Jet.AI (NASDAQ:JTAI) Posts Earnings Results, Misses Estimates By $4.68 EPS

Jet.AI (NASDAQ:JTAI) released its quarterly earnings results on Thursday. The company reported ($6.68) earnings per share for the quarter, missing analysts’ consensus estimates of ($2.00) by ($4.68), FiscalAI reports. Jet.AI had a negative return on equity of 70.43% and a net margin of 50.00%.The company had revenue of $1.68 million during the quarter, compared to analyst estimates of $1.70 million.

Jet.AI Price Performance

NASDAQ JTAI traded up $0.12 during mid-day trading on Friday, hitting $6.96. The company’s stock had a trading volume of 157,112 shares, compared to its average volume of 340,642. The firm has a market capitalization of $4.18 million, a P/E ratio of -0.17 and a beta of -0.48. Jet.AI has a 52-week low of $5.00 and a 52-week high of $940.00. The stock’s fifty day simple moving average is $12.62 and its two-hundred day simple moving average is $133.79.

Jet.AI announced that its Board of Directors has initiated a share buyback program on Tuesday, March 17th that permits the company to buyback $5.00 million in shares. This buyback authorization permits the company to buy up to 44.1% of its stock through open market purchases. Stock buyback programs are generally a sign that the company’s board believes its shares are undervalued.

Analyst Upgrades and Downgrades

JTAI has been the topic of a number of analyst reports. Wall Street Zen upgraded shares of Jet.AI from a “strong sell” rating to a “sell” rating in a research report on Sunday, April 19th. Weiss Ratings reiterated a “sell (e+)” rating on shares of Jet.AI in a research note on Thursday, January 22nd. One analyst has rated the stock with a Buy rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, Jet.AI presently has a consensus rating of “Hold” and a consensus price target of $2,200.00.

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.