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David M. Davis, the President and CFO of Sun Country Airlines Holdings , Inc. (NASDAQ:SNCY), recently executed a significant transaction involving the company’s common stock. The timing is notable as the airline’s shares have shown strong momentum, with a 33% gain over the past six months according to InvestingPro data. On January 27, Davis sold 59,389 shares valued at approximately $1.01 million. The shares were sold at a weighted average price of $17.0465 per share, with individual transaction prices ranging from $16.90 to $17.37. This transaction was conducted under a pre-arranged Rule 10b5-1 trading plan, which was adopted on September 4, 2024.
In addition to the stock sale, Davis acquired a total of 59,389 shares through the exercise of employee stock options at a price of $5.30 per share. As a result of these transactions, Davis now holds 32,260 shares of Sun Country Airlines’ common stock directly.
In other recent news, Sun Country Airlines has been the subject of substantial analysis and financial examination. JPMorgan has initiated coverage of the airline, assigning it an Overweight rating and setting a price target of $23.00, reflecting a positive outlook on the company’s financial prospects. This is backed by Sun Country’s diversified revenue stream and strong operational margins.
In contrast, Goldman Sachs resumed coverage of the airline with a Neutral rating and a price target of $17.00, highlighting the potential for margin growth into 2025. This growth is expected to be driven by improved pilot staffing and a more lucrative contract with Amazon (NASDAQ:AMZN) for expanded cargo service.
Sun Country’s recent Q3 2024 earnings report showed mixed results. While passenger segment revenue decreased by 3%, and scheduled service revenue saw a 5.9% reduction, the cargo segment revenue hit a record $29.2 million, up 11.9%. The airline also projects Q4 revenue between $250 million and $260 million, with an operating margin of 7% to 9%.
Additionally, Sun Country plans to add five leased Oman aircraft by the end of 2024 and is reviewing the possibility of share buybacks in 2025. These recent developments underscore the airline’s strategic plans and unique business model, which combines passenger, cargo, and charter services, positioning it favorably in the market.
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