SkyWest (NASDAQ:SKYW) Shares Gap Up After Earnings Beat

SkyWest, Inc. (NASDAQ:SKYW)’s stock price gapped up before the market opened on Friday following a stronger than expected earnings report. The stock had previously closed at $116.76, but opened at $122.00. SkyWest shares last traded at $134.58, with a volume of 94,408 shares changing hands.

The transportation company reported $2.34 earnings per share for the quarter, topping the consensus estimate of $1.75 by $0.59. SkyWest had a net margin of 7.29% and a return on equity of 11.02%. During the same quarter in the previous year, the business earned $0.42 EPS.

Analyst Upgrades and Downgrades

Several analysts have weighed in on SKYW shares. TD Cowen upped their price objective on shares of SkyWest from $95.00 to $120.00 and gave the stock a “buy” rating in a research note on Tuesday, November 5th. Raymond James reissued an “outperform” rating and set a $130.00 price target (up from $120.00) on shares of SkyWest in a research note on Friday. Finally, The Goldman Sachs Group reissued a “neutral” rating and set a $119.00 price target on shares of SkyWest in a research note on Friday, November 15th. Two research analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $109.75.

Insider Activity

In other SkyWest news, CFO Robert J. Simmons sold 16,485 shares of the firm’s stock in a transaction that occurred on Tuesday, November 5th. The shares were sold at an average price of $105.02, for a total value of $1,731,254.70. Following the transaction, the chief financial officer now directly owns 113,539 shares of the company’s stock, valued at approximately $11,923,865.78. This trade represents a 12.68 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Wade J. Steel sold 19,079 shares of the firm’s stock in a transaction that occurred on Tuesday, November 5th. The shares were sold at an average price of $104.48, for a total transaction of $1,993,373.92. Following the completion of the transaction, the insider now directly owns 97,654 shares in the company, valued at approximately $10,202,889.92. The trade was a 16.34 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 92,467 shares of company stock valued at $10,082,596 over the last three months. 2.00% of the stock is owned by insiders.

Hedge Funds Weigh In On SkyWest

Hedge funds and other institutional investors have recently bought and sold shares of the business. NBC Securities Inc. boosted its stake in SkyWest by 1,368.0% in the third quarter. NBC Securities Inc. now owns 367 shares of the transportation company’s stock valued at $31,000 after acquiring an additional 342 shares during the last quarter. Wilmington Savings Fund Society FSB acquired a new stake in SkyWest in the third quarter worth $31,000. Sound Income Strategies LLC acquired a new stake in SkyWest in the fourth quarter worth $50,000. GAMMA Investing LLC raised its holdings in SkyWest by 47.1% in the third quarter. GAMMA Investing LLC now owns 1,365 shares of the transportation company’s stock worth $116,000 after purchasing an additional 437 shares during the period. Finally, USA Financial Formulas raised its holdings in SkyWest by 63.7% in the fourth quarter. USA Financial Formulas now owns 1,180 shares of the transportation company’s stock worth $118,000 after purchasing an additional 459 shares during the period. 81.30% of the stock is owned by institutional investors.

SkyWest Trading Up 3.6 %

The company’s fifty day simple moving average is $108.91 and its two-hundred day simple moving average is $94.22. The company has a quick ratio of 0.76, a current ratio of 0.86 and a debt-to-equity ratio of 0.95. The company has a market capitalization of $4.88 billion, a price-to-earnings ratio of 20.67 and a beta of 1.98.

SkyWest Company Profile

SkyWest, Inc is the holding company for two scheduled passenger airline operations and an aircraft leasing company. SkyWest’s airline companies provide commercial air service in cities throughout North America with nearly 3,000 daily flights carrying more than 53 million passengers annually. SkyWest Airlines operates through partnerships with United Airlines, Delta Air Lines, American Airlines and Alaska Airlines.