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Delta Air Lines Stock Soars Over 50% In Under 6 Months - Can It Fly Higher?

Published 10/04/2024, 17:03
Updated 10/04/2024, 18:10
© Reuters. Delta Air Lines Stock Soars Over 50% In Under 6 Months - Can It Fly Higher?

Benzinga - by Surbhi Jain, .

Delta Air Lines, Inc. (NYSE:DAL) stock was trading higher on Wednesday morning before dipping with the broader market. The company reported better-than-expected Q1 earnings, delivering a 25% surprise on earnings and a 9.39% surprise on revenue.

We covered the Q1 earnings here: Delta Air Lines Sets Growth Trajectory, Prioritizes Debt Reduction After Strong Q1

Delta stock was trading at $30 a share at the end of October 2023. It’s now around $48 a share – that’s a gain of over 50% in less than 6 months. So far this year, the stock is up 17%.

While the stock has provided substantial returns over the past six months, investors of Delta Air Lines stock are always keen to know whether there’s room to run further.

Let’s look at how the stock is positioned on the technical charts, and what analysts have to say.

Technical Momentum Is Bullish

Chart: Benzinga Pro

Delta Air Lines stock is trading well above its 5-day, 20-day and 50-day simple moving averages (SMAs). This implies a strong bullish trend in the short to medium-term. This suggests that the stock price has been consistently increasing over the recent days and weeks, indicating positive momentum and investor confidence.

The Moving Average Convergence/Divergence (MACD) is also at a bullish 1.32 level. However, the Relative Strength Index (RSI) is at 69, nearing the overbought territory – spelling caution for investors.

Analysts Continue To See Upside

Delta Air Lines stock is the top holding of the U.S. Global Jets ETF (NYSE:JETS). The stock commands 11.86% of the JETS portfolio. JETS is up about 8% YTD, primarily driven by Delta’s stock performance.

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Other major holdings of the ETF include United Airlines Holdings (NYSE:UAL) – 10.46%, American Airlines Group Inc (NYSE:AAL) – 10.00% and Southwest Airlines Co (NYSE:LUV) – 8.80% of the JETS portfolio.

DAL Price Check: Shares of Delta were down 0.2% at $47.22 at last check Wednesday.

Read Next: Assessing Delta Air Lines: Insights From 4 Financial Analysts

Photo: Shutterstock

Latest Ratings for DAL

Jan 2022BerenbergUpgradesHoldBuy
Jan 2022Argus ResearchUpgradesHoldBuy
Jan 2022BarclaysMaintainsEqual-Weight

View the Latest Analyst Ratings

© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

Read the original article on Benzinga

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