Spirit Airlines (NYSE:SAVE – Get Free Report) released its earnings results on Thursday. The company reported ($1.44) earnings per share for the quarter, missing the consensus estimate of ($1.30) by ($0.14), Briefing.com reports. The company had revenue of $1.28 billion for the quarter, compared to analysts’ expectations of $1.30 billion. Spirit Airlines had a negative net margin of 13.20% and a negative return on equity of 53.58%. Spirit Airlines’s revenue for the quarter was down 10.6% on a year-over-year basis. During the same quarter last year, the firm posted $0.29 earnings per share.
Spirit Airlines Price Performance
NYSE SAVE remained flat at $2.76 during trading hours 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 moving average price of $3.36 and a 200-day moving average price of $4.48. The company has a current ratio of 0.97, a quick ratio of 0.97 and a debt-to-equity ratio of 3.17. Spirit Airlines has a 52 week low of $2.60 and a 52 week high of $17.94. The stock has a market capitalization of $302.22 million, a PE ratio of -0.62 and a beta of 1.41.
Wall Street Analyst Weigh In
Several equities analysts recently weighed in on SAVE shares. Susquehanna lowered their target price on Spirit Airlines from $3.00 to $2.50 and set a “negative” rating on the stock in a research report on Tuesday, July 16th. Citigroup decreased their price target on Spirit Airlines from $3.50 to $2.75 and set a “sell” rating on the stock in a report on Tuesday, July 23rd. TD Cowen cut Spirit Airlines from a “hold” rating to a “sell” rating and decreased their price target for the company from $3.00 to $2.00 in a report on Wednesday, July 17th. Barclays decreased their price target on Spirit Airlines from $4.00 to $3.00 and set an “underweight” rating on the stock in a report on Wednesday, July 10th. Finally, Raymond James cut Spirit Airlines from a “market perform” rating to an “underperform” rating in a report on Friday, July 5th. Eight equities research analysts have rated the stock with a sell rating and two have assigned a hold rating to the company. According to MarketBeat.com, the company has an average rating of “Reduce” and a consensus target price 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.
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