Short Interest in Jet.AI Inc. (NASDAQ:JTAI) Drops By 38.4%

Jet.AI Inc. (NASDAQ:JTAI) saw a significant decline in short interest in June. As of June 15th, there was short interest totaling 68,679 shares, a decline of 38.4% from the May 31st total of 111,469 shares. Currently, 4.9% of the company’s stock are short sold. Based on an average daily volume of 230,851 shares, the days-to-cover ratio is currently 0.3 days.

Jet.AI Stock Performance

Shares of JTAI stock opened at $7.79 on Friday. The firm has a fifty day simple moving average of $7.30 and a 200-day simple moving average of $40.28. The company has a market capitalization of $11.06 million, a PE ratio of 0.02 and a beta of -0.37. Jet.AI has a twelve month low of $5.00 and a twelve month high of $804.00.

Jet.AI (NASDAQ:JTAI) last released its quarterly earnings results on Thursday, May 14th. The company reported ($6.68) earnings per share (EPS) for the quarter, missing the consensus estimate of ($2.00) by ($4.68). Jet.AI had a negative return on equity of 47.89% and a net margin of 68.77%.The firm had revenue of $1.68 million for the quarter, compared to analysts’ expectations of $1.70 million.

Jet.AI announced that its Board of Directors has authorized a stock repurchase plan on Tuesday, March 17th that allows the company to buyback $5.00 million in shares. This buyback authorization allows the company to purchase up to 44.1% of its stock through open market purchases. Stock buyback plans are typically a sign that the company’s board of directors believes its shares are undervalued.

Wall Street Analysts Forecast Growth

Several brokerages have recently weighed in on JTAI. Weiss Ratings reaffirmed a “sell (d)” rating on shares of Jet.AI in a research report on Tuesday, June 16th. Wall Street Zen downgraded Jet.AI from a “sell” rating to a “strong sell” rating in a report on Saturday, May 16th. One equities research analyst has rated the stock with a Buy rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, Jet.AI has an average rating of “Hold” and an average price target of $2,200.00.

Jet.AI Company Profile

Jet.AI Inc primarily engages in the development and operation of private aviation platforms. The company operates CharterGPT, a booking platform that functions as a prospecting and quoting platform to arrange private jet travel with its aircrafts and third-party carriers. It also provides Reroute AI software that recycles aircraft waiting to return to base into prospective new charter bookings to destinations within specific distances; and DynoFlight, a software application programming interface (API), which enables aircraft operators to track and estimate emissions, and purchase carbon offset credits.