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

Air T, Inc. (NASDAQ:AIRT) was the recipient of a significant decrease in short interest in the month of July. As of July 31st, there was short interest totalling 8,200 shares, a decrease of 37.4% from the July 15th total of 13,100 shares. Approximately 0.6% of the shares of the stock are sold short. Based on an average daily volume of 24,700 shares, the short-interest ratio is presently 0.3 days.

Institutional Inflows and Outflows

A hedge fund recently raised its stake in Air T stock. Renaissance Technologies LLC raised its stake in Air T, Inc. (NASDAQ:AIRT) by 1.4% during the 2nd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 118,511 shares of the transportation company’s stock after buying an additional 1,600 shares during the period. Renaissance Technologies LLC owned approximately 4.29% of Air T worth $2,528,000 as of its most recent filing with the SEC. Institutional investors and hedge funds own 8.90% of the company’s stock.

Air T Stock Performance

AIRT opened at $22.46 on Thursday. The company has a market capitalization of $61.99 million, a price-to-earnings ratio of -9.28 and a beta of 0.74. The company has a debt-to-equity ratio of 16.94, a current ratio of 2.20 and a quick ratio of 0.90. Air T has a 1-year low of $12.53 and a 1-year high of $30.60. The business has a 50 day moving average price of $23.91 and a two-hundred day moving average price of $22.11.

Air T (NASDAQ:AIRT) last posted its quarterly earnings results on Wednesday, June 26th. The transportation company reported ($0.60) earnings per share (EPS) for the quarter. The company had revenue of $72.68 million during the quarter. Air T had a negative net margin of 2.38% and a negative return on equity of 73.45%.

About Air T

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.