What happened to the Qantas share price lately?
On October 13 2014, Qantas Airways Limited [ASX:QAN] closed at $1.30. By the time they hit a high of $4.22 on April 4, 2016, they were up 225%. However, since April 4 Qantas shares stock has been trending down. At the close of yesterday’s trade they were $3.01.
Why did Qantas shares drop?
Qantas shares fell heavily after the company released an announcement on the 18th of April. At the time the company warned on softening demand that had developed after its previous market guidance. The company is also close to completing a $500 million on market share buyback that it announced in February.
What now for Qantas Airways?
The company is due to release its full year results in August. According to the Australian Financial Review, several brokers are suggesting that the company will announce a further buyback program in the next financial year.