$989.43 Million in Sales Expected for Spirit Airlines Incorporated (NASDAQ:SAVE) This Quarter

Wall Street brokerages forecast that Spirit Airlines Incorporated (NASDAQ:SAVE) will post $989.43 million in sales for the current fiscal quarter, according to Zacks. Four analysts have provided estimates for Spirit Airlines’ earnings, with estimates ranging from $978.02 million to $1.02 billion. Spirit Airlines posted sales of $904.33 million in the same quarter last year, which would indicate a positive year over year growth rate of 9.4%. The company is scheduled to announce its next earnings report after the market closes on Wednesday, October 23rd.

On average, analysts expect that Spirit Airlines will report full-year sales of $3.82 billion for the current financial year, with estimates ranging from $3.79 billion to $3.87 billion. For the next fiscal year, analysts anticipate that the firm will post sales of $4.36 billion, with estimates ranging from $4.27 billion to $4.46 billion. Zacks’ sales calculations are a mean average based on a survey of sell-side research analysts that that provide coverage for Spirit Airlines.

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

Several brokerages recently issued reports on SAVE. Credit Suisse Group downgraded shares of Spirit Airlines from an “outperform” rating to a “neutral” rating and reduced their price objective for the company from $68.00 to $51.00 in a research note on Friday, July 26th. Macquarie raised shares of Spirit Airlines from a “neutral” rating to an “outperform” rating and set a $47.00 price objective on the stock in a research note on Friday, September 13th. Vertical Research began coverage on shares of Spirit Airlines in a research note on Thursday, August 22nd. They set a “hold” rating on the stock. Morgan Stanley set a $38.00 price objective on shares of Spirit Airlines and gave the company a “hold” rating in a research note on Monday, September 9th. Finally, Cowen reduced their price objective on shares of Spirit Airlines from $60.00 to $51.00 and set an “outperform” rating on the stock in a research note on Monday, September 9th. One equities research analyst has rated the stock with a sell rating, ten have issued a hold rating and six have assigned a buy rating to the company’s stock. The company currently has an average rating of “Hold” and an average target price of $53.80.

In other Spirit Airlines news, insider Edward M. Christie III acquired 2,375 shares of the company’s stock in a transaction dated Tuesday, July 30th. The stock was bought at an average price of $41.93 per share, with a total value of $99,583.75. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director H. Mcintyre Gardner acquired 2,500 shares of the company’s stock in a transaction dated Wednesday, July 31st. The stock was acquired at an average cost of $41.92 per share, with a total value of $104,800.00. The disclosure for this purchase can be found here. Insiders have purchased 5,051 shares of company stock valued at $211,885 in the last ninety days. 0.33% of the stock is currently owned by company insiders.

Several institutional investors have recently added to or reduced their stakes in SAVE. Meridian Wealth Management LLC acquired a new stake in shares of Spirit Airlines in the first quarter worth $26,000. Steward Partners Investment Advisory LLC acquired a new stake in shares of Spirit Airlines in the second quarter worth $28,000. Zurcher Kantonalbank Zurich Cantonalbank increased its position in shares of Spirit Airlines by 20.1% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 1,661 shares of the transportation company’s stock worth $79,000 after acquiring an additional 278 shares in the last quarter. Point72 Hong Kong Ltd increased its position in shares of Spirit Airlines by 549.0% in the second quarter. Point72 Hong Kong Ltd now owns 1,707 shares of the transportation company’s stock worth $81,000 after acquiring an additional 1,444 shares in the last quarter. Finally, Northwestern Mutual Wealth Management Co. increased its position in shares of Spirit Airlines by 148.4% in the first quarter. Northwestern Mutual Wealth Management Co. now owns 1,580 shares of the transportation company’s stock worth $84,000 after acquiring an additional 944 shares in the last quarter.

Shares of SAVE traded up $0.64 on Friday, hitting $33.74. 85,813 shares of the stock traded hands, compared to its average volume of 1,124,351. The stock’s 50 day moving average is $36.96 and its two-hundred day moving average is $46.28. Spirit Airlines has a 1 year low of $32.97 and a 1 year high of $65.35.

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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