Atlanta ( TheStreet) -- Airline investors are a skittish lot.
At the very least, they were quick to sell off shares last week when they were disappointed by Delta's (DAL) traffic report for June. The continued to sell the shares on Monday.
On Wednesday, Delta shares fell 5% from Tuesday's close after Delta reported lower-than-expected June revenue per available seat mile as well as lower-than-expected margin guidance.
The decline continued Monday, with Delta shares down $1.03 to $37.57 in late morning trading. Delta shares opened June 30 at $39.18 and closed July 3 at $38.60. During the week, shares rose as high as $40.41 before the decline started.
For the full abbreviated week, Delta shares fell 1%, United (UAL) shares fell 4% and American (AAL) shares fell 5%. United and American will report traffic on Wednesday. In late-morning trading Monday, United shares were down 72 cents to $39.16 and American shares were down 95 cents to $40.67.
Year to date, Delta is up 37%, United is up 4% and American is up 61%.
Who are the airline investors? Hedge funds hold an increasing percentage of major airline shares, according to a new report by Stifel Nicolaus analyst Joseph DeNardi, who reviewed hedge fund ownership over the past four years..