Short Interest in Air T, Inc. (NASDAQ:AIRT) Expands By 24.2%

Air T, Inc. (NASDAQ:AIRT) saw a large 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 volume of 29,000 shares, the days-to-cover ratio is currently 1.2 days. Approximately 2.5% of the company’s stock are short sold.

Air T Stock Performance

Shares of AIRT opened at $17.37 on Friday. Air T has a one year low of $12.53 and a one year high of $30.60. The company has a market cap of $47.94 million, a PE ratio of -19.97 and a beta of 0.72. The stock has a 50-day moving average of $17.60 and a 200-day moving average of $21.72. The company has a debt-to-equity ratio of 13.44, a current ratio of 2.27 and a quick ratio of 0.92.

Air T (NASDAQ:AIRT) last announced its quarterly earnings results on Wednesday, August 14th. The transportation company reported ($0.12) earnings per share (EPS) for the quarter. The firm had revenue of $66.41 million during the quarter. Air T had a negative return on equity of 35.95% and a negative net margin of 0.88%.

Hedge Funds Weigh In On Air T

An institutional investor recently raised its position in Air T stock. Renaissance Technologies LLC raised its holdings in shares of Air T, Inc. (NASDAQ:AIRT) by 1.4% in the second quarter, according to its most recent 13F filing 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 quarter. 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 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.