Barclays Has Lowered Expectations for Spirit Airlines (NYSE:SAVE) Stock Price

Spirit Airlines (NYSE:SAVE) had its price objective cut by equities research analysts at Barclays from $3.00 to $0.50 in a note issued to investors on Thursday,Benzinga reports. The firm currently has an “underweight” rating on the stock. Barclays‘s target price would suggest a potential downside of 53.49% from the stock’s previous close.

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

Spirit Airlines Price Performance

NYSE:SAVE opened at $1.08 on Thursday. The company has a market capitalization of $117.73 million, a price-to-earnings ratio of -0.17 and a beta of 1.37. The company has a 50-day moving average of $2.27 and a 200-day moving average of $2.91. Spirit Airlines has a 52 week low of $1.03 and a 52 week high of $17.02. The company has a debt-to-equity ratio of 3.86, a quick ratio of 0.94 and a current ratio of 0.94.

Institutional Investors Weigh In On Spirit Airlines

A number of institutional investors and hedge funds have recently made changes to their positions in the company. Signaturefd LLC lifted its holdings in Spirit Airlines by 127.6% in the second quarter. Signaturefd LLC now owns 7,926 shares of the company’s stock valued at $29,000 after buying an additional 4,443 shares during the period. High Note Wealth LLC acquired a new position in shares of Spirit Airlines in the 3rd quarter valued at $36,000. Wealth Enhancement Advisory Services LLC boosted its position in shares of Spirit Airlines by 38.8% in the 3rd quarter. Wealth Enhancement Advisory Services LLC now owns 18,821 shares of the company’s stock worth $45,000 after purchasing an additional 5,261 shares during the last quarter. Baron Wealth Management LLC grew its stake in shares of Spirit Airlines by 39.3% during the third 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 period. Finally, Natixis increased its holdings in Spirit Airlines by 29.1% in the first quarter. Natixis now owns 12,480 shares of the company’s stock valued at $60,000 after purchasing an additional 2,815 shares during the last quarter. Institutional investors 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.