Azul (NYSE:AZUL) Shares Gap Up to $6.04

Azul S.A. (NYSE:AZUL - Get Free Report) shares gapped up prior to trading on Wednesday . The stock had previously closed at $6.04, but opened at $6.22. Azul shares last traded at $6.01, with a volume of 1,580,226 shares changing hands.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on AZUL. Barclays reduced their price target on shares of Azul from $14.00 to $12.00 and set an "equal weight" rating for the company in a report on Monday, April 1st. Raymond James reiterated an "outperform" rating and set a $12.00 target price (down previously from $13.00) on shares of Azul in a report on Monday. Two equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. According to MarketBeat, the company has an average rating of "Moderate Buy" and a consensus target price of $12.56.

Azul Price Performance

The stock's 50-day moving average price is $7.53 and its 200 day moving average price is $8.42. The firm has a market cap of $2.55 billion, a P/E ratio of -6.51 and a beta of 1.85.

Hedge Funds Weigh In On Azul

Several hedge funds have recently modified their holdings of the stock. UBS Group AG boosted its position in Azul by 930.7% during the second quarter. UBS Group AG now owns 3,628 shares of the company's stock valued at $26,000 after purchasing an additional 3,276 shares during the last quarter. US Bancorp DE boosted its holdings in shares of Azul by 721.4% in the 2nd quarter. US Bancorp DE now owns 1,922 shares of the company's stock valued at $26,000 after buying an additional 1,688 shares during the last quarter. Tower Research Capital LLC TRC grew its stake in shares of Azul by 3,578.9% in the third quarter. Tower Research Capital LLC TRC now owns 3,495 shares of the company's stock valued at $30,000 after buying an additional 3,400 shares in the last quarter. Harel Insurance Investments & Financial Services Ltd. increased its holdings in Azul by 66.7% during the third quarter. Harel Insurance Investments & Financial Services Ltd. now owns 5,000 shares of the company's stock worth $42,000 after buying an additional 2,000 shares during the last quarter. Finally, BNP Paribas Arbitrage SA raised its position in Azul by 18.0% during the second quarter. BNP Paribas Arbitrage SA now owns 9,746 shares of the company's stock worth $69,000 after acquiring an additional 1,487 shares in the last quarter. Institutional investors own 0.82% of the company's stock.

About Azul

Azul SA, together with its subsidiaries, provides scheduled air transportation services in Brazil. As of December 31, 2022, the company operated approximately 1,000 daily departures to 158 destinations through a network of 300 non-stop routes with an operating fleet of 177 aircraft and a passenger contractual fleet of 194 aircraft.