Delta Shares Climb Above Key Technical Level After Earnings Beat

Delta Air Lines shares rose above their 200-day moving average of $77.79 on Tuesday, trading as high as $82.77 on volume of more than 9.1 million shares. Wall Street's consensus rating on the stock sits at Moderate Buy, with 23 Buy ratings against 2 Holds and an average price target of $100.36.

The move follows a recent earnings beat: Delta reported $1.56 in per-share earnings against a $1.49 consensus estimate, on revenue of $17.67 billion versus expectations of $17.43 billion. Morgan Stanley raised its price target to $125 from $115 with an Overweight rating, while Raymond James trimmed its target to $98 from $104.

Insider selling has picked up alongside the rally, with company insiders selling roughly 356,726 shares worth about $33.1 million over the past quarter, including a sale by President Peter Carter.