Barclays Issues Pessimistic Forecast for Spirit Airlines (NYSE:SAVE) Stock Price

Spirit Airlines (NYSE:SAVE) had its price target decreased by investment analysts at Barclays from $3.00 to $0.50 in a report issued on Thursday,Benzinga reports. The brokerage presently has an “underweight” rating on the stock. Barclays‘s price target would indicate a potential downside of 63.51% from the stock’s current price.

A number of other analysts have also recently commented on SAVE. Bank of America cut their target price on Spirit Airlines from $3.25 to $2.75 and set an “underperform” rating on the stock in a research report on Wednesday, July 17th. Citigroup decreased their price objective on Spirit Airlines from $3.50 to $2.75 and set a “sell” rating for the company in a report on Tuesday, July 23rd. TD Cowen cut their target price on shares of Spirit Airlines from $2.00 to $1.00 and set a “sell” rating on the stock in a report on Wednesday. Finally, Susquehanna decreased their price target on shares of Spirit Airlines from $2.25 to $1.50 and set a “negative” rating for the company in a research note on Wednesday, October 9th. Seven analysts have rated the stock with a sell rating and two have assigned a hold rating to the stock. According to MarketBeat, the company has a consensus rating of “Reduce” and a consensus target price of $2.00.

Spirit Airlines Stock Up 4.6 %

Shares of Spirit Airlines stock traded up $0.06 during trading hours on Thursday, hitting $1.37. The company had a trading volume of 15,221,578 shares, compared to its average volume of 10,723,828. The company has a debt-to-equity ratio of 3.86, a current ratio of 0.94 and a quick ratio of 0.94. The company’s 50-day moving average is $2.32 and its two-hundred day moving average is $2.94. The company has a market cap of $150.05 million, a P/E ratio of -0.22 and a beta of 1.37. Spirit Airlines has a twelve month low of $1.13 and a twelve month high of $17.02.

Hedge Funds Weigh In On Spirit Airlines

Large investors have recently bought and sold shares of the company. Signaturefd LLC increased its stake in shares of Spirit Airlines by 127.6% during the second quarter. Signaturefd LLC now owns 7,926 shares of the company’s stock worth $29,000 after acquiring an additional 4,443 shares during the period. Natixis raised its stake in shares of Spirit Airlines by 29.1% during the 1st quarter. Natixis now owns 12,480 shares of the company’s stock worth $60,000 after buying an additional 2,815 shares in the last quarter. Wellington Wealth Strategies LLC. purchased a new position in shares of Spirit Airlines during the 1st quarter worth approximately $68,000. High Note Wealth LLC acquired a new stake in shares of Spirit Airlines in the 3rd quarter valued at approximately $36,000. Finally, SeaCrest Wealth Management LLC purchased a new stake in shares of Spirit Airlines in the second quarter valued at approximately $63,000. Hedge funds and other institutional investors own 58.73% of the company’s stock.

Spirit Airlines Company Profile

Spirit Airlines, Inc provides airline services. The company also offers hotels and rental cars services. It serves 93 destinations in 15 countries in the United States, Latin America, and the Caribbean. As of December 31, 2023, the company operated a fleet of 205 Airbus single-aisle aircraft. The company was formerly known as Clippert Trucking Company and changed its name to Spirit Airlines, Inc in 1992.