Air T (NASDAQ:AIRT) Shares Pass Below 200-Day Moving Average – Time to Sell?

Air T, Inc. (NASDAQ:AIRT) shares crossed below its 200-day moving average during trading on Thursday . The stock has a 200-day moving average of $20.35 and traded as low as $19.80. Air T shares last traded at $19.85, with a volume of 9,991 shares traded.

Air T Price Performance

The company has a quick ratio of 1.14, a current ratio of 2.27 and a debt-to-equity ratio of 13.44. The company has a market capitalization of $54.57 million, a PE ratio of -22.72 and a beta of 0.76. The firm’s 50 day simple moving average is $20.09 and its 200 day simple moving average is $20.35.

Air T (NASDAQ:AIRT) last released its quarterly earnings results on Tuesday, November 12th. The transportation company reported $0.91 EPS for the quarter. The firm had revenue of $81.24 million during the quarter. Air T had a negative net margin of 0.88% and a negative return on equity of 35.95%.

Hedge Funds Weigh In On Air T

An institutional investor recently raised its position in Air T stock. Renaissance Technologies LLC grew its stake in shares of Air T, Inc. (NASDAQ:AIRT) by 1.4% in the 2nd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 118,511 shares of the transportation company’s stock after acquiring an additional 1,600 shares during the period. Renaissance Technologies LLC owned about 4.29% of Air T worth $2,528,000 at the end of the most recent quarter. 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.