United Airlines (NASDAQ:UAL) Sees Large Volume Increase After Better-Than-Expected Earnings

Posted by Defense World Staff on Jul 21st, 2023

Shares of United Airlines Holdings, Inc. (NASDAQ:UAL – Get Free Report) saw an uptick in trading volume on Thursday after the company announced better than expected quarterly earnings. 3,974,743 shares traded hands during mid-day trading, a decline of 48% from the previous session’s volume of 7,638,369 shares.The stock last traded at $56.46 and had previously closed at $54.80.

The transportation company reported ($0.63) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.73) by $0.10. The company had revenue of $11.43 billion for the quarter, compared to analyst estimates of $11.42 billion. United Airlines had a net margin of 3.93% and a return on equity of 35.71%.

Wall Street Analysts Forecast Growth

A number of research analysts have weighed in on the stock. StockNews.com upgraded shares of United Airlines from a “hold” rating to a “buy” rating in a research report on Thursday, July 6th. Argus upped their price objective on shares of United Airlines from $58.00 to $65.00 in a research note on Wednesday, July 12th. JPMorgan Chase & Co. dropped their price target on shares of United Airlines from $81.00 to $70.00 in a research note on Monday, May 8th. Citigroup increased their price target on shares of United Airlines from $70.00 to $75.00 in a research note on Monday, July 10th. Finally, Raymond James upped their price objective on shares of United Airlines from $55.00 to $64.00 and gave the stock an “outperform” rating in a report on Monday, April 3rd. One analyst has rated the stock with a sell rating, three have issued a hold rating and ten have given a buy rating to the company. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $59.20.

Insider Activity

In other United Airlines news, EVP Gregory L. Hart sold 12,000 shares of United Airlines stock in a transaction on Thursday, June 15th. The shares were sold at an average price of $52.26, for a total transaction of $627,120.00. Following the sale, the executive vice president now owns 26,434 shares in the company, valued at $1,381,440.84. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 0.60% of the company’s stock.

Institutional Investors Weigh In On United Airlines

Institutional investors and hedge funds have recently made changes to their positions in the company. Hollencrest Capital Management bought a new stake in shares of United Airlines in the 4th quarter valued at about $25,000. CoreCap Advisors LLC bought a new stake in United Airlines in the 4th quarter valued at $25,000. Koesten Hirschmann & Crabtree INC. bought a new stake in United Airlines in the 4th quarter valued at $26,000. Massmutual Trust Co. FSB ADV raised its stake in United Airlines by 99.7% in the 1st quarter. Massmutual Trust Co. FSB ADV now owns 611 shares of the transportation company’s stock valued at $27,000 after acquiring an additional 305 shares during the period. Finally, Clear Street Markets LLC raised its stake in United Airlines by 101.8% in the 1st quarter. Clear Street Markets LLC now owns 642 shares of the transportation company’s stock valued at $28,000 after acquiring an additional 36,811 shares during the period. Institutional investors and hedge funds own 67.77% of the company’s stock.

United Airlines Trading Up 3.2 %

The company has a current ratio of 0.91, a quick ratio of 0.86 and a debt-to-equity ratio of 4.13. The firm has a market cap of $18.55 billion, a P/E ratio of 9.72 and a beta of 1.44. The business has a 50 day moving average of $52.85 and a two-hundred day moving average of $47.81.

United Airlines Company Profile

(Get Free Report)

United Airlines Holdings, Inc, through its subsidiaries, provides air transportation services in North America, Asia, Europe, Africa, the Pacific, the Middle East, and Latin America. The company transports people and cargo through its mainline and regional fleets. It also offers catering, ground handling, training, and maintenance services for third parties.