JetBlue Airways (NASDAQ:JBLU) Hits New 52-Week Low – Time to Sell?

JetBlue Airways Corporation (NASDAQ:JBLU)’s stock price hit a new 52-week low during trading on Tuesday. The stock traded as low as $2.88 and last traded at $2.8950, with a volume of 369,644 shares changing hands. The stock had previously closed at $2.91.

Wall Street Analysts Forecast Growth

Several analysts recently commented on JBLU shares. Susquehanna dropped their price objective on JetBlue Airways from $6.00 to $4.00 and set a “neutral” rating on the stock in a research note on Wednesday, October 7th. TD Cowen lowered their price target on JetBlue Airways from $6.00 to $5.00 and set a “hold” rating for the company in a report on Monday, August 24th. Citigroup raised JetBlue Airways from a “sell” rating to a “neutral” rating and dropped their price target for the stock from $5.30 to $4.50 in a research report on Tuesday, October 6th. The Goldman Sachs Group lifted their price objective on JetBlue Airways from $3.50 to $4.50 and gave the company a “sell” rating in a report on Thursday, July 2nd. Finally, BMO Capital Markets decreased their price objective on JetBlue Airways from $6.75 to $5.25 and set a “market perform” rating for the company in a research report on Monday, September 28th. Nine equities research analysts have rated the stock with a Hold rating and four have issued a Sell rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Reduce” and a consensus target price of $4.98.

JetBlue Airways Stock Performance

The stock has a fifty day simple moving average of $4.32 and a 200-day simple moving average of $4.98. The stock has a market cap of $1.11 billion, a P/E ratio of -1.23 and a beta of 1.77. The company has a debt-to-equity ratio of 5.04, a quick ratio of 0.63 and a current ratio of 0.70.

JetBlue Airways (NASDAQ:JBLU) last issued its quarterly earnings results on Tuesday, July 28th. The transportation company reported ($0.66) EPS for the quarter, beating analysts’ consensus estimates of ($0.69) by $0.03. The company had revenue of $2.70 billion for the quarter, compared to analyst estimates of $2.69 billion. JetBlue Airways had a negative return on equity of 45.92% and a negative net margin of 9.32%. The company’s quarterly revenue was up 14.5% compared to the same quarter last year. During the same period in the previous year, the company posted ($0.21) earnings per share. On average, equities analysts expect that JetBlue Airways Corporation will post -2.68 earnings per share for the current year.

Insider Transactions at JetBlue Airways

In other JetBlue Airways news, CFO Ursula Hurley sold 77,253 shares of the business’s stock in a transaction that occurred on Thursday, July 30th. The stock was sold at an average price of $5.76, for a total value of $444,977.28. Following the sale, the chief financial officer owned 211,099 shares in the company, valued at approximately $1,215,930.24. The trade was a 26.79% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last quarter, insiders sold 83,253 shares of company stock valued at $474,477. 2.41% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On JetBlue Airways

Several hedge funds have recently made changes to their positions in the business. AMG Asset Management Group Inc. bought a new stake in shares of JetBlue Airways in the third quarter worth $53,000. Counterpoint Mutual Funds LLC boosted its holdings in JetBlue Airways by 91.1% during the third quarter. Counterpoint Mutual Funds LLC now owns 2,297,994 shares of the transportation company’s stock worth $9,721,000 after purchasing an additional 1,095,610 shares during the last quarter. Farther Finance Advisors LLC grew its position in JetBlue Airways by 101.2% in the third quarter. Farther Finance Advisors LLC now owns 14,031 shares of the transportation company’s stock valued at $59,000 after purchasing an additional 7,059 shares in the last quarter. Cim Investment Management Inc. grew its position in JetBlue Airways by 7.3% in the second quarter. Cim Investment Management Inc. now owns 47,282 shares of the transportation company’s stock valued at $271,000 after purchasing an additional 3,203 shares in the last quarter. Finally, The Manufacturers Life Insurance Company grew its position in JetBlue Airways by 15.5% in the second quarter. The Manufacturers Life Insurance Company now owns 157,664 shares of the transportation company’s stock valued at $903,000 after purchasing an additional 21,131 shares in the last quarter. 83.71% of the stock is owned by institutional investors.

About JetBlue Airways

JetBlue Airways Corporation is a U.S.-based passenger airline that provides scheduled air transportation to destinations across the United States, the Caribbean, Latin America and select locations in Europe. The company operates primarily from focus cities including New York, Boston, Fort Lauderdale, Orlando and Los Angeles, with a network designed to connect major metropolitan areas and leisure destinations.

JetBlue offers multiple classes and service options, including standard economy seating, extra-legroom EvenMore seats and its premium Mint service on select routes.