The Flight Centre Travel Group Ltd (ASX: FLT) share price has started Monday's session after a week to forget.
Flight Centre shares are now exchanging hands at $14.53, dipping ~2% into the red from the open.
Let's take a closer look at why investors are unloading the company's shares.
Image source: Getty Images
Lockdowns, lockdowns and more lockdowns…
Flight Centre shares are sliding as investors continue selling shares in the overall ASX travel basket.
Shares in the travel agency have been volatile since the NSW and Victorian governments locked down both Sydney and Melbourne in response to a surge in new COVID-19 cases from the delta variant.
It appears investors are concerned these lockdowns will pose additional headwinds to the travel industry's recovery.
Investment banking firm Goldman Sachs revised its price targets on the company's share price on Friday, trimming its forecasts accordingly, Bloomberg LP states.
The revised targets came in at $18.40 a share, an 8% down-step from its previous outlook.
Flight Centre's share price struggles have come amid a recent surge in travel-related shares that occurred after the recent Sydney Airport takeover bid.
However, since both state governments' decisions to send their major metropolitan areas into lockdown last week, Flight Centre shares have been punished on the charts.
Since the announcements last week, Flight Centre shares have slipped 5% into the red over the previous five sessions.
By comparison, the S&P/ASX 200 Index (ASX: XJO) has climbed 0.14% into the green over this same time frame.
Flight centre share price snapshot
The Flight Centre share price has had a choppy year to date, posting a loss of 8% since January 1.
Despite this performance, its share price has posted a return of 39% over the previous 12 months.
At the time of writing, Flight Centre had a market capitalisation of $2.89 billion.
