Madison Air Solutions (NYSE:MAIR) Shares Gap Up - Here's What Happened

Key Points

• Madison Air Solutions shares surged at the open, rising from a prior close of $24.97 to $27.81 and last trading at $28.52 on volume of about 1.31 million shares.
• Analysts maintain a generally positive outlook, with a consensus “Moderate Buy” rating and $44 price target; individual targets range from $33 to $45.
• The company beat quarterly earnings expectations, reporting $0.31 EPS versus $0.24 expected, while revenue climbed 20.9% year over year to $991.3 million. Several hedge funds also initiated new positions during the second quarter.

Madison Air Solutions Corporation (NYSE:MAIR - Get Free Report) gapped up prior to trading on Tuesday . The stock had previously closed at $24.97, but opened at $27.81. Madison Air Solutions shares last traded at $28.52, with a volume of 1,311,308 shares trading hands.

Analysts Set New Price Targets

Several brokerages recently issued reports on MAIR. Barclays initiated coverage on Madison Air Solutions in a research note on Monday, May 11th. They set an "overweight" rating and a $45.00 price target on the stock. Wall Street Zen raised Madison Air Solutions to a "hold" rating in a report on Sunday, July 12th. Jefferies Financial Group started coverage on Madison Air Solutions in a research report on Tuesday, May 12th. They set a "hold" rating and a $45.00 price objective on the stock. Wells Fargo & Company cut their target price on Madison Air Solutions from $46.00 to $33.00 and set an "overweight" rating for the company in a research note on Monday, August 3rd. Finally, Zacks Research lowered Madison Air Solutions from a "strong-buy" rating to a "hold" rating in a research note on Tuesday, July 21st. Two research analysts have rated the stock with a Strong Buy rating, seven have given a Buy rating and five have issued a Hold rating to the company. According to MarketBeat, Madison Air Solutions has an average rating of "Moderate Buy" and a consensus price target of $44.00.

Madison Air Solutions Price Performance

The company has a quick ratio of 1.21, a current ratio of 1.82 and a debt-to-equity ratio of 0.84. The stock has a market capitalization of $13.93 billion and a PE ratio of 0.00. The business has a 50 day moving average price of $33.90.

Madison Air Solutions (NYSE:MAIR - Get Free Report) last announced its earnings results on Thursday, July 30th. The company reported $0.31 EPS for the quarter, topping the consensus estimate of $0.24 by $0.07. The business had revenue of $991.30 million for the quarter. During the same quarter in the previous year, the firm earned $0.24 EPS. The business's revenue was up 20.9% on a year-over-year basis. On average, research analysts anticipate that Madison Air Solutions Corporation will post 1.11 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Madison Air Solutions

Several hedge funds have recently added to or reduced their stakes in the company. Readystate Asset Management LP bought a new position in shares of Madison Air Solutions in the 2nd quarter valued at about $16,029,000. Alyeska Investment Group L.P. acquired a new stake in Madison Air Solutions in the second quarter worth $67,411,000. Madison Asset Management LLC acquired a new stake in Madison Air Solutions in the second quarter worth $3,215,000. Finally, Bank of New York Mellon Corp bought a new position in shares of Madison Air Solutions during the second quarter worth $1,659,000.

Madison Air Solutions Company Profile

We take up to 25,000 breaths a day and spend up to 90% of our lives indoors, often breathing air that's two to five times more polluted than outdoor air. Clean air is absolutely essential to human life, yet most people rarely think about the air we breathe at home, in our schools, in healthcare facilities and in the workplace. Poor air quality doesn't just affect comfort; it undermines health, productivity and performance. Improving air quality is a fundamental principle that is a key tenet in everything we do.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source