Sun Country Airlines (NASDAQ:SNCY) Shares Gap Down After Earnings Miss

Sun Country Airlines Holdings, Inc. (NASDAQ:SNCY)’s stock price gapped down prior to trading on Tuesday after the company announced weaker than expected quarterly earnings. The stock had previously closed at $14.06, but opened at $12.52. Sun Country Airlines shares last traded at $13.28, with a volume of 69,817 shares trading hands.

The company reported $0.66 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.68 by ($0.02). The firm had revenue of $311.50 million during the quarter, compared to analyst estimates of $316.23 million. Sun Country Airlines had a net margin of 6.88% and a return on equity of 15.23%. The company’s revenue for the quarter was up 5.9% on a year-over-year basis. During the same quarter last year, the business posted $0.68 earnings per share.

Wall Street Analyst Weigh In

A number of brokerages recently commented on SNCY. Morgan Stanley upgraded shares of Sun Country Airlines from an “equal weight” rating to an “overweight” rating and set a $21.00 price target on the stock in a research note on Monday, February 26th. Susquehanna reiterated a “neutral” rating and set a $15.00 target price (down previously from $17.00) on shares of Sun Country Airlines in a research note on Wednesday, January 10th. Barclays lifted their price target on Sun Country Airlines from $18.00 to $20.00 and gave the stock an “overweight” rating in a report on Monday, February 5th. Finally, TD Cowen decreased their price objective on Sun Country Airlines from $22.00 to $17.00 and set a “buy” rating on the stock in a report on Wednesday. Two analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. According to data from MarketBeat.com, Sun Country Airlines presently has a consensus rating of “Moderate Buy” and an average target price of $19.17.

Insiders Place Their Bets

In related news, CEO Jude Bricker sold 2,145 shares of the business’s stock in a transaction dated Tuesday, April 2nd. The stock was sold at an average price of $14.35, for a total value of $30,780.75. Following the completion of the transaction, the chief executive officer now owns 124,991 shares of the company’s stock, valued at $1,793,620.85. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Insiders have sold a total of 5,073 shares of company stock worth $72,944 in the last 90 days. Company insiders own 3.50% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in SNCY. Illinois Municipal Retirement Fund raised its holdings in shares of Sun Country Airlines by 5.2% during the 1st quarter. Illinois Municipal Retirement Fund now owns 22,841 shares of the company’s stock worth $345,000 after buying an additional 1,130 shares in the last quarter. Empowered Funds LLC grew its holdings in Sun Country Airlines by 111.5% during the 1st quarter. Empowered Funds LLC now owns 188,011 shares of the company’s stock worth $2,837,000 after acquiring an additional 99,097 shares during the last quarter. Quantbot Technologies LP bought a new stake in shares of Sun Country Airlines in the first quarter worth $251,000. LSV Asset Management increased its holdings in Sun Country Airlines by 32.2% in the first quarter. LSV Asset Management now owns 252,458 shares of the company’s stock valued at $3,810,000 after purchasing an additional 61,558 shares during the period. Finally, GSA Capital Partners LLP raised its position in Sun Country Airlines by 199.6% during the 1st quarter. GSA Capital Partners LLP now owns 99,057 shares of the company’s stock worth $1,495,000 after purchasing an additional 65,991 shares during the last quarter.

Sun Country Airlines Price Performance

The company has a fifty day simple moving average of $14.22 and a 200 day simple moving average of $14.52. The stock has a market capitalization of $608.57 million, a price-to-earnings ratio of 9.29, a P/E/G ratio of 0.47 and a beta of 1.63. The company has a debt-to-equity ratio of 1.09, a quick ratio of 0.63 and a current ratio of 0.65.

Sun Country Airlines Company Profile

Sun Country Airlines Holdings, Inc, an air carrier company, operates scheduled passenger, air cargo, charter air transportation, and related services in the United States, Latin America, and internationally. It operates through two segments, Passenger and Cargo. The company also provides crew, maintenance, and insurance services through ad hoc, repeat, short-term, and long-term service contracts; and loyalty program rewards.