Rozek Alexander Buffett, a director at Sky Harbour Group Corp (NYSE:SKYH), recently acquired a significant amount of the company's Class A common stock. According to a regulatory filing, Buffett purchased a total of 152,486 shares at a price of $9.50 per share, amounting to an investment of approximately $1.45 million. The purchase appears well-timed, as SKYH shares have surged about 45% over the past six months, currently trading at $13.10.
The transactions, which took place on December 20, 2024, saw Buffett increase his indirect holdings through Boulderado Partners, LLC, and additional shares were acquired by his spouse. Following these purchases, Buffett's total indirect ownership now stands at 323,613 shares, while his spouse holds 128,875 shares. According to InvestingPro, the company currently has a market capitalization of $973 million, with 8 additional real-time insights available for subscribers.
This acquisition reflects a continued interest in Sky Harbour's stock by its board members, as the company continues its operations in the real estate sector. While the stock shows strong price momentum with an InvestingPro momentum score of 3.4 out of 5, investors should note its current "FAIR" overall financial health rating.
In other recent news, Sky Harbour Capital reported significant revenue growth in its latest earnings call, primarily driven by the opening of its San Jose campus and high occupancy rates. The company's CFO, Francisco Gonzalez, expressed confidence in Sky Harbour's financial trajectory, with plans to reach breakeven on a consolidated basis by next year. Additionally, Sky Harbour is set to expand its airport portfolio and anticipates raising additional funds through a second PIPE closing, aiming for investment-grade ratings for its bonds.
The company is on pace with campus developments in Dallas, Denver, and Phoenix, which are expected to further drive revenue growth. Sky Harbour reported $110 million in cash and Treasuries as of the end of September, and a second PIPE investment is projected to raise an additional $37.6 million. The company is also working towards an investment-grade rating for its bonds and aims to raise $150 million in additional debt.
Sky Harbour has completed the Sky Harbour 37 prototype and is focusing on process management and in-sourcing. The company has appointed Marty Kretchman as Senior Vice President of Airports to boost tenant satisfaction. Sky Harbour's strategy now includes semi-private hangars, which have increased occupancy and revenue. These recent developments underscore Sky Harbour's commitment to growth and expansion.
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