Qantas Airways (QAN) shares fell on Monday amid negative media coverage about the airlines customer service performance and worker dissatisfaction.
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Qantas stock dropped almost 4% on September 5. The airline’s shares opened trading at AU$5.22 and managed to rise to a high of AU$5.27, before dropping to a low of AU$5.06. Qantas Airways shares have declined more than 5% over the past year.
Qantas service and labour issues rattle investors
Qantas Airways has come under criticism from employers in relation to the cost cutting measures it took throughout the COVID-19 pandemic, with total the employee numbers falling from 29,400 in March 2020, to 21,600 in mid-2022.
The company’s planes and passengers are facing future delays, due to industrial action set for this month.
Hundreds of the airline’s ground staff, from outsourcing contractor Dnata, are set to go on strike on September 12.
Are Qantas shares a good buy right now?
According to TipRanks’ analyst rating consensus, QAN stock is a Moderate Buy. The average QAN price target of $6.23 implies over 22% upside potential.
Qantas stock is a favourite of insiders. TipRanks’ Insider Trading Activity shows that Insider Confidence Signal is currently Positive on QAN, with corporate insiders purchasing $AU13,800 shares in the last quarter.
Final thoughts
Although Qantas Airways is battling several headwinds, TipRanks insights indicate that it remains a favourable investment. Moreover, insiders in the know have continued to show confidence in QAN stock.
