Spirit Airlines (NYSE:SAVE) Price Target Lowered to $0.50 at Barclays

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

Other equities research analysts also recently issued research reports about the stock. Bank of America reduced 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. 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. Susquehanna decreased their price objective on shares of Spirit Airlines from $2.25 to $1.50 and set a “negative” rating on the stock in a research note on Wednesday, October 9th. Finally, TD Cowen cut their target price on shares of Spirit Airlines from $2.00 to $1.00 and set a “sell” rating for the company in a research note on Wednesday. Seven analysts have rated the stock with a sell rating and two have issued a hold rating to the stock. According to MarketBeat, the stock has an average rating of “Reduce” and a consensus target price of $2.00.

Spirit Airlines Stock Down 18.2 %

SAVE stock opened at $1.08 on Thursday. Spirit Airlines has a 1-year low of $1.03 and a 1-year high of $17.02. 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 business’s 50 day moving average is $2.27 and its 200-day moving average is $2.91.

Institutional Investors Weigh In On Spirit Airlines

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. U S Global Investors Inc. bought a new stake in shares of Spirit Airlines during the third quarter valued at approximately $28,816,000. Bayesian Capital Management LP bought a new position in Spirit Airlines in the 1st quarter valued at $829,000. Federated Hermes Inc. increased its stake in shares of Spirit Airlines by 331.2% in the 2nd quarter. Federated Hermes Inc. now owns 432,494 shares of the company’s stock valued at $1,583,000 after buying an additional 332,188 shares during the period. Vanguard Group Inc. raised its position in shares of Spirit Airlines by 0.7% during the first quarter. Vanguard Group Inc. now owns 10,491,947 shares of the company’s stock worth $50,781,000 after acquiring an additional 73,044 shares during the last quarter. Finally, Price T Rowe Associates Inc. MD raised its position in shares of Spirit Airlines by 5.7% during the first quarter. Price T Rowe Associates Inc. MD now owns 73,622 shares of the company’s stock worth $357,000 after acquiring an additional 3,955 shares during the last quarter. Institutional investors and hedge funds 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.