Sky Harbour Group (NYSE:SKYH) Stock Price Down 8.2% Following Weak Earnings

Sky Harbour Group Co. (NYSE:SKYH)’s stock price dropped 8.2% during mid-day trading on Thursday following a weaker than expected earnings announcement. The company traded as low as $10.61 and last traded at $10.5490. Approximately 72,973 shares traded hands during mid-day trading, a decline of 50% from the average daily volume of 147,284 shares. The stock had previously closed at $11.49.

The company reported ($0.15) EPS for the quarter, missing analysts’ consensus estimates of ($0.14) by ($0.01). The firm had revenue of $0.01 million during the quarter, compared to the consensus estimate of $9.44 million. Sky Harbour Group had a return on equity of 6.83% and a net margin of 63.95%.

Analysts Set New Price Targets

SKYH has been the subject of a number of analyst reports. Roth Capital assumed coverage on shares of Sky Harbour Group in a research report on Friday, July 31st. They set a “buy” rating and a $14.00 target price for the company. Weiss Ratings upgraded Sky Harbour Group from a “sell (d)” rating to a “sell (d+)” rating in a report on Monday, July 6th. Finally, Noble Financial raised Sky Harbour Group to a “strong-buy” rating in a research report on Monday, May 18th. Two equities research analysts have rated the stock with a Strong Buy rating, two have issued a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, Sky Harbour Group presently has a consensus rating of “Moderate Buy” and a consensus target price of $13.50.

Insider Buying and Selling

In related news, Director Andrew J. Gessow bought 5,000 shares of the stock in a transaction that occurred on Wednesday, May 20th. The stock was bought at an average cost of $8.95 per share, for a total transaction of $44,750.00. Following the purchase, the director directly owned 17,910 shares of the company’s stock, valued at approximately $160,294.50. This trade represents a 38.73% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. 40.70% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in SKYH. RMR Capital Management LLC purchased a new stake in shares of Sky Harbour Group during the first quarter valued at $1,170,000. Bank of America Corp DE raised its stake in Sky Harbour Group by 1.8% in the 1st quarter. Bank of America Corp DE now owns 374,021 shares of the company’s stock worth $3,602,000 after acquiring an additional 6,545 shares during the last quarter. Yorkville Advisors Global LP raised its stake in Sky Harbour Group by 80.0% in the 1st quarter. Yorkville Advisors Global LP now owns 90,000 shares of the company’s stock worth $867,000 after acquiring an additional 40,000 shares during the last quarter. International Assets Investment Management LLC acquired a new stake in Sky Harbour Group during the 4th quarter worth about $83,000. Finally, Deutsche Bank AG lifted its position in Sky Harbour Group by 9.9% during the 4th quarter. Deutsche Bank AG now owns 15,007 shares of the company’s stock worth $135,000 after acquiring an additional 1,357 shares during the period. Hedge funds and other institutional investors own 14.75% of the company’s stock.

Sky Harbour Group Stock Performance

The company has a 50 day simple moving average of $10.05 and a two-hundred day simple moving average of $9.70. The firm has a market cap of $793.31 million, a PE ratio of 259.15 and a beta of 1.31.

Sky Harbour Group Company Profile

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.