Altai Capital Management L.P. Invests $7.04 Million in Sky Harbour Group Co. $SKYH

Key Points

• Altai Capital Management acquired 715,327 Sky Harbour Group shares worth approximately $7.04 million, making the stock its third-largest holding and representing about 0.93% of Sky Harbour’s outstanding shares.
• Institutional ownership stands at 14.75%, while insiders own 40.70%; Director Andrew J. Gessow also increased his position by purchasing 5,000 shares at $10.85 each.
• Sky Harbour reported a quarterly loss of $0.04 per share, better than the expected $0.14 loss, but revenue of roughly $10,000 was far below the $9.44 million estimate. Analysts maintain an average “Buy” rating with a $12.75 target price.

Altai Capital Management L.P. bought a new stake in Sky Harbour Group Co. (NYSE:SKYH - Free Report) during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor bought 715,327 shares of the company's stock, valued at approximately $7,039,000. Sky Harbour Group comprises approximately 14.4% of Altai Capital Management L.P.'s holdings, making the stock its 3rd biggest holding. Altai Capital Management L.P. owned approximately 0.93% of Sky Harbour Group at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently bought and sold shares of the business. RMR Capital Management LLC purchased a new stake in Sky Harbour Group during the first quarter worth approximately $1,170,000. State Street Corp increased its stake in Sky Harbour Group by 2.5% in the fourth quarter. State Street Corp now owns 581,050 shares of the company's stock valued at $5,212,000 after purchasing an additional 14,035 shares during the last quarter. Bank of America Corp DE raised its holdings in Sky Harbour Group by 173.7% during the second quarter. Bank of America Corp DE now owns 702,494 shares of the company's stock worth $6,863,000 after purchasing an additional 445,828 shares in the last quarter. Vanguard Group Inc. raised its holdings in Sky Harbour Group by 1.3% during the third quarter. Vanguard Group Inc. now owns 1,175,780 shares of the company's stock worth $11,605,000 after purchasing an additional 15,250 shares in the last quarter. Finally, Geode Capital Management LLC lifted its position in shares of Sky Harbour Group by 2.8% during the 4th quarter. Geode Capital Management LLC now owns 512,506 shares of the company's stock worth $4,598,000 after buying an additional 14,194 shares during the last quarter. 14.75% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In related news, Director Andrew J. Gessow bought 5,000 shares of the company's stock in a transaction dated Friday, August 14th. The shares were acquired at an average price of $10.85 per share, with a total value of $54,250.00. Following the completion of the acquisition, the director owned 22,910 shares in the company, valued at approximately $248,573.50. This trade represents a 27.92% increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 40.70% of the company's stock.

Sky Harbour Group Price Performance

Shares of NYSE:SKYH opened at $10.55 on Tuesday. Sky Harbour Group Co. has a 1-year low of $8.22 and a 1-year high of $11.70. The stock has a market cap of $808.57 million, a P/E ratio of -58.63 and a beta of 1.31. The firm has a fifty day moving average price of $10.23 and a 200 day moving average price of $9.77.

Sky Harbour Group (NYSE:SKYH - Get Free Report) last posted its quarterly earnings data on Wednesday, August 12th. The company reported ($0.04) EPS for the quarter, beating analysts' consensus estimates of ($0.14) by $0.10. Sky Harbour Group had a net margin of 2.73% and a return on equity of 6.45%. The company had revenue of $0.01 million for the quarter, compared to analyst estimates of $9.44 million. Sell-side analysts expect that Sky Harbour Group Co. will post -0.52 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several equities research analysts recently commented on SKYH shares. Weiss Ratings upgraded shares of Sky Harbour Group from a "sell (d)" rating to a "sell (d+)" rating in a research note on Monday, July 6th. Noble Financial raised Sky Harbour Group to a "strong-buy" rating in a report on Monday, May 18th. Finally, Roth Capital reiterated a "buy" rating and set a $12.50 target price on shares of Sky Harbour Group in a research report on Tuesday, August 18th. Two research analysts have rated the stock with a Strong Buy rating, two have assigned a Buy rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the company has an average rating of "Buy" and an average target price of $12.75.

Sky Harbour Group 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.

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