SkyWest (NASDAQ:SKYW) Shares Down 6.1% - Here's What Happened

Key Points

• SkyWest shares fell 6.1% on Monday, closing at $111.97 after reaching a low of $112.10.
• Despite the drop, analysts from Raymond James and Evercore ISI have raised their price targets on the stock, with a consensus target of $126.75.
• SkyWest reported a 19.4% increase in quarterly revenue year-over-year, with $2.91 EPS, exceeding expectations.

SkyWest, Inc. (NASDAQ:SKYW - Get Free Report)'s stock price was down 6.1% during mid-day trading on Monday . The company traded as low as $112.10 and last traded at $111.97. Approximately 289,059 shares traded hands during trading, a decline of 27% from the average daily volume of 398,085 shares. The stock had previously closed at $119.22.

Analyst Upgrades and Downgrades

A number of research analysts recently issued reports on SKYW shares. Wall Street Zen upgraded SkyWest from a "hold" rating to a "buy" rating in a research report on Friday, May 16th. Raymond James Financial boosted their price target on SkyWest from $128.00 to $140.00 and gave the stock an "outperform" rating in a research report on Friday, July 25th. Finally, Evercore ISI boosted their price target on SkyWest from $120.00 to $130.00 and gave the stock an "outperform" rating in a research report on Monday, July 28th. Four equities research analysts have rated the stock with a Buy rating, According to data from MarketBeat, the company has an average rating of "Buy" and an average price target of $126.75.

SkyWest Stock Down 1.5%

The company has a debt-to-equity ratio of 0.78, a quick ratio of 0.63 and a current ratio of 0.73. The stock has a 50 day moving average price of $114.36 and a 200 day moving average price of $101.09. The company has a market cap of $4.35 billion, a P/E ratio of 10.95, a P/E/G ratio of 1.08 and a beta of 1.92.

SkyWest (NASDAQ:SKYW - Get Free Report) last posted its quarterly earnings data on Thursday, July 24th. The transportation company reported $2.91 EPS for the quarter, topping analysts' consensus estimates of $2.34 by $0.57. SkyWest had a return on equity of 16.69% and a net margin of 10.62%.The company had revenue of $1.04 billion for the quarter, compared to the consensus estimate of $979.95 million. During the same quarter in the previous year, the business earned $1.82 EPS. The company's quarterly revenue was up 19.4% compared to the same quarter last year. Research analysts expect that SkyWest, Inc. will post 9.01 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, CFO Robert J. Simmons sold 17,186 shares of the business's stock in a transaction on Wednesday, July 30th. The stock was sold at an average price of $117.46, for a total transaction of $2,018,667.56. Following the sale, the chief financial officer directly owned 114,017 shares of the company's stock, valued at $13,392,436.82. The trade was a 13.10% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Wade J. Steel sold 17,000 shares of the business's stock in a transaction on Tuesday, July 29th. The stock was sold at an average price of $118.26, for a total value of $2,010,420.00. Following the sale, the insider directly owned 102,416 shares in the company, valued at $12,111,716.16. This trade represents a 14.24% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 89,186 shares of company stock worth $10,440,398. 2.00% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On SkyWest

Institutional investors and hedge funds have recently modified their holdings of the stock. Financial Management Professionals Inc. acquired a new stake in shares of SkyWest during the first quarter worth $27,000. NBC Securities Inc. acquired a new stake in shares of SkyWest during the first quarter worth $32,000. Elevation Point Wealth Partners LLC acquired a new position in SkyWest during the second quarter valued at $40,000. Fifth Third Bancorp raised its position in SkyWest by 38.4% during the second quarter. Fifth Third Bancorp now owns 551 shares of the transportation company's stock valued at $57,000 after buying an additional 153 shares during the period. Finally, Blue Trust Inc. raised its position in SkyWest by 478.6% during the second quarter. Blue Trust Inc. now owns 567 shares of the transportation company's stock valued at $58,000 after buying an additional 469 shares during the period. 81.30% of the stock is owned by institutional investors and hedge funds.

SkyWest Company Profile

SkyWest, Inc is the holding company for two scheduled passenger airline operations and an aircraft leasing company. SkyWest's airline companies provide commercial air service in cities throughout North America with nearly 3,000 daily flights carrying more than 53 million passengers annually. SkyWest Airlines operates through partnerships with United Airlines, Delta Air Lines, American Airlines and Alaska Airlines.