Harbor Diversified, Inc. (OTCMKTS:HRBR) closed Thursday at .8865 up .2115 gaining 31.33% on the day. Volume was heavy trading 2.346,964 shares well above its 10 day average of 36,486 shares and its 30 day average of 152,885 shares.
Harbor Diversified, Inc. has been on quite a tear over the last 6 months up 1000% since October 2020 when shares were trading between .06 and .08.
So why the run?
Well on page 32 of the 2020 annual report which was released April 1,2021, we find this:
Financial Highlights – For the year ended December 31, 2020, we had total operating revenue of $185.9 million, a 29.5% decrease, compared to $263.6 million for the year ended December 31, 2019. Net income for the year ended December 31, 2020 was $39.8 million, or net income of $0.71 per basic share and $0.56 per diluted share, compared to a net loss of $19.2 million, or $0.35 per basic and diluted share, for the year ended December 31, 2019.
It appears investors were very excited about a stock trading under 2x earnings.
About Harbor Diversified: Harbor Diversified, Inc. (the “Company”) is a non-operating holding company that is the parent of a consolidated group of subsidiaries, including AWAC Aviation, Inc. (“AWAC”), which is the sole member of Air Wisconsin Airlines LLC (“Air Wisconsin”), a regional air carrier. The Company is also the direct parent of three other subsidiaries: (1) Lotus Aviation Leasing, LLC, which leases flight equipment to Air Wisconsin, (2) Air Wisconsin Funding LLC, which provides flight equipment financing to Air Wisconsin, and (3) Harbor Therapeutics, Inc., which is a non-operating entity with no material assets.