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Ryanair (RYAAY) Hits 52-Week High: What's Driving the Stock?
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Shares of Ryanair Holdings plc (RYAAY - Free Report) scaled a 52-week high of $110.17 in the trading session on Jun 28, 2023, before closing a tad lower at $109.48.
The company’s shares have gained 46.5% year to date, significantly higher than 33.7% growth of the industry it belongs to.
Image Source: Zacks Investment Research
Let’s find out the factors supporting the uptick.
Passenger volume has been robust at Ryanair over the past few months owing to the rebound in air traffic from the pandemic lows. Ryanair has raised its traffic view for fiscal 2023 to 185 million (prior view: 168 million). Ryanair's fourth-quarter fiscal 2023 (ended Mar 31, 2023) revenues of $1,981.5 million beat the Zacks Consensus Estimate of $1,908.7 million and improved year over year, driven by upbeat passenger volumes.
Meanwhile, Ryanair recently reported highly impressive traffic numbers for May, driven by upbeat air-travel demand. The number of passengers ferried on RYAAY flights in May was 17 million. This compared favorably with the April 2023 figure of 16 million and 15.4 million in May 2022. Owing to upbeat traffic, the load factor (percentage of seats filled by passengers) was as high as 94% in May compared with 92% a year ago. The company operated more than 94,400 flights in May.
Ryanair’s measures to expand its fleet to cater to the improvement in air-travel demand are encouraging. RYAAY’s total fleet included 537 aircraft as of Mar 31, 2023.
Copa Holdings has an expected earnings growth rate of 75.42% for the current year. CPA delivered a trailing four-quarter earnings surprise of 14.60%, on average.
The Zacks Consensus Estimate for CPA’s current-year earnings has improved 25.5% over the past 90 days. Shares of CPA have soared 28.6% over the past six months.
Allegiant has an expected earnings growth rate of more than 100% for the current year. ALGT delivered a trailing four-quarter earnings surprise of 79.78%, on average.
The Zacks Consensus Estimate for ALGT’s current-year earnings has improved 46.5% over the past 90 days. Shares of ALGT have surged 87% over the past six months.
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Ryanair (RYAAY) Hits 52-Week High: What's Driving the Stock?
Shares of Ryanair Holdings plc (RYAAY - Free Report) scaled a 52-week high of $110.17 in the trading session on Jun 28, 2023, before closing a tad lower at $109.48.
The company’s shares have gained 46.5% year to date, significantly higher than 33.7% growth of the industry it belongs to.
Image Source: Zacks Investment Research
Let’s find out the factors supporting the uptick.
Passenger volume has been robust at Ryanair over the past few months owing to the rebound in air traffic from the pandemic lows. Ryanair has raised its traffic view for fiscal 2023 to 185 million (prior view: 168 million). Ryanair's fourth-quarter fiscal 2023 (ended Mar 31, 2023) revenues of $1,981.5 million beat the Zacks Consensus Estimate of $1,908.7 million and improved year over year, driven by upbeat passenger volumes.
Meanwhile, Ryanair recently reported highly impressive traffic numbers for May, driven by upbeat air-travel demand. The number of passengers ferried on RYAAY flights in May was 17 million. This compared favorably with the April 2023 figure of 16 million and 15.4 million in May 2022. Owing to upbeat traffic, the load factor (percentage of seats filled by passengers) was as high as 94% in May compared with 92% a year ago. The company operated more than 94,400 flights in May.
Ryanair’s measures to expand its fleet to cater to the improvement in air-travel demand are encouraging. RYAAY’s total fleet included 537 aircraft as of Mar 31, 2023.
Zacks Rank & Stocks to Consider
Ryanair currently carries a Zacks Rank #3 (Hold).
Some better-ranked stocks for investors interested in the Zacks Transportation sector are Copa Holdings (CPA - Free Report) and Allegiant Travel Company (ALGT - Free Report) . Each of these companies presently sports a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Copa Holdings has an expected earnings growth rate of 75.42% for the current year. CPA delivered a trailing four-quarter earnings surprise of 14.60%, on average.
The Zacks Consensus Estimate for CPA’s current-year earnings has improved 25.5% over the past 90 days. Shares of CPA have soared 28.6% over the past six months.
Allegiant has an expected earnings growth rate of more than 100% for the current year. ALGT delivered a trailing four-quarter earnings surprise of 79.78%, on average.
The Zacks Consensus Estimate for ALGT’s current-year earnings has improved 46.5% over the past 90 days. Shares of ALGT have surged 87% over the past six months.