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 report released on Thursday morning,Benzinga reports. The firm currently has an underweight rating on the stock.

Other analysts have also recently issued research reports about the stock. 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 research note on Wednesday, November 13th. Citigroup dropped their price objective on shares of Spirit Airlines from $3.50 to $2.75 and set a “sell” rating for the company in a research note on Tuesday, July 23rd. Susquehanna dropped their price objective on shares of Spirit Airlines from $2.25 to $1.50 and set a “negative” rating for the company in a research note on Wednesday, October 9th. Finally, Bank of America dropped 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 note on Wednesday, July 17th. Seven equities research 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 stock has a consensus rating of “Reduce” and an average target price of $2.00.

Spirit Airlines Stock Down 18.2 %

SAVE stock opened at $1.08 on Thursday. The firm has a market cap of $118.28 million, a PE ratio of -0.17 and a beta of 1.37. The company has a debt-to-equity ratio of 3.86, a quick ratio of 0.94 and a current ratio of 0.94. The firm’s fifty day moving average is $2.27 and its 200 day moving average is $2.90. Spirit Airlines has a one year low of $1.03 and a one year high of $17.02.

Institutional Trading of Spirit Airlines

A number of large investors have recently bought and sold shares of SAVE. XTX Topco Ltd lifted its stake in shares of Spirit Airlines by 826.8% in the 3rd quarter. XTX Topco Ltd now owns 204,119 shares of the company’s stock worth $490,000 after acquiring an additional 182,094 shares during the period. Centiva Capital LP acquired a new stake in shares of Spirit Airlines in the 3rd quarter worth $168,000. Arete Wealth Advisors LLC lifted its stake in shares of Spirit Airlines by 52.4% in the 3rd quarter. Arete Wealth Advisors LLC now owns 33,262 shares of the company’s stock worth $79,000 after acquiring an additional 11,431 shares during the period. Charles Schwab Investment Management Inc. lifted its stake 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 worth $2,235,000 after acquiring an additional 74,753 shares during the period. Finally, Intech Investment Management LLC acquired a new stake in shares of Spirit Airlines in the third quarter valued at about $84,000. 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.