Spirit Airlines Incorporated (NASDAQ:SAVE) to Post FY2019 Earnings of $5.50 Per Share, Imperial Capital Forecasts

Spirit Airlines Incorporated (NASDAQ:SAVE) – Research analysts at Imperial Capital cut their FY2019 earnings per share estimates for Spirit Airlines in a research note issued on Monday, July 29th. Imperial Capital analyst M. Derchin now anticipates that the transportation company will post earnings per share of $5.50 for the year, down from their previous estimate of $5.90. Imperial Capital has a “Outperform” rating and a $64.00 price objective on the stock. Imperial Capital also issued estimates for Spirit Airlines’ Q4 2019 earnings at $1.48 EPS, Q1 2020 earnings at $0.79 EPS, Q2 2020 earnings at $1.90 EPS, Q3 2020 earnings at $1.88 EPS, Q4 2020 earnings at $1.68 EPS and FY2020 earnings at $6.25 EPS.

Several other research firms have also issued reports on SAVE. Credit Suisse Group lowered Spirit Airlines from an “outperform” rating to a “neutral” rating and lowered their price target for the stock from $68.00 to $51.00 in a research report on Friday, July 26th. Deutsche Bank lowered Spirit Airlines from a “buy” rating to a “hold” rating and lowered their price target for the stock from $79.00 to $55.00 in a research report on Thursday, July 25th. Raymond James set a $65.00 price target on Spirit Airlines and gave the stock a “buy” rating in a research report on Friday, July 26th. Cowen lowered their price target on Spirit Airlines from $76.00 to $73.00 and set an “outperform” rating for the company in a research report on Thursday, April 11th. Finally, Bank of America lowered Spirit Airlines from a “buy” rating to a “neutral” rating and lowered their price target for the stock from $71.00 to $61.00 in a research report on Thursday, April 25th. Eight equities research analysts have rated the stock with a hold rating and ten have given a buy rating to the company. The stock has an average rating of “Buy” and a consensus price target of $62.00.

Shares of SAVE stock opened at $42.37 on Wednesday. The firm’s fifty day simple moving average is $48.95. Spirit Airlines has a 12 month low of $41.58 and a 12 month high of $65.35.

Spirit Airlines (NASDAQ:SAVE) last announced its earnings results on Wednesday, July 24th. The transportation company reported $1.69 EPS for the quarter, beating the Zacks’ consensus estimate of $1.64 by $0.05. The business had revenue of $1.01 billion for the quarter, compared to the consensus estimate of $1.01 billion. During the same quarter last year, the firm posted $1.11 EPS. The business’s quarterly revenue was up 18.9% on a year-over-year basis.

In other Spirit Airlines news, Director Robert D. Johnson sold 750 shares of the business’s stock in a transaction dated Monday, June 3rd. The stock was sold at an average price of $45.97, for a total value of $34,477.50. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Edward M. Christie III bought 2,375 shares of the firm’s stock in a transaction on Tuesday, July 30th. The stock was acquired at an average cost of $41.93 per share, with a total value of $99,583.75. The disclosure for this purchase can be found here. 0.33% of the stock is currently owned by insiders.

Large investors have recently modified their holdings of the business. Quadrant Capital Group LLC purchased a new stake in shares of Spirit Airlines during the 1st quarter valued at about $25,000. Meridian Wealth Management LLC purchased a new stake in shares of Spirit Airlines during the 1st quarter valued at about $26,000. Steward Partners Investment Advisory LLC purchased a new stake in shares of Spirit Airlines during the 2nd quarter valued at about $28,000. Northwestern Mutual Wealth Management Co. increased its position in shares of Spirit Airlines by 148.4% during the 1st quarter. Northwestern Mutual Wealth Management Co. now owns 1,580 shares of the transportation company’s stock valued at $84,000 after purchasing an additional 944 shares during the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank increased its position in shares of Spirit Airlines by 20.1% during the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 1,661 shares of the transportation company’s stock valued at $79,000 after purchasing an additional 278 shares during the last quarter.

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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Earnings History and Estimates for Spirit Airlines (NASDAQ:SAVE)

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