Analysts expect that Spirit Airlines, Inc. (NASDAQ:SAVE) will post $709.98 million in sales for the current quarter, according to Zacks Investment Research. Five analysts have provided estimates for Spirit Airlines’ earnings. The lowest sales estimate is $692.00 million and the highest is $735.30 million. Spirit Airlines reported sales of $621.33 million during the same quarter last year, which would suggest a positive year over year growth rate of 14.3%. The business is expected to announce its next earnings report on Tuesday, October 24th.
According to Zacks, analysts expect that Spirit Airlines will report full-year sales of $709.98 million for the current financial year, with estimates ranging from $2.60 billion to $2.70 billion. For the next financial year, analysts expect that the company will post sales of $3.14 billion per share, with estimates ranging from $3.01 billion to $3.25 billion. Zacks Investment Research’s sales averages are a mean average based on a survey of analysts that that provide coverage for Spirit Airlines.
Spirit Airlines (NASDAQ:SAVE) last announced its quarterly earnings results on Thursday, July 27th. The transportation company reported $1.14 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.11 by $0.03. Spirit Airlines had a return on equity of 17.96% and a net margin of 9.62%. The company had revenue of $701.68 million during the quarter, compared to the consensus estimate of $702.29 million. During the same period in the prior year, the company earned $1.11 earnings per share. The company’s revenue for the quarter was up 20.1% compared to the same quarter last year.
Several research firms have recently weighed in on SAVE. TheStreet lowered Spirit Airlines from a “b-” rating to a “c+” rating in a research report on Monday, August 7th. Zacks Investment Research raised Spirit Airlines from a “sell” rating to a “hold” rating in a research report on Monday, August 7th. Morgan Stanley lowered their price objective on Spirit Airlines from $54.00 to $46.00 and set an “equal weight” rating for the company in a research report on Thursday, August 17th. J P Morgan Chase & Co raised Spirit Airlines from a “neutral” rating to an “overweight” rating and lowered their price objective for the stock from $56.00 to $45.00 in a research report on Tuesday, August 1st. Finally, Barclays PLC lowered their price objective on Spirit Airlines from $67.00 to $50.00 and set an “equal weight” rating for the company in a research report on Monday, August 14th. Two research analysts have rated the stock with a sell rating, seven have issued a hold rating, five have given a buy rating and one has assigned a strong buy rating to the company. Spirit Airlines presently has a consensus rating of “Hold” and an average price target of $50.59.
Shares of Spirit Airlines (NASDAQ SAVE) traded down 0.97% during midday trading on Friday, hitting $32.63. The company’s stock had a trading volume of 1,659,421 shares. The company has a 50-day moving average price of $35.93 and a 200 day moving average price of $48.73. The company has a market cap of $2.26 billion, a P/E ratio of 9.46 and a beta of 0.62. Spirit Airlines has a 1-year low of $30.32 and a 1-year high of $60.40.
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In other Spirit Airlines news, Director H. Mcintyre Gardner bought 5,000 shares of the business’s stock in a transaction dated Friday, September 15th. The shares were purchased at an average price of $33.78 per share, for a total transaction of $168,900.00. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 0.33% of the stock is owned by insiders.
Several hedge funds and other institutional investors have recently made changes to their positions in SAVE. The Manufacturers Life Insurance Company boosted its stake in shares of Spirit Airlines by 7.0% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 2,160 shares of the transportation company’s stock worth $112,000 after buying an additional 141 shares during the last quarter. Advisor Group Inc. boosted its stake in shares of Spirit Airlines by 18.8% in the 2nd quarter. Advisor Group Inc. now owns 2,170 shares of the transportation company’s stock worth $113,000 after buying an additional 344 shares during the last quarter. Intact Investment Management Inc. purchased a new position in shares of Spirit Airlines in the 2nd quarter worth approximately $238,000. Ramsey Quantitative Systems purchased a new position in shares of Spirit Airlines in the 2nd quarter worth approximately $281,000. Finally, Oppenheimer Asset Management Inc. purchased a new position in shares of Spirit Airlines in the 1st quarter worth approximately $346,000. Hedge funds and other institutional investors own 96.99% of the company’s stock.
About Spirit Airlines
Spirit Airlines, Inc is an airline company. The Company provides air transportation for passengers. As of December 31, 2016, its all-Airbus Fit Fleet operated over 420 daily flights to 59 destinations in the United States, Caribbean and Latin America. As of December 31, 2016, it had a fleet of 95 Airbus single-aisle aircraft, which are referred to as A320 family aircraft and include the A319, A320 and A321 models, which have common design and equipment but differ most notably in fuselage length, service range and seat capacity.
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