SkyWest (NASDAQ:SKYW) Stock Breaks Above Two Hundred Day Moving Average – Time to Sell?

SkyWest, Inc. (NASDAQ:SKYW)’s share price crossed above its 200-day moving average during trading on Thursday. The stock has a 200-day moving average of $95.26 and traded as high as $96.83. SkyWest shares last traded at $96.73, with a volume of 250,924 shares.

Analysts Set New Price Targets

A number of equities analysts have weighed in on the stock. Citigroup boosted their target price on shares of SkyWest from $95.00 to $105.00 and gave the stock a “neutral” rating in a research note on Friday, June 26th. TD Cowen reduced their target price on shares of SkyWest from $123.00 to $116.00 and set a “buy” rating on the stock in a research note on Friday, October 2nd. Weiss Ratings raised shares of SkyWest from a “hold (c)” rating to a “hold (c+)” rating in a report on Thursday, July 16th. Cantor Fitzgerald set a $116.00 price target on shares of SkyWest in a research report on Friday, October 2nd. Finally, The Goldman Sachs Group lowered SkyWest from a “buy” rating to a “neutral” rating and reduced their target price for the stock from $126.00 to $115.00 in a report on Thursday, July 2nd. One equities research analyst has rated the stock with a Buy rating and four have given a Hold rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $113.00.

SkyWest Stock Performance

The stock has a market capitalization of $3.75 billion, a P/E ratio of 9.59, a P/E/G ratio of 1.40 and a beta of 1.47. The stock has a 50 day simple moving average of $100.87 and a two-hundred day simple moving average of $95.27. The company has a quick ratio of 0.46, a current ratio of 0.57 and a debt-to-equity ratio of 0.59.

SkyWest (NASDAQ:SKYW) last posted its quarterly earnings results on Thursday, July 23rd. The transportation company reported $2.54 EPS for the quarter, missing analysts’ consensus estimates of $2.70 by ($0.16). SkyWest had a return on equity of 14.58% and a net margin of 9.78%. The business had revenue of $1.10 billion for the quarter, compared to the consensus estimate of $1.11 billion. During the same quarter in the previous year, the business posted $2.91 EPS. The company’s revenue for the quarter was up 6.5% on a year-over-year basis. On average, equities analysts forecast that SkyWest, Inc. will post 10.58 EPS for the current fiscal year.

SkyWest announced that its Board of Directors has authorized a stock repurchase program on Thursday, July 23rd that allows the company to repurchase $250.00 million in outstanding shares. This repurchase authorization allows the transportation company to purchase up to 6.6% of its stock through open market purchases. Stock repurchase programs are typically a sign that the company’s board believes its shares are undervalued.

Insider Buying and Selling

In other SkyWest news, CFO Robert Simmons sold 25,000 shares of the firm’s stock in a transaction dated Wednesday, July 29th. The shares were sold at an average price of $110.49, for a total value of $2,762,250.00. Following the transaction, the chief financial officer directly owned 93,902 shares of the company’s stock, valued at $10,375,231.98. This trade represents a 21.03% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Wade Steel sold 22,000 shares of SkyWest stock in a transaction on Monday, August 3rd. The shares were sold at an average price of $111.44, for a total value of $2,451,680.00. Following the completion of the transaction, the insider owned 55,438 shares in the company, valued at approximately $6,178,010.72. The trade was a 28.41% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 115,226 shares of company stock valued at $12,855,192 over the last 90 days. 1.50% of the stock is currently owned by insiders.

Institutional Investors Weigh In On SkyWest

A number of institutional investors have recently modified their holdings of the company. BlackRock Inc. bought a new stake in shares of SkyWest in the 2nd quarter valued at $682,530,000. Bank of New York Mellon Corp acquired a new stake in SkyWest in the second quarter worth $28,177,000. Bank of America Corp DE acquired a new position in shares of SkyWest during the second quarter valued at about $24,254,000. William Blair Investment Management LLC bought a new position in shares of SkyWest during the 2nd quarter worth about $15,301,000. Finally, J. Goldman & Co LP acquired a new stake in shares of SkyWest in the 2nd quarter valued at about $12,992,000. 81.30% of the stock is owned by institutional investors.

SkyWest Company Profile

SkyWest, Inc is a regional airline holding company headquartered in St. George, Utah. Its principal subsidiary, SkyWest Airlines, provides scheduled passenger air service on behalf of major U.S. airlines through capacity purchase and codeshare agreements.

SkyWest Airlines operates flights under the United Express, Delta Connection, American Eagle and Alaska Airlines brands. Its services connect smaller and midsize communities with larger hub airports across the United States, with additional service to destinations in Canada and Mexico.