Jet.AI Inc. (NASDAQ:JTAI) Short Interest Update
by Danessa Lincoln · The Markets DailyJet.AI Inc. (NASDAQ:JTAI – Get Free Report) was the recipient of a significant growth in short interest in March. As of March 31st, there was short interest totaling 12,791,343 shares, a growth of 297.2% from the March 15th total of 3,220,281 shares. Approximately 2,168.0% of the company’s stock are short sold. Based on an average daily volume of 48,647,907 shares, the short-interest ratio is presently 0.3 days.
Jet.AI Stock Down 8.2%
NASDAQ JTAI traded down $0.54 on Friday, hitting $6.06. 344,139 shares of the stock were exchanged, compared to its average volume of 563,844. Jet.AI has a fifty-two week low of $5.00 and a fifty-two week high of $940.00. The company has a market cap of $3.64 million, a PE ratio of -0.15 and a beta of -0.09. The company has a 50-day moving average price of $21.08 and a 200-day moving average price of $233.76.
Jet.AI (NASDAQ:JTAI – Get Free Report) last issued its earnings results on Friday, March 6th. The company reported ($0.62) earnings per share (EPS) for the quarter, beating the consensus estimate of ($72.00) by $71.38. The business had revenue of $1.77 million during the quarter, compared to analysts’ expectations of $1.00 million. Jet.AI had a net margin of 50.00% and a negative return on equity of 70.43%.
Jet.AI announced that its Board of Directors has initiated a share repurchase plan on Tuesday, March 17th that permits the company to repurchase $5.00 million in shares. This repurchase authorization permits the company to repurchase up to 44.1% of its shares through open market purchases. Shares repurchase plans are generally an indication that the company’s leadership believes its shares are undervalued.
Analyst Upgrades and Downgrades
A number of research analysts recently weighed in on JTAI shares. Wall Street Zen cut shares of Jet.AI to a “strong sell” rating in a report on Saturday. Weiss Ratings reissued a “sell (e+)” rating on shares of Jet.AI in a research note on Thursday, January 22nd. One research analyst has rated the stock with a Buy rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, Jet.AI presently has a consensus rating of “Hold” and an average price target of $2,200.00.
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About Jet.AI
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.