Mesa Air Group (NASDAQ:RJET) Trading Down 7.2% – Time to Sell?

Shares of Mesa Air Group, Inc. (NASDAQ:RJET) dropped 7.2% during trading on Wednesday . The stock traded as low as $19.64 and last traded at $19.99. Approximately 29,914 shares traded hands during trading, a decline of 58% from the average daily volume of 71,812 shares. The stock had previously closed at $21.55.

Analysts Set New Price Targets

Separately, Wall Street Zen raised shares of Mesa Air Group to a “hold” rating in a research report on Saturday, December 13th. One research analyst has rated the stock with a Sell rating, Based on data from MarketBeat, the stock presently has an average rating of “Sell”.

Mesa Air Group Stock Performance

The stock has a 50 day moving average of $19.00 and a 200-day moving average of $19.89. The company has a market cap of $587.09 million, a PE ratio of -3.48 and a beta of 1.59.

Hedge Funds Weigh In On Mesa Air Group

Hedge funds and other institutional investors have recently bought and sold shares of the business. GSA Capital Partners LLP purchased a new position in Mesa Air Group during the 3rd quarter worth approximately $56,000. Geode Capital Management LLC purchased a new stake in shares of Mesa Air Group in the 4th quarter valued at $442,000. Orvieto Partners L.P. acquired a new stake in shares of Mesa Air Group in the second quarter worth $444,000. Par Capital Management Inc. purchased a new position in shares of Mesa Air Group during the second quarter worth $2,091,000. Finally, Pinnacle Holdings LLC lifted its position in Mesa Air Group by 31.8% during the third quarter. Pinnacle Holdings LLC now owns 1,628,136 shares of the company’s stock valued at $2,117,000 after purchasing an additional 392,878 shares during the period. Institutional investors and hedge funds own 13.34% of the company’s stock.

About Mesa Air Group

Mesa Air Group, Inc is a regional airline holding company headquartered in Phoenix, Arizona. The company provides feeder air transportation services under capacity purchase agreements with major carriers in the United States, operating as an affiliate of American Airlines and United Airlines. Mesa Air Group’s operations are conducted through two wholly owned subsidiaries, Mesa Airlines and Mokulele Airlines, which serve domestic markets on a scheduled basis.

Mesa Airlines is the company’s primary regional carrier.