Jet.AI (NASDAQ:JTAI) Trading Down 14.8% – Should You Sell?

Jet.AI Inc. (NASDAQ:JTAI) shares dropped 14.8% during mid-day trading on Friday . The company traded as low as $6.56 and last traded at $6.75. Approximately 223,951 shares were traded during trading, a decline of 4% from the average daily volume of 233,505 shares. The stock had previously closed at $7.92.

Wall Street Analysts Forecast Growth

Separately, Wall Street Zen downgraded shares of Jet.AI from a “sell” rating to a “strong sell” rating in a research report on Saturday, May 16th. One analyst has rated the stock with a Buy rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, Jet.AI currently has a consensus rating of “Hold” and an average price target of $2,200.00.

Jet.AI Stock Down 14.8%

The business’s 50 day moving average is $7.67 and its two-hundred day moving average is $75.17. The firm has a market cap of $9.59 million, a P/E ratio of 0.02 and a beta of -0.35.

Jet.AI (NASDAQ:JTAI) last announced its earnings results on Thursday, May 14th. The company reported ($6.68) earnings per share for the quarter, missing analysts’ consensus estimates 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 the consensus estimate of $1.70 million.

Jet.AI announced that its Board of Directors has authorized a share buyback program on Tuesday, March 17th that allows the company to repurchase $5.00 million in shares. This repurchase authorization allows the company to repurchase up to 44.1% of its stock through open market purchases. Stock repurchase programs are usually an indication that the company’s board believes its stock is undervalued.

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.