Spirit Airlines (NYSE:SAVE) Price Target Cut to $0.50 by Analysts at Barclays

Spirit Airlines (NYSE:SAVE) had its price target trimmed by Barclays from $3.00 to $0.50 in a research note issued to investors on Thursday,Benzinga reports. The firm currently has an underweight rating on the stock.

Several other brokerages also recently weighed in on SAVE. Citigroup reduced their price target on shares of 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 decreased their target price on shares of Spirit Airlines from $3.25 to $2.75 and set an “underperform” rating on the stock in a research note on Wednesday, July 17th. TD Cowen dropped their price objective on Spirit Airlines from $2.00 to $1.00 and set a “sell” rating for the company in a research note on Wednesday. Finally, Susquehanna decreased their target price on Spirit Airlines from $2.25 to $1.50 and set a “negative” rating on the stock in a research note on Wednesday, October 9th. Seven research analysts have rated the stock with a sell rating and two have assigned a hold rating to the stock. According to MarketBeat, Spirit Airlines currently has a consensus rating of “Reduce” and a consensus price target of $2.00.

Spirit Airlines Stock Down 13.6 %

Shares of SAVE stock traded down $0.18 during midday trading on Thursday, reaching $1.14. 15,844,648 shares of the stock were exchanged, compared to its average volume of 10,770,715. The firm has a market cap of $124.85 million, a PE ratio of -0.19 and a beta of 1.37. The company has a current ratio of 0.94, a quick ratio of 0.94 and a debt-to-equity ratio of 3.86. The company’s 50 day moving average is $2.30 and its two-hundred day moving average is $2.93. Spirit Airlines has a 1 year low of $1.13 and a 1 year high of $17.02.

Hedge Funds Weigh In On Spirit Airlines

A number of hedge funds have recently made changes to their positions in the stock. U S Global Investors Inc. acquired a new stake in Spirit Airlines in the third quarter valued at approximately $28,816,000. Federated Hermes Inc. lifted its position in shares of Spirit Airlines by 331.2% during the 2nd quarter. Federated Hermes Inc. now owns 432,494 shares of the company’s stock worth $1,583,000 after purchasing an additional 332,188 shares during the last quarter. Bayesian Capital Management LP purchased a new stake in shares of Spirit Airlines during the 1st quarter worth $829,000. Virtu Financial LLC acquired a new position in shares of Spirit Airlines during the first quarter worth $496,000. Finally, Roman Butler Fullerton & Co. increased its holdings in Spirit Airlines by 48.5% in the third quarter. Roman Butler Fullerton & Co. now owns 264,429 shares of the company’s stock valued at $635,000 after buying an additional 86,396 shares during the last quarter. 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.