Air T (NASDAQ:AIRT) Share Price Crosses Below 200 Day Moving Average – Here’s Why

Air T, Inc. (NASDAQ:AIRT)’s share price passed below its 200-day moving average during trading on Thursday . The stock has a 200-day moving average of $20.35 and traded as low as $19.80. Air T shares last traded at $19.85, with a volume of 9,991 shares traded.

Air T Stock Performance

The company has a debt-to-equity ratio of 13.44, a quick ratio of 1.14 and a current ratio of 2.27. The stock has a market cap of $54.57 million, a P/E ratio of -22.72 and a beta of 0.76. The business’s 50-day moving average price is $20.09 and its 200-day moving average price is $20.35.

Air T (NASDAQ:AIRT) last issued its quarterly earnings results on Tuesday, November 12th. The transportation company reported $0.91 EPS for the quarter. The business had revenue of $81.24 million during the quarter. Air T had a negative return on equity of 35.95% and a negative net margin of 0.88%.

Hedge Funds Weigh In On Air T

A hedge fund recently raised its stake in Air T stock. Renaissance Technologies LLC boosted its stake in Air T, Inc. (NASDAQ:AIRT) by 1.4% during the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 118,511 shares of the transportation company’s stock after purchasing an additional 1,600 shares during the quarter. Renaissance Technologies LLC owned about 4.29% of Air T worth $2,528,000 as of its most recent SEC filing. Hedge funds and other institutional investors own 8.90% of the company’s stock.

Air T Company Profile

Air T, Inc, through its subsidiaries, provides overnight air cargo, ground equipment sale, and commercial jet engines and parts in the United States and internationally. The Overnight Air Cargo segment offers air express delivery services. As of March 31, 2023, this segment had 85 aircraft under the dry-lease agreements with FedEx.