The market selloff over the last few years has primarily been due to the fall in demand for freight. Pandemic level demand was impossible to keep up with.
If you're talking about recently, it can be a wide variety of things. For one, uncertainty when it comes to tariffs. I do believe Cargojet will ultimately benefit from tariffs from a shipping perspective but if the Canadian economy got weak enough it could potentially cause some lower short-term demand due to higher unemployment potentially.
There is also the fact the company is planning quite a bit of capital expenditures in 2025 to expand its network and work on its current planes (engine replacements). The market may not like this CAPEX over the short-term as it could potentially impact profitability but as a soon to be holder of this one over the medium to long-term here, I think it wil be money well spent so I don't mind.
Then you just have the fact the markets haven't been all that good in February period.