Sky Harbour Group (NYSE:SKYH) Stock Price Down 8.2% After Earnings Miss

Key Points

• Sky Harbour Group shares fell 8.2% after the company reported quarterly EPS of ($0.15), missing the consensus estimate of ($0.14). Revenue was just $0.01 million versus expectations of $9.44 million.
• Despite the earnings miss, analysts maintain a “Moderate Buy” consensus with a $13.50 average price target; Roth Capital initiated coverage with a Buy rating and a $14 target.
• Director Andrew J. Gessow purchased 5,000 shares, increasing his position by 38.7%, while insiders collectively own 40.7% of the company and institutional investors own 14.75%.

Sky Harbour Group Co. (NYSE:SKYH - Get Free Report) shares fell 8.2% on Thursday after the company announced weaker than expected quarterly earnings. The stock traded as low as $10.61 and last traded at $10.5490. Approximately 72,973 shares were traded during trading, a decline of 50% from the average session volume of 147,284 shares. The stock had previously closed at $11.49.

The company reported ($0.15) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.14) by ($0.01). Sky Harbour Group had a return on equity of 6.83% and a net margin of 63.95%.The firm had revenue of $0.01 million during the quarter, compared to the consensus estimate of $9.44 million.

Analyst Upgrades and Downgrades

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

Insider Activity at Sky Harbour Group

In other news, Director Andrew J. Gessow acquired 5,000 shares of the firm's stock in a transaction that occurred on Wednesday, May 20th. The stock was purchased at an average cost of $8.95 per share, for a total transaction of $44,750.00. Following the completion of the acquisition, the director directly owned 17,910 shares of the company's stock, valued at $160,294.50. The trade was a 38.73% increase in their position. The acquisition was disclosed in a filing with the SEC, which can be accessed through the SEC website. Corporate insiders own 40.70% of the company's stock.

Institutional Investors Weigh In On Sky Harbour Group

Several large investors have recently modified their holdings of the business. BNP Paribas Financial Markets lifted its position in shares of Sky Harbour Group by 145.6% in the 3rd quarter. BNP Paribas Financial Markets now owns 5,012 shares of the company's stock worth $49,000 after purchasing an additional 2,971 shares during the period. International Assets Investment Management LLC bought a new position in Sky Harbour Group in the fourth quarter worth approximately $83,000. Quadrant Capital Group LLC bought a new position in Sky Harbour Group in the third quarter worth approximately $99,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its holdings in Sky Harbour Group by 68.2% during the second quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 11,639 shares of the company's stock worth $114,000 after buying an additional 4,721 shares during the period. Finally, Deutsche Bank AG boosted its position in Sky Harbour Group by 9.9% during the 4th quarter. Deutsche Bank AG now owns 15,007 shares of the company's stock valued at $135,000 after acquiring an additional 1,357 shares in the last quarter. Institutional investors own 14.75% of the company's stock.

Sky Harbour Group Trading Down 9.8%

The firm has a 50-day simple moving average of $10.05 and a 200-day simple moving average of $9.70. The firm has a market cap of $793.31 million, a P/E ratio of 259.15 and a beta of 1.31.

Sky Harbour Group Company 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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