that Spirit Airlines Incorporated (NASDAQ:SAVE) will report $368.16 million in sales for the current fiscal quarter, according to Zacks. Five analysts have issued estimates for Spirit Airlines’ earnings, with estimates ranging from $346.90 million to $396.00 million. Spirit Airlines posted sales of $991.97 million in the same quarter last year, which suggests a negative year over year growth rate of 62.9%. The business is scheduled to report its next earnings results on Wednesday, October 28th.
According to Zacks, analysts expect that Spirit Airlines will report full-year sales of $1.83 billion for the current fiscal year, with estimates ranging from $1.79 billion to $1.89 billion. For the next fiscal year, analysts expect that the business will report sales of $3.17 billion, with estimates ranging from $2.84 billion to $3.66 billion. Zacks’ sales averages are a mean average based on a survey of sell-side analysts that cover Spirit Airlines.
Spirit Airlines (NASDAQ:SAVE) last announced its earnings results on Wednesday, July 22nd. The transportation company reported ($3.59) EPS for the quarter, missing the Thomson Reuters’ consensus estimate of ($2.70) by ($0.89). The company had revenue of $138.53 million during the quarter, compared to analyst estimates of $118.50 million.
Several brokerages have commented on SAVE. Credit Suisse Group downgraded Spirit Airlines from a “neutral” rating to an “underperform” rating and raised their target price for the stock from $12.00 to $13.00 in a research note on Friday, June 12th. They noted that the move was a valuation call. BidaskClub cut Spirit Airlines from a “hold” rating to a “sell” rating in a report on Wednesday, September 23rd. JPMorgan Chase & Co. lifted their price target on Spirit Airlines from $10.00 to $14.00 in a research note on Wednesday, June 10th. Seaport Global Securities started coverage on Spirit Airlines in a research note on Wednesday, June 17th. They issued a “buy” rating and a $29.00 price target on the stock. Finally, Goldman Sachs Group lifted their price target on Spirit Airlines from $15.00 to $20.00 and gave the company a “conviction-buy” rating in a research report on Monday, June 29th. Five investment analysts have rated the stock with a sell rating, five have given a hold rating, seven have given a buy rating and one has given a strong buy rating to the company. The company presently has a consensus rating of “Hold” and a consensus target price of $25.56.
A number of institutional investors have recently added to or reduced their stakes in SAVE. Public Employees Retirement System of Ohio raised its stake in shares of Spirit Airlines by 63.6% in the second quarter. Public Employees Retirement System of Ohio now owns 1,999 shares of the transportation company’s stock worth $36,000 after purchasing an additional 777 shares during the last quarter. Fifth Third Bancorp raised its stake in shares of Spirit Airlines by 120.0% in the second quarter. Fifth Third Bancorp now owns 2,200 shares of the transportation company’s stock worth $39,000 after purchasing an additional 1,200 shares during the last quarter. US Bancorp DE raised its stake in shares of Spirit Airlines by 413.7% in the first quarter. US Bancorp DE now owns 2,661 shares of the transportation company’s stock worth $34,000 after purchasing an additional 2,143 shares during the last quarter. Valeo Financial Advisors LLC raised its stake in shares of Spirit Airlines by 1,106.8% in the second quarter. Valeo Financial Advisors LLC now owns 3,017 shares of the transportation company’s stock worth $54,000 after purchasing an additional 2,767 shares during the last quarter. Finally, Harel Insurance Investments & Financial Services Ltd. purchased a new position in shares of Spirit Airlines in the second quarter worth $71,000.
SAVE stock opened at $16.38 on Friday. Spirit Airlines has a fifty-two week low of $7.01 and a fifty-two week high of $47.50. The stock has a fifty day moving average of $17.43 and a 200-day moving average of $15.42.
Spirit Airlines Company Profile
Spirit Airlines, Inc provides low-fare airline services. The company operates approximately 600 daily flights to 77 destinations in the United States, the Caribbean, and Latin America. As of December 31, 2019, the company had a fleet of 145 Airbus single-aisle aircraft comprising 31 A319ceos, 64 A320ceos, 20 A320neos and 30 A321ceos.
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