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

Spirit Airlines (NYSE:SAVE) had its target price reduced by Barclays from $3.00 to $0.50 in a report published on Thursday,Benzinga reports. Barclays currently has an underweight rating on the stock.

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

Spirit Airlines Stock Performance

Shares of SAVE stock traded down $0.18 during mid-day trading on Thursday, hitting $1.14. 15,844,648 shares of the stock were exchanged, compared to its average volume of 10,770,715. The stock’s fifty day simple moving average is $2.30 and its two-hundred day simple moving average is $2.93. The company has a debt-to-equity ratio of 3.86, a quick ratio of 0.94 and a current ratio of 0.94. Spirit Airlines has a 12-month low of $1.13 and a 12-month high of $17.02. The stock has a market capitalization of $124.85 million, a price-to-earnings ratio of -0.19 and a beta of 1.37.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in SAVE. Signaturefd LLC lifted its position 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 purchasing an additional 4,443 shares in the last quarter. High Note Wealth LLC purchased a new position in Spirit Airlines in the third quarter valued at about $36,000. Wealth Enhancement Advisory Services LLC grew its stake in Spirit Airlines by 38.8% during the 3rd quarter. Wealth Enhancement Advisory Services LLC now owns 18,821 shares of the company’s stock valued at $45,000 after purchasing an additional 5,261 shares in the last quarter. Baron Wealth Management LLC increased its holdings in Spirit Airlines by 39.3% during the 3rd quarter. Baron Wealth Management LLC now owns 20,904 shares of the company’s stock worth $50,000 after purchasing an additional 5,900 shares during the last quarter. Finally, Natixis raised its position in shares of Spirit Airlines by 29.1% in the 1st quarter. Natixis now owns 12,480 shares of the company’s stock valued at $60,000 after purchasing an additional 2,815 shares in the last quarter. Institutional investors and hedge funds own 58.73% of the company’s stock.

About Spirit Airlines

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.