Fly Leasing (NYSE:FLY) Trading Up 33.6%

Fly Leasing Ltd (NYSE:FLY) was up 33.6% on Wednesday . The stock traded as high as $6.87 and last traded at $8.27, approximately 28,005 shares were traded during mid-day trading. A decline of 92% from the average daily volume of 366,310 shares. The stock had previously closed at $6.19.

Several equities research analysts recently weighed in on FLY shares. Zacks Investment Research upgraded shares of Fly Leasing from a “hold” rating to a “strong-buy” rating and set a $20.00 target price for the company in a research note on Monday, March 2nd. Deutsche Bank reduced their target price on shares of Fly Leasing from $28.00 to $20.00 and set a “buy” rating for the company in a research note on Wednesday, March 11th. One research analyst has rated the stock with a sell rating, one has issued a hold rating, three have given a buy rating and one has given a strong buy rating to the stock. The company presently has an average rating of “Buy” and an average target price of $22.10.

The company has a debt-to-equity ratio of 2.64, a current ratio of 1.14 and a quick ratio of 1.14. The company’s 50 day moving average is $14.24 and its two-hundred day moving average is $18.41. The firm has a market cap of $191.26 million, a P/E ratio of 1.15 and a beta of 0.69.

Fly Leasing (NYSE:FLY) last released its earnings results on Thursday, February 27th. The transportation company reported $2.43 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $1.69 by $0.74. Fly Leasing had a net margin of 39.28% and a return on equity of 31.04%. The business had revenue of $135.82 million during the quarter, compared to analysts’ expectations of $135.94 million. During the same quarter last year, the company earned $0.94 earnings per share. The firm’s revenue was up 19.4% on a year-over-year basis. Research analysts predict that Fly Leasing Ltd will post 3.53 EPS for the current year.

A number of institutional investors and hedge funds have recently made changes to their positions in FLY. California Public Employees Retirement System lifted its stake in Fly Leasing by 39.4% during the third quarter. California Public Employees Retirement System now owns 23,117 shares of the transportation company’s stock worth $474,000 after purchasing an additional 6,535 shares during the period. Voya Financial Advisors Inc. bought a new position in Fly Leasing during the third quarter worth about $282,000. Stifel Financial Corp bought a new position in Fly Leasing during the third quarter worth about $1,374,000. Barclays PLC bought a new position in Fly Leasing during the third quarter worth about $49,000. Finally, Millennium Management LLC lifted its stake in Fly Leasing by 523.7% during the third quarter. Millennium Management LLC now owns 742,335 shares of the transportation company’s stock worth $15,225,000 after purchasing an additional 623,322 shares during the period. Hedge funds and other institutional investors own 42.60% of the company’s stock.

About Fly Leasing (NYSE:FLY)

Fly Leasing Limited, through its subsidiaries, purchases and leases commercial aircraft under multi-year contracts to various airlines worldwide. As of December 31, 2018, it had a portfolio of 101 aircraft, including 90 narrow-body passenger aircraft and 11 wide-body passenger aircraft, as well as 7 engines.

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