Spirit Airlines, Inc. (NYSE:SAVE – Free Report) – Seaport Res Ptn cut their Q3 2023 earnings per share (EPS) estimates for Spirit Airlines in a research note issued to investors on Tuesday, July 11th. Seaport Res Ptn analyst D. Mckenzie now expects that the company will earn $0.35 per share for the quarter, down from their prior estimate of $0.55. The consensus estimate for Spirit Airlines’ current full-year earnings is $0.41 per share. Seaport Res Ptn also issued estimates for Spirit Airlines’ Q4 2023 earnings at $0.45 EPS and FY2023 earnings at $0.45 EPS.
Spirit Airlines (NYSE:SAVE – Get Free Report) last posted its quarterly earnings data on Wednesday, April 26th. The company reported ($0.82) EPS for the quarter, topping the consensus estimate of ($0.89) by $0.07. Spirit Airlines had a negative return on equity of 6.24% and a negative net margin of 8.50%. The firm had revenue of $1.35 billion for the quarter, compared to the consensus estimate of $1.35 billion.
Spirit Airlines Stock Performance
NYSE:SAVE opened at $19.04 on Friday. The company has a current ratio of 1.09, a quick ratio of 1.09 and a debt-to-equity ratio of 2.15. Spirit Airlines has a 12-month low of $14.41 and a 12-month high of $25.67. The stock has a 50-day moving average price of $16.82 and a 200 day moving average price of $16.87. The stock has a market capitalization of $2.08 billion, a P/E ratio of -4.48 and a beta of 1.14.
Institutional Inflows and Outflows
A number of institutional investors and hedge funds have recently made changes to their positions in SAVE. Ancient Art L.P. purchased a new position in Spirit Airlines during the 1st quarter worth $29,618,000. Segantii Capital Management Ltd grew its stake in Spirit Airlines by 266.6% during the 1st quarter. Segantii Capital Management Ltd now owns 2,034,386 shares of the company’s stock worth $34,930,000 after buying an additional 1,479,386 shares during the last quarter. Dimensional Fund Advisors LP grew its stake in Spirit Airlines by 37.8% during the 1st quarter. Dimensional Fund Advisors LP now owns 3,637,683 shares of the company’s stock worth $79,557,000 after buying an additional 997,254 shares during the last quarter. Alliancebernstein L.P. grew its stake in Spirit Airlines by 215.4% during the 3rd quarter. Alliancebernstein L.P. now owns 1,394,047 shares of the company’s stock worth $26,236,000 after buying an additional 952,023 shares during the last quarter. Finally, Norges Bank purchased a new position in Spirit Airlines during the 4th quarter worth $11,875,000. 70.27% of the stock is currently owned by hedge funds and other institutional investors.
Spirit Airlines Dividend Announcement
The business also recently declared a dividend, which will be paid on Monday, July 31st. Stockholders of record on Tuesday, July 25th will be issued a $0.10 dividend. The ex-dividend date is Monday, July 24th.
About Spirit Airlines
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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