Spirit Airlines (NYSE:SAVE) Given New $0.50 Price Target at Barclays

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

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

Spirit Airlines Price Performance

SAVE opened at $1.08 on Thursday. The stock has a market cap of $117.73 million, a P/E ratio of -0.17 and a beta of 1.37. Spirit Airlines has a 12 month low of $1.03 and a 12 month high of $17.02. The company has a quick ratio of 0.94, a current ratio of 0.94 and a debt-to-equity ratio of 3.86. The company has a fifty day simple moving average of $2.27 and a 200 day simple moving average of $2.91.

Hedge Funds Weigh In On Spirit Airlines

Large investors have recently modified their holdings of the business. U S Global Investors Inc. bought a new stake in shares of Spirit Airlines during the 3rd quarter worth approximately $28,816,000. Vanguard Group Inc. lifted its stake in Spirit Airlines by 0.7% in the first quarter. Vanguard Group Inc. now owns 10,491,947 shares of the company’s stock valued at $50,781,000 after acquiring an additional 73,044 shares during the last quarter. Charles Schwab Investment Management Inc. grew its position in shares of Spirit Airlines by 8.7% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 931,241 shares of the company’s stock valued at $2,235,000 after acquiring an additional 74,753 shares during the period. Federated Hermes Inc. increased its stake 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. Finally, Roman Butler Fullerton & Co. raised its holdings in shares of Spirit Airlines by 48.5% in the 3rd quarter. Roman Butler Fullerton & Co. now owns 264,429 shares of the company’s stock valued at $635,000 after purchasing an additional 86,396 shares during the period. 58.73% of the stock is currently owned by institutional investors and hedge funds.

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.