Air T, Inc. (NASDAQ:AIRT) Sees Significant Growth in Short Interest

Air T, Inc. (NASDAQ:AIRT) was the target of a significant growth in short interest in October. As of October 31st, there was short interest totalling 33,900 shares, a growth of 24.2% from the October 15th total of 27,300 shares. Based on an average daily trading volume, of 29,000 shares, the days-to-cover ratio is presently 1.2 days. Approximately 2.5% of the shares of the stock are short sold.

Air T Price Performance

Shares of NASDAQ AIRT opened at $18.90 on Friday. The firm has a 50-day simple moving average of $17.77 and a 200-day simple moving average of $21.80. The company has a quick ratio of 0.92, a current ratio of 2.15 and a debt-to-equity ratio of 19.44. The stock has a market capitalization of $52.16 million, a price-to-earnings ratio of -21.72 and a beta of 0.72. Air T has a 52 week low of $12.53 and a 52 week high of $30.60.

Air T (NASDAQ:AIRT) last released its earnings results on Wednesday, August 14th. The transportation company reported ($0.12) earnings per share for the quarter. The business had revenue of $66.41 million during the quarter. Air T had a negative return on equity of 39.50% and a negative net margin of 0.88%.

Institutional Investors Weigh In On Air T

An institutional investor recently raised its position in Air T stock. Renaissance Technologies LLC increased its position in shares of Air T, Inc. (NASDAQ:AIRT) by 1.4% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 118,511 shares of the transportation company’s stock after purchasing an additional 1,600 shares during the period. Renaissance Technologies LLC owned 4.29% of Air T worth $2,528,000 at the end of the most recent quarter. Institutional investors and hedge funds 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.