Air T (NASDAQ:AIRT) Shares Pass Below 200-Day Moving Average – What’s Next?

Air T, Inc. (NASDAQ:AIRT) crossed below its 200-day moving average during trading on Monday . The stock has a 200-day moving average of $20.69 and traded as low as $20.07. Air T shares last traded at $20.75, with a volume of 11,787 shares.

Air T Stock Performance

The company has a debt-to-equity ratio of 13.44, a current ratio of 2.27 and a quick ratio of 1.14. The stock has a fifty day simple moving average of $18.83 and a two-hundred day simple moving average of $20.69. The firm has a market capitalization of $57.27 million, a P/E ratio of -23.85 and a beta of 0.75.

Institutional Inflows and Outflows

A hedge fund recently raised its stake in Air T stock. Renaissance Technologies LLC raised its stake in 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 institutional investor 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 as of its most recent SEC filing. 8.90% of the stock is currently owned by hedge funds and other institutional investors.

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.