A stability analysis is presented for the superconducting levitron stabilized partly by feedback and partly by magnetic coupling to metal plates placed symmetrically above and below the current ring. The system is so designed that eddy currents in the plates provide sufficient damping to limit the velocity of the ring to safe values in case of loss of control. The magnetic field associated with the feedback system must diffuse through the plates, which tends to handicap the feedback process and complicate the stability analysis. While levitated current rings stabilized by feedback normally require a component of stabilizing current proportional to the ring velocity to produce artificial damping, the present system is found to be stable without such a velocity‐dependent component.