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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.
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.
The most recent analyst ratings on Delta Air Lines stock were issued in April by Susquehanna, BofA Securities, and Morgan Stanley. Based on the collective average price target of $64 from these three analysts, Delta Air Lines is anticipated to experience a potential upside of 32.64%.
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.
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
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