SkyWest (NASDAQ:SKYW) Shares Cross Above 200 Day Moving Average – Here’s Why

SkyWest, Inc. (NASDAQ:SKYW) passed above its 200-day moving average during trading on Tuesday . The stock has a 200-day moving average of $94.99 and traded as high as $101.05. SkyWest shares last traded at $99.33, with a volume of 400,725 shares changing hands.

Wall Street Analysts Forecast Growth

SKYW has been the topic of a number of recent analyst reports. TD Cowen lowered their target price on shares of SkyWest from $106.00 to $98.00 and set a “buy” rating on the stock in a report on Monday, April 27th. Citigroup lifted their price objective on shares of SkyWest from $95.00 to $105.00 and gave the company a “neutral” rating in a research report on Friday. Finally, Weiss Ratings lowered shares of SkyWest from a “hold (c+)” rating to a “hold (c)” rating in a research note on Thursday, June 4th. One equities research analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and three have given a Hold rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $119.00.

SkyWest Trading Up 0.6%

The business has a 50 day moving average of $87.83 and a two-hundred day moving average of $94.99. The company has a current ratio of 0.62, a quick ratio of 0.51 and a debt-to-equity ratio of 0.66. The firm has a market cap of $3.94 billion, a P/E ratio of 9.52, a PEG ratio of 1.42 and a beta of 1.47.

SkyWest (NASDAQ:SKYW) last announced its quarterly earnings results on Thursday, April 23rd. The transportation company reported $2.50 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.15 by $0.35. SkyWest had a return on equity of 15.55% and a net margin of 10.42%.The business had revenue of $1.01 billion during the quarter, compared to the consensus estimate of $993.06 million. During the same quarter last year, the firm posted $2.42 EPS. The company’s quarterly revenue was up 6.8% on a year-over-year basis. Analysts predict that SkyWest, Inc. will post 10.69 earnings per share for the current year.

Institutional Trading of SkyWest

Hedge funds and other institutional investors have recently modified their holdings of the stock. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its stake in SkyWest by 4.6% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 23,590 shares of the transportation company’s stock valued at $2,061,000 after buying an additional 1,034 shares during the last quarter. United Services Automobile Association acquired a new stake in SkyWest during the first quarter worth approximately $227,000. M&T Bank Corp boosted its holdings in shares of SkyWest by 7.6% during the second quarter. M&T Bank Corp now owns 2,825 shares of the transportation company’s stock worth $290,000 after acquiring an additional 199 shares during the period. EverSource Wealth Advisors LLC boosted its holdings in shares of SkyWest by 118.5% during the second quarter. EverSource Wealth Advisors LLC now owns 625 shares of the transportation company’s stock worth $64,000 after acquiring an additional 339 shares during the period. Finally, First Trust Advisors LP grew its position in shares of SkyWest by 8.8% in the second quarter. First Trust Advisors LP now owns 85,577 shares of the transportation company’s stock valued at $8,812,000 after purchasing an additional 6,938 shares during the last quarter. Institutional investors own 81.30% of the company’s stock.

About SkyWest

SkyWest, Inc (NASDAQ: SKYW) is a regional airline holding company that provides air transportation services through its primary subsidiary, SkyWest Airlines. The company operates flights under capacity purchase agreements with major carriers such as United Airlines, Delta Air Lines, American Airlines and Alaska Airlines. By specializing in regional connectivity, SkyWest links smaller communities to larger hubs using a fleet of regional jets and turboprop aircraft.

Headquartered in St. George, Utah, SkyWest oversees all aspects of its airline operations, including flight scheduling, crew training and aircraft maintenance.