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Hawaiian Holdings (HA) Soars 19.1%: Is Further Upside Left in the Stock?
Hawaiian Holdings shares ended the last trading session 19.1% higher at $10.25. The jump came on an impressive volume with a higher-than-average number of shares changing hands in the session. This compares to the stock's 7.2% gain over the past four weeks.
The uptick in HA's stockprice was owing to Delta Air Lines' (DAL - Free Report) bullish projections for the second quarter as well as full-year 2023. The upbeat projections were attributable to the buoyant air-travel demand scenario. Delta's bullish views had a positive impact on the entire airline industry
This parent company of Hawaiian Airlines is expected to post quarterly loss of $0.62 per share in its upcoming report, which represents a year-over-year change of +31.1%. Revenues are expected to be $703.36 million, up 1.7% from the year-ago quarter.
While earnings and revenue growth expectations are important in evaluating the potential strength in a stock, empirical research shows a strong correlation between trends in earnings estimate revisions and near-term stock price movements.
For Hawaiian Holdings, the consensus EPS estimate for the quarter has been revised 15.1% higher over the last 30 days to the current level. And a positive trend in earnings estimate revision usually translates into price appreciation. So, make sure to keep an eye on HA going forward to see if this recent jump can turn into more strength down the road.
The stock currently carries a Zacks Rank #3 (Hold). You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>>
Hawaiian Holdings is part of the Zacks Transportation - Airline industry. American Airlines (AAL - Free Report) , another stock in the same industry, closed the last trading session 5.5% higher at $17.35. AAL has returned 14.6% in the past month.
For American Airlines, the consensus EPS estimate for the upcoming report has changed +20.5% over the past month to $1.48. This represents a change of +94.7% from what the company reported a year ago. American Airlines currently has a Zacks Rank of #3 (Hold).