Air T (NASDAQ:AIRT) Share Price Passes Below 200-Day Moving Average – Time to Sell?

Shares of Air T, Inc. (NASDAQ:AIRT) passed below its 200-day moving average during trading on Friday . The stock has a 200-day moving average of $20.90 and traded as low as $19.34. Air T shares last traded at $21.11, with a volume of 22,490 shares trading hands.

Air T Stock Performance

The stock has a 50 day simple moving average of $18.38 and a 200 day simple moving average of $20.90. 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 cap of $58.26 million, a price-to-earnings ratio of -24.26 and a beta of 0.75.

Institutional Trading of Air T

A hedge fund recently raised its stake 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 the company in its most recent filing with the Securities & 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 at the end of the most recent quarter. 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.