Air T (NASDAQ:AIRT) Shares Cross Below Two Hundred Day Moving Average – What’s Next?

Air T, Inc. (NASDAQ:AIRT) crossed below its 200-day moving average during trading on Friday . The stock has a 200-day moving average of $20.90 and traded as low as $19.34. Air T shares last traded at $21.11, with a volume of 22,490 shares changing hands.

Air T Stock Performance

The company has a market capitalization of $58.26 million, a price-to-earnings ratio of -24.26 and a beta of 0.75. 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 firm has a 50-day simple moving average of $18.38 and a two-hundred day simple moving average of $20.89.

Institutional Investors Weigh In On Air T

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

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.