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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 $117.69 in the trading session on Nov 22, 2023, before closing a tad lower at $117.53.
The company’s shares have gained 57.2% year to date, significantly higher than the 1.5% 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. The company’s second-quarter fiscal 2024 (ended Sep 30, 2023) revenues of $5,361.3 million beat the Zacks Consensus Estimate of $5,137.7 million. Revenues improved year over year driven by upbeat passenger volumes.
Improvement in Ryanair’s traffic from the pandemic-led slump is encouraging. Traffic grew 11% to 105.4 million during the first half of fiscal 2024. Ryanair expects its traffic view for fiscal 2024 to be 183.5 million. On the back of the buoyant traffic scenario, RYAAY’s profit after tax grew 59% year over year during the first half of fiscal 2024. Load factor increased to 95% in the first half of fiscal 2024 from 92% in the year-ago reported quarter.
Meanwhile, Ryanair recently reported impressive traffic numbers for October 2023, driven by upbeat air-travel demand. The number of passengers ferried on RYAAY flights in October was 17.1 million, implying that 9% more passengers flew than a year ago. The load factor (percentage of seats filled by passengers) came in at 93% in October 2023. RYAAY operated more than 96,700 flights in October 2023.
Ryanair’s measures to expand its fleet to cater to the improvement in air travel demand are encouraging. RYAAY’s total fleet included 536 aircraft as of Sep 30, 2023.
Wabtec has an expected earnings growth rate of 20.99% for the current year. WAB delivered a trailing four-quarter earnings surprise of 7.11%, on average.
The Zacks Consensus Estimate for WAB’s current-year earnings has improved 4.9% over the past 90 days. Shares of WAB have gained 11.6% year to date.
SkyWest's fleet modernization efforts are commendable. The Zacks Consensus Estimate for WAB’s current-year earnings has improved 18.4% over the past 90 days. Shares of SKYW have surged 160% year to date.
SKYW delivered a trailing four-quarter earnings surprise of 32.57%, on average.
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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 $117.69 in the trading session on Nov 22, 2023, before closing a tad lower at $117.53.
The company’s shares have gained 57.2% year to date, significantly higher than the 1.5% 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. The company’s second-quarter fiscal 2024 (ended Sep 30, 2023) revenues of $5,361.3 million beat the Zacks Consensus Estimate of $5,137.7 million. Revenues improved year over year driven by upbeat passenger volumes.
Improvement in Ryanair’s traffic from the pandemic-led slump is encouraging. Traffic grew 11% to 105.4 million during the first half of fiscal 2024. Ryanair expects its traffic view for fiscal 2024 to be 183.5 million. On the back of the buoyant traffic scenario, RYAAY’s profit after tax grew 59% year over year during the first half of fiscal 2024. Load factor increased to 95% in the first half of fiscal 2024 from 92% in the year-ago reported quarter.
Meanwhile, Ryanair recently reported impressive traffic numbers for October 2023, driven by upbeat air-travel demand. The number of passengers ferried on RYAAY flights in October was 17.1 million, implying that 9% more passengers flew than a year ago. The load factor (percentage of seats filled by passengers) came in at 93% in October 2023. RYAAY operated more than 96,700 flights in October 2023.
Ryanair’s measures to expand its fleet to cater to the improvement in air travel demand are encouraging. RYAAY’s total fleet included 536 aircraft as of Sep 30, 2023.
Zacks Rank & Stocks to Consider
Ryanair currently carries a Zacks Rank #3 (Hold).
Some better-ranked stocks from the Zacks Transportation sector are Westinghouse Air Brake Technologies Corporation, operating as Wabtec Corporation (WAB - Free Report) and SkyWest, Inc. (SKYW - Free Report) . Each stock presently carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Wabtec has an expected earnings growth rate of 20.99% for the current year. WAB delivered a trailing four-quarter earnings surprise of 7.11%, on average.
The Zacks Consensus Estimate for WAB’s current-year earnings has improved 4.9% over the past 90 days. Shares of WAB have gained 11.6% year to date.
SkyWest's fleet modernization efforts are commendable. The Zacks Consensus Estimate for WAB’s current-year earnings has improved 18.4% over the past 90 days. Shares of SKYW have surged 160% year to date.
SKYW delivered a trailing four-quarter earnings surprise of 32.57%, on average.