JetBlue Airways (NASDAQ:JBLU) announced that its board has approved a stock buyback program, which authorizes the company to repurchase $750.00 million in shares on Wednesday, December 13th, EventVestor reports. This repurchase authorization authorizes the transportation company to purchase shares of its stock through open market purchases. Shares repurchase programs are generally an indication that the company’s management believes its stock is undervalued.

Shares of JetBlue Airways (NASDAQ:JBLU) traded down $0.31 during midday trading on Friday, reaching $21.18. 5,515,100 shares of the company were exchanged, compared to its average volume of 5,829,946. JetBlue Airways has a one year low of $18.05 and a one year high of $24.13. The stock has a market cap of $6,890.70, a PE ratio of 11.08 and a beta of 0.68. The company has a debt-to-equity ratio of 0.25, a quick ratio of 0.56 and a current ratio of 0.56.

JetBlue Airways (NASDAQ:JBLU) last issued its quarterly earnings results on Tuesday, October 24th. The transportation company reported $0.55 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.52 by $0.03. JetBlue Airways had a net margin of 9.38% and a return on equity of 15.95%. The company had revenue of $1.81 billion during the quarter, compared to analysts’ expectations of $1.81 billion. During the same period last year, the company posted $0.58 EPS. JetBlue Airways’s revenue was up 4.7% on a year-over-year basis. research analysts anticipate that JetBlue Airways will post 1.74 earnings per share for the current year.

JBLU has been the subject of several research analyst reports. Morgan Stanley dropped their target price on shares of JetBlue Airways from $24.00 to $23.00 and set an “equal weight” rating for the company in a research report on Thursday, August 17th. ValuEngine raised shares of JetBlue Airways from a “buy” rating to a “strong-buy” rating in a research report on Wednesday, August 23rd. Cowen reaffirmed a “hold” rating on shares of JetBlue Airways in a research report on Friday, September 1st. Standpoint Research initiated coverage on shares of JetBlue Airways in a research report on Friday, September 1st. They issued an “accumulate” rating and a $26.00 target price for the company. Finally, Macquarie initiated coverage on shares of JetBlue Airways in a research report on Monday, September 25th. They issued a “neutral” rating and a $21.00 target price for the company. Two analysts have rated the stock with a sell rating, ten have given a hold rating, five have assigned a buy rating and two have issued a strong buy rating to the company. The stock currently has an average rating of “Hold” and an average target price of $25.16.

In other JetBlue Airways news, Director Joel Clinton Peterson sold 5,120 shares of the firm’s stock in a transaction dated Monday, October 2nd. The shares were sold at an average price of $18.45, for a total transaction of $94,464.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP George Martin J. St sold 2,500 shares of the firm’s stock in a transaction dated Thursday, December 7th. The shares were sold at an average price of $21.59, for a total transaction of $53,975.00. The disclosure for this sale can be found here. Over the last three months, insiders have sold 22,785 shares of company stock valued at $448,492. 0.60% of the stock is currently owned by corporate insiders.

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About JetBlue Airways

JetBlue Airways Corporation is a passenger carrier company. The Company provides air transportation services across the United States, the Caribbean and Latin America. Its segments include Domestic, and Caribbean & Latin America. It operates various kinds of aircrafts, including Airbus A321, Airbus A320 and Embraer E190.

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