JetBlue Airways (NASDAQ:JBLU) Shares Up 13.1% on Insider Buying Activity

JetBlue Airways Corporation (NASDAQ:JBLU)’s share price rose 13.1% during mid-day trading on Wednesday following insider buying activity. The stock traded as high as $3.59 and last traded at $3.5950. Approximately 13,425,126 shares were traded during mid-day trading, a decline of 49% from the average daily volume of 26,468,760 shares. The stock had previously closed at $3.18.

Specifically, Director Nik Mittal acquired 100,000 shares of the firm’s stock in a transaction dated Tuesday, November 3rd. The stock was acquired at an average price of $3.24 per share, with a total value of $324,000.00. Following the acquisition, the director directly owned 238,537 shares in the company, valued at $772,859.88. This represents a 72.18% increase in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink.

Analyst Upgrades and Downgrades

Several research firms recently commented on JBLU. Wall Street Zen lowered JetBlue Airways from a “sell” rating to a “strong sell” rating in a report on Saturday, August 22nd. Susquehanna cut their target price on shares of JetBlue Airways from $4.00 to $3.00 and set a “neutral” rating for the company in a report on Thursday, October 29th. Barclays decreased their target price on shares of JetBlue Airways from $7.00 to $5.00 and set an “equal weight” rating for the company in a research note on Friday, September 11th. Weiss Ratings reissued a “sell (d-)” rating on shares of JetBlue Airways in a report on Thursday, October 15th. Finally, Seaport Research Partners downgraded shares of JetBlue Airways from a “buy” rating to a “neutral” rating in a report on Monday, August 17th. One research analyst has rated the stock with a Buy rating, nine have issued a Hold rating and four have assigned a Sell rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Reduce” and an average price target of $4.94.

JetBlue Airways Stock Performance

The company has a quick ratio of 0.55, a current ratio of 0.63 and a debt-to-equity ratio of 5.92. The stock has a 50-day moving average of $3.85 and a 200 day moving average of $4.89. The stock has a market cap of $1.38 billion, a PE ratio of -1.37 and a beta of 1.90.

JetBlue Airways (NASDAQ:JBLU) last issued its quarterly earnings data on Monday, October 26th. The transportation company reported ($0.60) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.55) by ($0.05). The business had revenue of $2.81 billion for the quarter, compared to analyst estimates of $2.83 billion. JetBlue Airways had a negative return on equity of 56.96% and a negative net margin of 10.01%. The firm’s revenue for the quarter was up 21.1% compared to the same quarter last year. During the same period in the previous year, the business posted ($0.40) earnings per share. Equities analysts predict that JetBlue Airways Corporation will post -2.73 EPS for the current fiscal year.

Institutional Trading of JetBlue Airways

Several hedge funds have recently made changes to their positions in JBLU. Rockefeller Capital Management L.P. boosted its stake in shares of JetBlue Airways by 157.3% in the 4th quarter. Rockefeller Capital Management L.P. now owns 5,517 shares of the transportation company’s stock valued at $25,000 after buying an additional 3,373 shares during the period. Trust Co. of Vermont purchased a new stake in shares of JetBlue Airways during the second quarter worth approximately $26,000. Northwestern Mutual Wealth Management Co. purchased a new stake in shares of JetBlue Airways during the second quarter worth approximately $27,000. Essential Partners LLC increased its stake in shares of JetBlue Airways by 1,048.5% during the first quarter. Essential Partners LLC now owns 7,293 shares of the transportation company’s stock worth $32,000 after buying an additional 6,658 shares during the period. Finally, EverSource Wealth Advisors LLC raised its holdings in JetBlue Airways by 162.2% in the second quarter. EverSource Wealth Advisors LLC now owns 7,707 shares of the transportation company’s stock valued at $44,000 after acquiring an additional 4,768 shares in the last quarter. Institutional investors and hedge funds own 83.71% of the company’s stock.

JetBlue Airways Company Profile

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.