Wall Street analysts forecast that Spirit Airlines Incorporated (NASDAQ:SAVE) will post sales of $1.01 billion for the current fiscal quarter, Zacks reports. Five analysts have provided estimates for Spirit Airlines’ earnings. Spirit Airlines reported sales of $851.77 million in the same quarter last year, which indicates a positive year over year growth rate of 18.6%. The business is expected to announce its next quarterly earnings report on Wednesday, July 24th.

According to Zacks, analysts expect that Spirit Airlines will report full year sales of $3.90 billion for the current financial year, with estimates ranging from $3.88 billion to $3.92 billion. For the next year, analysts forecast that the business will report sales of $4.49 billion, with estimates ranging from $4.33 billion to $4.56 billion. Zacks’ sales averages are an average based on a survey of sell-side research analysts that cover Spirit Airlines.

Spirit Airlines (NASDAQ:SAVE) last released its quarterly earnings results on Wednesday, April 24th. The transportation company reported $0.84 EPS for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.84. The business had revenue of $855.80 million for the quarter, compared to analysts’ expectations of $855.77 million. Spirit Airlines’s revenue for the quarter was up 21.5% compared to the same quarter last year. During the same period in the previous year, the company earned $0.44 EPS.

A number of analysts have weighed in on the company. BidaskClub lowered Spirit Airlines from a “buy” rating to a “hold” rating in a research note on Friday, March 1st. Barclays raised Spirit Airlines from an “equal weight” rating to an “overweight” rating and lifted their target price for the stock from $65.00 to $70.00 in a report on Monday, March 11th. Zacks Investment Research cut Spirit Airlines from a “buy” rating to a “hold” rating in a research report on Tuesday, March 12th. Imperial Capital cut their price objective on Spirit Airlines from $92.00 to $83.00 and set an “outperform” rating for the company in a research report on Thursday, March 28th. They noted that the move was a valuation call. Finally, Cowen dropped 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. Six equities research analysts have rated the stock with a hold rating, eleven have assigned a buy rating and one has given a strong buy rating to the stock. The company currently has an average rating of “Buy” and a consensus price target of $66.87.

SAVE stock opened at $49.67 on Wednesday. Spirit Airlines has a 1-year low of $34.36 and a 1-year high of $65.35.

In other news, SVP Laurie Villa sold 3,800 shares of Spirit Airlines stock in a transaction on Monday, April 29th. The shares were sold at an average price of $53.69, for a total transaction of $204,022.00. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Robert D. Johnson sold 750 shares of Spirit Airlines stock in a transaction on Monday, June 3rd. The stock was sold at an average price of $45.97, for a total transaction of $34,477.50. The disclosure for this sale can be found here. 0.33% of the stock is currently owned by company insiders.

Several institutional investors have recently added to or reduced their stakes in the company. JPMorgan Chase & Co. lifted its stake in shares of Spirit Airlines by 786.9% in the third quarter. JPMorgan Chase & Co. now owns 124,312 shares of the transportation company’s stock valued at $5,839,000 after buying an additional 110,295 shares during the period. Bank of Montreal Can boosted its position in shares of Spirit Airlines by 496.8% during the fourth quarter. Bank of Montreal Can now owns 6,672 shares of the transportation company’s stock worth $387,000 after purchasing an additional 5,554 shares in the last quarter. Rhumbline Advisers lifted its position in Spirit Airlines by 41.5% in the 4th quarter. Rhumbline Advisers now owns 101,618 shares of the transportation company’s stock valued at $5,886,000 after acquiring an additional 29,778 shares in the last quarter. SG Americas Securities LLC lifted its position in Spirit Airlines by 84.5% in the 4th quarter. SG Americas Securities LLC now owns 7,710 shares of the transportation company’s stock valued at $447,000 after acquiring an additional 3,531 shares in the last quarter. Finally, ClariVest Asset Management LLC acquired a new stake in Spirit Airlines in the 4th quarter valued at $3,620,000.

Spirit Airlines Company Profile

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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