Airline Stock Plummets Alongside Profits

Ryanair is cutting prices further still

Laura McCandless

Deputy Editor

Jul 22, 2024 at 11:13 AM

ryaay

Ryanair Holdings PLC (NASDAQ:RYAAY) stock is plummeting today, down 16.3% at $93.48 and on the short sell restricted (SSR) list, after profit fell 46% in the fiscal first quarter. The company also said air fares would drop even further this summer amid a price war.

Now trading at its lowest levels since November, RYAAY is down 27.9% since the start of the year. The 50-day moving average has also been a firm line of pressure since April, as the stock fell from its April 8 record high of $150.73.

Ryanair stock, which typically sees extremely minimal options activity, is experiencing a small burst in the options pits today. The August 90 put is gaining some traction, with new positions being bought to open there.

Analysts have yet to chime in on the earnings event, though there is plenty of room for pessimism. Of the 10 brokerages in coverage, six carry a "buy" or better rating, and four a tepid "hold," with no negative ratings. Plus, the 12-month consensus price target of $151.25 is a 58.9% premium to current levels.

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