Sky Harbour Group Co. $SKYH Stock: Penbrook Management LLC Increases Stake

Key Points

• Penbrook Management increased its Sky Harbour Group stake by 909.7% in the third quarter, ending with 197,200 shares worth approximately $1.87 million. Institutional investors collectively own 14.75% of SKYH.
• Analyst sentiment remains positive, with a consensus “Buy” rating and an average price target of $12.75, compared with the stock’s reported opening price of $9.10.
• Insiders also bought shares, including purchases by a director and the CFO; insiders own 40.70% of the company. Sky Harbour’s latest quarterly EPS loss of $0.04 beat estimates, although revenue was significantly below expectations.

Penbrook Management LLC raised its position in shares of Sky Harbour Group Co. (NYSE:SKYH - Free Report) by 909.7% in the 3rd quarter, according to the company in its most recent disclosure with the SEC. The fund owned 197,200 shares of the company's stock after buying an additional 177,670 shares during the quarter. Sky Harbour Group comprises about 1.1% of Penbrook Management LLC's investment portfolio, making the stock its 22nd largest holding. Penbrook Management LLC owned approximately 0.26% of Sky Harbour Group worth $1,867,000 at the end of the most recent reporting period.

A number of other institutional investors have also modified their holdings of the company. GAMMA Investing LLC raised its position in shares of Sky Harbour Group by 497.0% in the 3rd quarter. GAMMA Investing LLC now owns 3,379 shares of the company's stock valued at $32,000 after purchasing an additional 2,813 shares during the last quarter. Squarepoint Ops LLC boosted its stake in Sky Harbour Group by 81.7% in the 2nd quarter. Squarepoint Ops LLC now owns 100,888 shares of the company's stock worth $993,000 after purchasing an additional 45,349 shares in the last quarter. Altai Capital Management L.P. purchased a new stake in Sky Harbour Group during the 2nd quarter worth approximately $7,039,000. Bank of New York Mellon Corp purchased a new stake in Sky Harbour Group during the 2nd quarter worth approximately $472,000. Finally, RMR Capital Management LLC purchased a new stake in Sky Harbour Group during the 1st quarter worth approximately $1,170,000. 14.75% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

SKYH has been the topic of a number of recent analyst reports. BTIG Research reaffirmed a "buy" rating and issued a $13.00 price target on shares of Sky Harbour Group in a report on Monday, September 14th. Weiss Ratings upgraded shares of Sky Harbour Group from a "sell (d+)" rating to a "hold (c-)" rating in a research note on Thursday, October 8th. Wall Street Zen raised shares of Sky Harbour Group from a "strong sell" rating to a "sell" rating in a report on Sunday, September 20th. Finally, Roth Capital reissued a "buy" rating and set a $12.50 price objective on shares of Sky Harbour Group in a report on Tuesday, August 18th. One analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and one has assigned a Hold rating to the company. According to MarketBeat.com, the company presently has a consensus rating of "Buy" and a consensus target price of $12.75.

Insider Activity at Sky Harbour Group

In other Sky Harbour Group news, Director Andrew Gessow purchased 5,000 shares of the business's stock in a transaction that occurred on Friday, August 14th. The shares were bought at an average price of $10.85 per share, for a total transaction of $54,250.00. Following the acquisition, the director owned 22,910 shares in the company, valued at $248,573.50. This represents a 27.92% increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CFO Francisco Gonzalez purchased 3,850 shares of Sky Harbour Group stock in a transaction on Friday, October 2nd. The shares were acquired at an average cost of $9.25 per share, with a total value of $35,612.50. Following the completion of the transaction, the chief financial officer directly owned 718,538 shares in the company, valued at $6,646,476.50. The trade was a 0.54% increase in their position. The SEC filing for this purchase provides additional information. In the last quarter, insiders purchased 13,950 shares of company stock worth $139,568. 40.70% of the stock is owned by corporate insiders.

Sky Harbour Group Stock Performance

Shares of SKYH stock opened at $9.10 on Friday. The stock's 50-day simple moving average is $10.11 and its 200-day simple moving average is $9.99. The firm has a market capitalization of $697.32 million, a PE ratio of -50.56 and a beta of 1.35. Sky Harbour Group Co. has a fifty-two week low of $8.22 and a fifty-two week high of $11.70.

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

About Sky Harbour Group

Sky Harbour Group Corporation develops and operates aviation infrastructure for business and general aviation. The company focuses on building and managing private hangar campuses designed to provide secure aircraft storage and related facilities for business aircraft owners and operators.

Its campuses typically offer dedicated aircraft hangars, office and support space, and other aviation-oriented amenities. Sky Harbour's business model is centered on developing properties at strategically located airports and leasing or providing access to the facilities for private aviation customers.

The company is building a network of aviation campuses across the United States, with a focus on serving major metropolitan areas and regional business aviation markets.

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