It’s been a great week so far for the Flight Centre (ASX:FLT) share price

Shares in the travel agency group have been flying recently. We take a closer look
The post It’s been a great week so far for the Flight Centre (ASX:FLT) share price appeared first on The Motley Fool Australia. –

The Flight Centre Travel Group Ltd (ASX: FLT) share price has had a great week thus far. In the past 7 days, shares in the travel agency group have climbed more than 5% higher.

By comparison, the S&P/ASX200 Index (ASX: XJO) has fallen 1.3% during the same week.  

Let’s take a look at what’s been propelling the Flight Centre share price.

What’s been fuelling the Flight Centre share price?

Flight Centre has not released any price-sensitive news in the past week to explain the bullish price action.

However, shares in the travel agency group have been on the receiving end of positive coverage from brokers.

Leading broker Credit Suisse released a bullish note earlier this week that painted a positive outlook on the Flight Centre share price. Analysts upgraded the company’s shares to an outperform rating with an improved price target of $19.00.

The note cited several reasons for the positive outlook, including Australia’s COVID-19 vaccine rollout and recovery in the travel sector. Analysts also highlighted the resilience of Flight Centre’s corporate business.

In addition to a strong week, shares in Flight Centre have also had a stellar month, up by more than 21%.

More on Flight Centre

There have been several catalysts that have helped propel the Flight Centre share price higher in the past month.

Shares in the travel agency group have been boosted by the possibility of domestic and international travel resuming in the near future.

In addition, Flight Centre recently announced expansion plans earlier this month.

The company announced plans to launch its travel management business in Japan via a joint venture with Tokyo-based NSF Engagement Corporation.

It’s also important for investors to note that securities in Flight Centre remain one of the most shorted companies on the exchange.

According to the most recent data, shares in the travel agency group have a short interest of 10.1%.

As a result, some of the bullish price action could potentially be short-sellers covering their positions.

Snapshot of the Flight Centre share price

Despite the Delta outbreak of COVID-19 and broader travel restrictions, shares in Flight Centre have jumped more than 13% higher in 2021.

However, much of these gains have come over the past 3 weeks.

At the time of writing, shares in Flight Centre are strongly in the green today, up 1.35% to $17.96.

The post It’s been a great week so far for the Flight Centre (ASX:FLT) share price appeared first on The Motley Fool Australia.

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More reading

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Motley Fool contributor Nikhil Gangaram has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has recommended Flight Centre Travel Group Limited. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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