Jet.AI Inc. (NASDAQ:JTAI) Sees Large Decline in Short Interest

Jet.AI Inc. (NASDAQ:JTAI) saw a large decline in short interest in June. As of June 15th, there was short interest totaling 68,679 shares, a decline of 38.4% from the May 31st total of 111,469 shares. Approximately 4.9% of the company’s shares are short sold. Based on an average trading volume of 230,851 shares, the days-to-cover ratio is presently 0.3 days.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on JTAI shares. Weiss Ratings reiterated a “sell (d)” rating on shares of Jet.AI in a report on Tuesday, June 16th. Wall Street Zen cut Jet.AI from a “sell” rating to a “strong sell” rating in a research note on Saturday, May 16th. One analyst has rated the stock with a Buy rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, Jet.AI currently has a consensus rating of “Hold” and a consensus price target of $2,200.00.

Jet.AI Trading Down 3.6%

Shares of JTAI stock traded down $0.29 during trading hours on Thursday, hitting $7.69. 74,277 shares of the company were exchanged, compared to its average volume of 303,026. The stock has a market capitalization of $10.92 million, a price-to-earnings ratio of 0.02 and a beta of -0.37. The firm has a fifty day simple moving average of $7.30 and a 200 day simple moving average of $42.49. Jet.AI has a 52-week low of $5.00 and a 52-week high of $804.00.

Jet.AI (NASDAQ:JTAI) last announced its quarterly earnings results on Thursday, May 14th. The company reported ($6.68) EPS for the quarter, missing analysts’ consensus estimates of ($2.00) by ($4.68). Jet.AI had a net margin of 68.77% and a negative return on equity of 47.89%. The business had revenue of $1.68 million for the quarter, compared to analysts’ expectations of $1.70 million.

Jet.AI declared that its Board of Directors has approved a stock buyback program on Tuesday, March 17th that allows the company to buyback $5.00 million in shares. This buyback authorization allows the company to reacquire up to 44.1% of its shares through open market purchases. Shares buyback programs are usually a sign that the company’s management believes its shares are 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.