Sky Harbour Group (NYSE:SKYH) Shares Gap Up – Here’s Why

Sky Harbour Group Co. (NYSE:SKYH)’s stock price gapped up before the market opened on Tuesday . 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.

Analyst Ratings Changes

SKYH has been the topic of several recent research reports. BTIG Research reiterated a “buy” rating and set a $13.00 target price on shares of Sky Harbour Group in a research report on Tuesday, March 24th. Weiss Ratings downgraded shares of Sky Harbour Group from a “sell (d+)” rating to a “sell (d)” rating in a research report on Friday. One investment analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating, one has given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $13.50.

Sky Harbour Group Trading Down 5.0%

The firm’s 50-day moving average is $9.91 and its 200 day moving average is $9.45. The firm has a market capitalization of $678.59 million, a price-to-earnings ratio of 222.73 and a beta of 1.39.

Sky Harbour Group (NYSE:SKYH) last posted its earnings results on Thursday, May 14th. The company reported ($0.16) EPS for the quarter, missing the consensus estimate of ($0.11) by ($0.05). The business had revenue of $8.73 million for the quarter, compared to analyst estimates of $9.96 million. Sky Harbour Group had a return on equity of 6.83% and a net margin of 63.95%. Analysts predict that Sky Harbour Group Co. will post -0.66 EPS for the current year.

Insider Activity

In other news, major shareholder Omaha Corp Boston sold 331,500 shares of the business’s stock in a transaction that occurred on Monday, April 6th. The shares were sold at an average price of $9.05, for a total value of $3,000,075.00. Following the transaction, the insider owned 8,666,163 shares in the company, valued at approximately $78,428,775.15. The trade was a 3.68% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 40.77% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the company. Metis Global Partners LLC lifted its position in shares of Sky Harbour Group by 28.8% in the 4th quarter. Metis Global Partners LLC now owns 24,958 shares of the company’s stock worth $224,000 after purchasing an additional 5,576 shares during the period. Rhumbline Advisers lifted its position in shares of Sky Harbour Group by 185.5% in the 2nd quarter. Rhumbline Advisers now owns 33,409 shares of the company’s stock worth $326,000 after purchasing an additional 21,708 shares during the period. American Century Companies Inc. lifted its position in shares of Sky Harbour Group by 64.9% in the 2nd quarter. American Century Companies Inc. now owns 34,123 shares of the company’s stock worth $333,000 after purchasing an additional 13,434 shares during the period. First Manhattan CO. LLC. acquired a new position in shares of Sky Harbour Group in the 4th quarter worth approximately $1,203,000. Finally, State Street Corp lifted its position in shares of Sky Harbour Group by 2.5% in the 4th quarter. State Street Corp now owns 581,050 shares of the company’s stock worth $5,212,000 after purchasing an additional 14,035 shares during the period. Institutional investors and hedge funds own 14.75% of the company’s stock.

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.