Mesa Air Group (NASDAQ:RJET) Stock Price Down 5.1% – Here’s What Happened

Shares of Mesa Air Group, Inc. (NASDAQ:RJET) were down 5.1% during mid-day trading on Wednesday . The company traded as low as $18.26 and last traded at $18.50. Approximately 14,791 shares changed hands during mid-day trading, a decline of 78% from the average daily volume of 65,750 shares. The stock had previously closed at $19.50.

Analysts Set New Price Targets

A number of equities analysts have recently weighed in on RJET shares. Weiss Ratings reissued a “sell (d-)” rating on shares of Mesa Air Group in a report on Wednesday, October 8th. Wall Street Zen upgraded Mesa Air Group to a “hold” rating in a research report on Saturday, December 13th. One equities research analyst has rated the stock with a Sell rating, Based on data from MarketBeat.com, Mesa Air Group presently has a consensus rating of “Sell”.

Mesa Air Group Stock Performance

The company has a fifty day simple moving average of $20.34 and a two-hundred day simple moving average of $19.19. The company has a market capitalization of $499.11 million, a price-to-earnings ratio of -2.96 and a beta of 1.75.

Hedge Funds Weigh In On Mesa Air Group

Large investors have recently added to or reduced their stakes in the business. GSA Capital Partners LLP acquired a new stake in Mesa Air Group in the 3rd quarter worth about $56,000. Orvieto Partners L.P. acquired a new position in shares of Mesa Air Group during the 2nd quarter valued at about $444,000. Pinnacle Holdings LLC lifted its holdings in shares of Mesa Air Group by 31.8% during the 3rd quarter. Pinnacle Holdings LLC now owns 1,628,136 shares of the company’s stock worth $2,117,000 after acquiring an additional 392,878 shares during the period. Finally, Par Capital Management Inc. acquired a new stake in shares of Mesa Air Group in the second quarter worth approximately $2,091,000. 13.34% of the stock is currently owned by hedge funds and other institutional investors.

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.