Why Spirit Airlines Stock Is Trading Lower Wednesday
Portfolio Pulse from Dylan Berman
Spirit Airlines (NYSE:SAVE) shares are trading lower after issuing soft Q2 2024 revenue guidance, with total revenue expected at $1.28 billion versus analyst estimates of $1.33 billion. Non-ticket revenue underperformed due to market shifts, leading to several analyst downgrades and price target reductions.
July 17, 2024 | 5:46 pm
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Spirit Airlines issued soft Q2 2024 revenue guidance, expecting $1.28 billion in total revenue versus $1.33 billion estimated by analysts. Non-ticket revenue underperformed, leading to analyst downgrades and price target reductions.
The soft revenue guidance and underperformance in non-ticket revenue have led to a significant drop in Spirit Airlines' stock price. Analyst downgrades and reduced price targets further contribute to the negative sentiment.
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