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SNCY Stock Price Suffered Negative Earnings; Tumbled 20% Intraday 

The American ultra-low-cost passenger and cargo airline company, Sun Country Airlines Holdings Inc. (NASDAQ: SNCY) reported quarterly earnings on Thursday, July 3rd, 2023. The revenue remained in line with the estimates but went down subsequently. As a result, SCNY stock price fell drastically. The stock price saw a significant decline of nearly 20% since the earnings release. 

Sun Country Airlines posted $261.09 Million in revenues for the second quarter ended in June 2023. It suggests an increase in revenue in a yearly time frame from $219.07 Million a year ago. For the last few quarters, the airline company managed to beat the estimates and did the same this time also. However, it is down from the previous quarter’s revenue of $294.12 Million. 

The operating income stayed at $40 Million as diluted EPS stayed at $0.40. The numbers are higher than in previous quarters but are less subsequently. It posted a net income of $20.65 Million, lesser than the previous quarter. 

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Sun Country Airlines is expected to post better revenues and earnings for the upcoming quarters and eventually for the fiscal year. The quarterly EPS is estimated to remain at $0.35 with $254.41 Million in revenue. For the current fiscal year, the earnings per share (EPS) could be $1.87, and revenues to be $1.06 Billion. 

SNCY Stock Price Movement 

SNCY stock price is trading at $16.60 following a drop of over 18.59% in the last intraday trading session on Friday, August 4th. This was the second consecutive day for the stock price to lose its value. On the day of the earnings release, it fell 4%. 

On both days combined, the airline company stock price lost over 20% since the earnings release. 

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The price level at $20 was supposed to act as an immediate sup

port for the stock price but it broke following the recent fall. SNCY stock is stalling above $16, below the support level of $16.8. If the fall continues, it could find support at around $15.  

SNCY Stock Price Suffered Negative Earnings; Tumbled 20% Intraday 
Source – Sun Country Airlines Holdings Inc (NASDAQ: SNCY) Stock Price Movement on TradingView

The sudden fall in SNCY stock price is surprising for a variety of reasons as the crucial indicators were suggesting upwards momentum earlier. Currently, the stock price is below the 50 and 200-day moving average. 

Earlier in July 2023, the moving averages saw a golden crossover that pushed the price higher prior to the recent fall. MACD is dropping below the zero line indicating a strong bearish move. RSI also fell below 50 given the ongoing trend suggesting a fall in SNCY stock price. 

Disclaimer

The contents of this page are intended for general informational purposes and do not constitute financial, investment, or any other form of advice. Investing in or trading crypto assets carries the risk of financial loss. The forecasted data (also called “price prediction”) on this page are subject to change without notice and are not guaranteed to be accurate.

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Ahtesham Anis
Ahtesham Anis
Ahtesham Anis is a Computer Science undergrad student currently based out of India. Coming from the business background and his keen interest in Cryptocurrency and Blockchain technology is what Ahtesham brings to the table. He is always an eager learner when it comes to exploring the new technologies and topics in the crypto world.