Airline leader SkyWest (SKY) is holding near a recent buy point after flying to new highs in recent weeks. That makes SkyWest stock one of the best names to buy and watch on Investor's Business Daily's Stock Spotlight screen.

SkyWest operates a fleet of around 500 aircraft through partnerships with United Airlines (UAL), Delta Air Lines (DAL) and others.

In its latest quarterly report, SkyWest said it earned $2.16 per share on revenue of $912.8 million, year-over-year increases 293% and 19%, respectively. The sales growth increase was in line with the previous quarter, while earnings growth continues to surge.

"Our ability to organically grow the number of available captains for the first three quarters of 2024 has opened up incremental growth vectors for us," Chief Executive Chip Childs said in the company's earnings press release.

Childs continued, "We are making significant progress in recapturing underserved markets, increasing fleet utilization and quickly placing new aircraft deliveries into service."

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SkyWest Stock Eyes Entry

In mid-October, SkyWest stock broke out past a cup base's 87.86 buy point, according to IBD MarketSurge chart analysis. Shares rallied more than 32% past that entry, so investors could have taken some profits last month.

Now, shares are trying to surpass a 116.47 buy point in a three-weeks-tight pattern.

The three-weeks-tight pattern forms when a stock closes within 1.5% of the prior week's close for two straight weeks. Volume will be quiet during this period as the stock consolidates after breaking out of its base. This signals institutional investors are comfortable with the stock's advance.

Remember, these patterns have a higher record of success when the market uptrend is favorable. And Investor's Business Daily recommends an exposure level of 80%-100% with the major stock indexes at record highs.

The stock's relative strength line is just off new highs, confirming SkyWest stock is a market leader. The RS line measures a stock's price action vs. the S&P 500.

IBD Stock Checkup shows that SkyWest stock boasts a near-perfect 98 IBD Composite Rating. That makes it one of the best stocks to buy and watch right now.

Be sure to follow Scott Lehtonen on X at @IBD_SLehtonen for more on the Dow Jones Industrial Average, the stock market today and the best stocks to buy and watch.

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