Air T, Inc. (NASDAQ:AIRT) Short Interest Up 178.9% in March

Air T, Inc. (NASDAQ:AIRT) was the recipient of a significant increase in short interest in the month of March. As of March 15th, there was short interest totalling 10,600 shares, an increase of 178.9% from the February 29th total of 3,800 shares. Approximately 0.8% of the company’s shares are short sold. Based on an average daily volume of 6,500 shares, the days-to-cover ratio is currently 1.6 days.

Air T Stock Down 5.9 %

Air T stock opened at $21.01 on Thursday. The stock has a market capitalization of $59.29 million, a PE ratio of -4.23 and a beta of 0.73. Air T has a twelve month low of $12.53 and a twelve month high of $28.62. The company has a quick ratio of 0.79, a current ratio of 1.99 and a debt-to-equity ratio of 10.49. The company has a 50 day moving average of $17.53 and a 200-day moving average of $19.00.

Air T (NASDAQ:AIRT) last released its quarterly earnings results on Monday, February 12th. The transportation company reported ($1.06) earnings per share for the quarter. The company had revenue of $63.76 million during the quarter. Air T had a negative net margin of 4.91% and a negative return on equity of 87.44%.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the stock. DCF Advisers LLC lifted its position in shares of Air T by 20.0% in the first quarter. DCF Advisers LLC now owns 12,000 shares of the transportation company’s stock worth $273,000 after purchasing an additional 1,996 shares in the last quarter. UBS Group AG lifted its position in shares of Air T by 11,365.0% in the fourth quarter. UBS Group AG now owns 14,102 shares of the transportation company’s stock worth $238,000 after purchasing an additional 13,979 shares in the last quarter. Dimensional Fund Advisors LP lifted its position in shares of Air T by 4.5% in the fourth quarter. Dimensional Fund Advisors LP now owns 17,569 shares of the transportation company’s stock worth $441,000 after purchasing an additional 752 shares in the last quarter. Morgan Stanley lifted its position in shares of Air T by 2.2% in the fourth quarter. Morgan Stanley now owns 22,750 shares of the transportation company’s stock worth $562,000 after purchasing an additional 500 shares in the last quarter. Finally, Vanguard Group Inc. lifted its position in shares of Air T by 4.5% in the third quarter. Vanguard Group Inc. now owns 53,347 shares of the transportation company’s stock worth $913,000 after purchasing an additional 2,300 shares in the last quarter. Institutional investors and hedge funds own 8.90% of the company’s stock.

Analyst Ratings Changes

Separately, StockNews.com assumed coverage on shares of Air T in a report on Friday, March 22nd. They issued a “hold” rating for the company.

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.