Sky Harbour Group (NYSE:SKYH) Reaches New 12-Month High - What's Next?

Key Points

• Sky Harbour Group shares reached a new 52-week high of $11.17, up from a prior close of $11.07, giving the company a market capitalization of approximately $862.9 million.
• Analyst sentiment is broadly positive, with a consensus rating of “Moderate Buy” and a $13.50 price target; Roth Capital initiated coverage with a Buy rating and a $14 target.
• The company’s latest quarterly results missed expectations, reporting a $0.16 per-share loss and $8.72 million in revenue versus estimates of a $0.11 loss and $9.96 million, while insiders own 40.7% of the stock and a director recently bought 5,000 shares.

Sky Harbour Group Co. (NYSE:SKYH - Get Free Report)'s share price reached a new 52-week high on Friday . The stock traded as high as $11.17 and last traded at $11.1750, with a volume of 8449 shares trading hands. The stock had previously closed at $11.07.

Analysts Set New Price Targets

Several research analysts have recently issued reports on the company. Noble Financial upgraded Sky Harbour Group to a "strong-buy" rating in a research note on Monday, May 18th. Weiss Ratings upgraded Sky Harbour Group from a "sell (d)" rating to a "sell (d+)" rating in a research report on Monday, July 6th. Finally, Roth Capital started coverage on shares of Sky Harbour Group in a report on Friday, July 31st. They issued a "buy" rating and a $14.00 price target on the stock. Two analysts have rated the stock with a Strong Buy rating, two have assigned a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, Sky Harbour Group currently has a consensus rating of "Moderate Buy" and a consensus price target of $13.50.

Sky Harbour Group Price Performance

The company has a market capitalization of $862.88 million, a price-to-earnings ratio of 282.25 and a beta of 1.31. The stock has a fifty day simple moving average of $9.90 and a 200-day simple moving average of $9.65.

Sky Harbour Group (NYSE:SKYH - Get Free Report) last issued its quarterly earnings data on Thursday, May 14th. The company reported ($0.16) EPS for the quarter, missing analysts' consensus estimates of ($0.11) by ($0.05). The firm had revenue of $8.72 million for the quarter, compared to analyst estimates of $9.96 million. Sky Harbour Group had a return on equity of 6.83% and a net margin of 63.95%. As a group, equities analysts expect that Sky Harbour Group Co. will post -0.54 EPS for the current fiscal year.

Insider Buying and Selling

In other news, Director Andrew J. Gessow purchased 5,000 shares of the company's stock in a transaction that occurred on Wednesday, May 20th. The shares were bought at an average price of $8.95 per share, for a total transaction of $44,750.00. Following the completion of the transaction, the director owned 17,910 shares in the company, valued at $160,294.50. This represents a 38.73% increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is accessible through this link. Corporate insiders own 40.70% of the company's stock.

Institutional Investors Weigh In On Sky Harbour Group

Several hedge funds have recently modified their holdings of SKYH. Geode Capital Management LLC grew its position in shares of Sky Harbour Group by 32.1% during the 2nd quarter. Geode Capital Management LLC now owns 465,415 shares of the company's stock valued at $4,548,000 after acquiring an additional 112,994 shares during the period. Rhumbline Advisers boosted its position in Sky Harbour Group by 185.5% during the second quarter. Rhumbline Advisers now owns 33,409 shares of the company's stock worth $326,000 after purchasing an additional 21,708 shares in the last quarter. American Century Companies Inc. boosted its position in Sky Harbour Group by 64.9% during the second quarter. American Century Companies Inc. now owns 34,123 shares of the company's stock worth $333,000 after purchasing an additional 13,434 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its holdings in Sky Harbour Group by 68.2% in the second quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 11,639 shares of the company's stock valued at $114,000 after purchasing an additional 4,721 shares during the period. Finally, Bank of America Corp DE grew its holdings in Sky Harbour Group by 173.7% in the second quarter. Bank of America Corp DE now owns 702,494 shares of the company's stock valued at $6,863,000 after purchasing an additional 445,828 shares during the period. 14.75% of the stock is owned by hedge funds and other institutional investors.

About Sky Harbour Group

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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