SKYH Stock Alert: 5 things to know as Sky Harbor soars today
Fans of the aeronautical infrastructure company Celestial Harbor (NYSEMKT:SKYH) are probably cheering today. SKYH stock closed up 50%, nearly a month after its IPO. It’s unclear why the company is flying in the clouds, but investors are probably too busy celebrating to care.
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So what’s the story with this under-the-radar company?
After going public via a special-purpose acquisition company in January, it looks like SKYH is finally making some gains. This is not altogether surprising, as Sky Harbor has achieved 100% revenue growth over the past 12 months, and promises to seriously innovate in aviation.
How? ‘Or’ What? CEO Tal Keinan considers the company a “pure play real estate developer”. Essentially, Sky Harbor says it will help expand private flight hangars quickly.
5 things to know as SKYH stock hits new highs
- Sky Harbor went public through a SPAC merger with Yellowstone Acquisition. The deal valued Sky at $777 million.
- Much of Sky’s business is centered on the growing demand for hangar space at airports. From 2010 to 2020, the total footprint of the U.S. business aviation fleet grew by 27 million square feet.
- Sky presents itself as a state-of-the-art aviation company. In an interview with Cheddar NewsKeinan estimated that the first electric planes will receive Federal Aviation Administration (FAA) certification around 2024 or 2025.
- The demand for private aviation has increased since the start of the pandemic. Globally, demand is up 21% for private jets, with some countries seeing increases approaching 60%.
- After opening at around $10 per share, SKYH stock generally trended lower. Prior to today’s jump, the company was trading at around $6 per share.
As of the date of publication, Shrey Dua does not hold (either directly or indirectly) any position in the securities mentioned in this article. The opinions expressed in this article are those of the author, subject to InvestorPlace.com Publication guidelines.
Article printed by InvestorPlace Media, https://investorplace.com/2022/02/skyh-stock-alert-5-thinks-to-know-as-sky-harbour-skyrockets-today/.
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