It's no secret why Hawaiian Holdings (HA) stock has lost nearly half of its value since peaking just above the $60 mark in late 2016. Over the past two years or so, airline industry capacity between the West Coast and Hawaii has increased rapidly. Most notably, Southwest Airlines (LUV) began flying to Hawaii in March, following years of speculation. Additionally, Southwest has begun flying between the major islands of Hawaii, breaking Hawaiian Airlines' near-monopoly on those routes.
These headwinds have hurt Hawaiian's unit revenue, and combined with steadily rising costs, they