Sky Harbour Group (NYSE:SKYH) Shares Gap Up After Analyst Upgrade

Shares of Sky Harbour Group Co. (NYSE:SKYH) gapped up prior to trading on Tuesday after Noble Financial upgraded the stock to a strong-buy rating. The stock had previously closed at $8.67, but opened at $9.31. Sky Harbour Group shares last traded at $9.1610, with a volume of 6,443 shares traded.

A number of other research analysts have also recently commented on SKYH. BTIG Research restated a “buy” rating and issued a $13.00 target price on shares of Sky Harbour Group in a research note on Tuesday, March 24th. Weiss Ratings lowered Sky Harbour Group from a “sell (d+)” rating to a “sell (d)” rating in a report on Friday, May 15th. Two equities research analysts have rated the stock with a Strong Buy rating, two have assigned a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, Sky Harbour Group presently has a consensus rating of “Moderate Buy” and a consensus price target of $13.50.

Insider Transactions at Sky Harbour Group

In other Sky Harbour Group news, major shareholder Omaha Corp Boston sold 331,500 shares of the business’s stock in a transaction dated Monday, April 6th. The stock was sold at an average price of $9.05, for a total transaction of $3,000,075.00. Following the completion of the sale, the insider owned 8,666,163 shares of the company’s stock, valued at approximately $78,428,775.15. The trade was a 3.68% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Corporate insiders own 40.77% of the company’s stock.

Hedge Funds Weigh In On Sky Harbour Group

Several large investors have recently made changes to their positions in SKYH. Bank of America Corp DE lifted its position in shares of Sky Harbour Group by 173.7% in the second quarter. Bank of America Corp DE now owns 702,494 shares of the company’s stock valued at $6,863,000 after acquiring an additional 445,828 shares in the last quarter. First Manhattan CO. LLC. purchased a new position in shares of Sky Harbour Group in the fourth quarter valued at about $1,203,000. RMR Capital Management LLC purchased a new position in shares of Sky Harbour Group in the first quarter valued at about $1,170,000. Geode Capital Management LLC lifted its position in shares of Sky Harbour Group by 32.1% in the second quarter. Geode Capital Management LLC now owns 465,415 shares of the company’s stock valued at $4,548,000 after acquiring an additional 112,994 shares in the last quarter. Finally, Yorkville Advisors Global LP purchased a new position in shares of Sky Harbour Group in the fourth quarter valued at about $448,000. 14.75% of the stock is currently owned by hedge funds and other institutional investors.

Sky Harbour Group Price Performance

The company has a market capitalization of $679.35 million, a PE ratio of 223.00 and a beta of 1.39. The business has a 50-day moving average of $9.91 and a 200 day moving average of $9.44.

Sky Harbour Group (NYSE:SKYH) last posted its earnings results on Thursday, May 14th. The company reported ($0.16) EPS for the quarter, missing analysts’ consensus estimates of ($0.11) by ($0.05). The firm had revenue of $8.73 million during the quarter, compared to analysts’ expectations of $9.96 million. Sky Harbour Group had a return on equity of 6.83% and a net margin of 63.95%. As a group, research analysts anticipate that Sky Harbour Group Co. will post -0.61 EPS for the current year.

About Sky Harbour Group

Sky Harbour Group Inc is a U.S.-based real estate development and operating company focused on private aviation infrastructure. The company specializes in the acquisition, design and management of fixed-base operations (FBOs), aircraft hangarage and private terminals that serve business and general aviation operators. By providing expedited ground handling, concierge services and state-of-the-art facilities, Sky Harbour seeks to streamline the operations of private jet owners, fractional-ownership programs and charter operators while reducing congestion at major airports.

Through strategic leases and joint-venture partnerships, Sky Harbour has established a growing presence at key regional and metropolitan airports across the United States.