Air T, Inc. (NASDAQ:AIRT) Sees Large Decline in Short Interest

Air T, Inc. (NASDAQ:AIRTGet Rating) was the recipient of a large decline in short interest in the month of April. As of April 30th, there was short interest totalling 2,100 shares, a decline of 40.0% from the April 15th total of 3,500 shares. Currently, 0.1% of the shares of the company are sold short. Based on an average daily volume of 11,700 shares, the short-interest ratio is currently 0.2 days.

Shares of AIRT stock traded down $0.24 during midday trading on Friday, reaching $16.01. 8,351 shares of the company were exchanged, compared to its average volume of 2,832. Air T has a 12 month low of $14.35 and a 12 month high of $43.05. The company has a market cap of $46.11 million, a P/E ratio of 53.37 and a beta of 1.42. The company’s 50 day moving average price is $19.34 and its two-hundred day moving average price is $23.74. The company has a debt-to-equity ratio of 4.95, a quick ratio of 1.43 and a current ratio of 5.04.

Air T (NASDAQ:AIRTGet Rating) last released its quarterly earnings results on Monday, February 14th. The transportation company reported ($0.44) EPS for the quarter. Air T had a return on equity of 5.24% and a net margin of 0.56%. The company had revenue of $45.43 million for the quarter.

A number of research firms have commented on AIRT. StockNews.com began coverage on shares of Air T in a research report on Wednesday. They set a “sell” rating on the stock. TheStreet downgraded shares of Air T from a “c” rating to a “d+” rating in a research report on Wednesday, February 16th.

In other news, CEO Nicholas John Swenson bought 1,100 shares of Air T stock in a transaction on Monday, February 14th. The stock was purchased at an average cost of $24.72 per share, with a total value of $27,192.00. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Insiders own 62.95% of the company’s stock.

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Morgan Stanley raised its holdings in shares of Air T by 433.1% in the 3rd quarter. Morgan Stanley now owns 19,950 shares of the transportation company’s stock worth $572,000 after purchasing an additional 16,208 shares in the last quarter. Geode Capital Management LLC raised its holdings in shares of Air T by 27.0% in the 3rd quarter. Geode Capital Management LLC now owns 12,835 shares of the transportation company’s stock worth $354,000 after purchasing an additional 2,729 shares in the last quarter. DCF Advisers LLC raised its holdings in shares of Air T by 20.0% in the 1st quarter. DCF Advisers LLC now owns 12,000 shares of the transportation company’s stock worth $273,000 after purchasing an additional 1,996 shares in the last quarter. Finally, Millennium Management LLC bought a new stake in shares of Air T in the 3rd quarter worth approximately $208,000. Institutional investors and hedge funds own 10.92% of the company’s stock.

About Air T (Get Rating)

Air T, Inc, through its subsidiaries, provides overnight air cargo, ground equipment sale, commercial jet engines and parts, and printing equipment and maintenance services in the United States and internationally. The company's Overnight Air Cargo segment offers air express delivery services. As of March 31, 2021, this segment had 66 aircraft under the dry-lease agreements with FedEx.

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