Pinnacle Holdings LLC Makes New $2.45 Million Investment in JetBlue Airways Corporation $JBLU

Pinnacle Holdings LLC purchased a new stake in JetBlue Airways Corporation (NASDAQ:JBLU) in the second quarter, according to its most recent Form 13F filing with the SEC. The institutional investor purchased 116,737 shares of the transportation company’s stock, valued at approximately $2,453,000.

Several other large investors also recently made changes to their positions in JBLU. Goldman Sachs Group Inc. grew its stake in shares of JetBlue Airways by 85.6% in the 4th quarter. Goldman Sachs Group Inc. now owns 12,124,292 shares of the transportation company’s stock worth $55,166,000 after purchasing an additional 5,591,470 shares during the last quarter. Deutsche Bank AG raised its holdings in shares of JetBlue Airways by 1,157.9% in the 4th quarter. Deutsche Bank AG now owns 3,356,021 shares of the transportation company’s stock worth $15,270,000 after purchasing an additional 3,089,226 shares in the last quarter. Par Capital Management Inc. lifted its stake in JetBlue Airways by 105.3% during the second quarter. Par Capital Management Inc. now owns 5,487,425 shares of the transportation company’s stock valued at $23,212,000 after purchasing an additional 2,814,870 shares during the last quarter. Bank of New York Mellon Corp acquired a new stake in JetBlue Airways during the second quarter valued at approximately $11,336,000. Finally, Tudor Investment Corp ET AL bought a new stake in JetBlue Airways during the fourth quarter worth approximately $8,795,000. Institutional investors own 83.71% of the company’s stock.

Analyst Upgrades and Downgrades

JBLU has been the topic of several recent research reports. Citigroup lowered shares of JetBlue Airways from a “neutral” rating to a “sell” rating and decreased their price target for the stock from $6.60 to $5.30 in a research report on Friday, August 7th. Seaport Research Partners downgraded JetBlue Airways from a “buy” rating to a “neutral” rating in a research report on Monday, August 17th. Bank of America raised their price objective on JetBlue Airways from $3.50 to $4.00 and gave the stock an “underperform” rating in a research note on Wednesday, July 1st. The Goldman Sachs Group lifted their target price on JetBlue Airways from $3.50 to $4.50 and gave the stock a “sell” rating in a report on Thursday, July 2nd. Finally, UBS Group boosted their target price on JetBlue Airways from $4.00 to $4.50 and gave the stock a “sell” rating in a research report on Tuesday, June 23rd. One analyst has rated the stock with a Strong Buy rating, five have assigned a Hold rating and six have issued a Sell rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Reduce” and an average target price of $5.40.

Insiders Place Their Bets

In related news, Director Vivek Sharma sold 32,000 shares of the company’s stock in a transaction on Thursday, May 28th. The stock was sold at an average price of $5.41, for a total transaction of $173,120.00. Following the transaction, the director directly owned 35,479 shares of the company’s stock, valued at approximately $191,941.39. The trade was a 47.42% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Ursula L. Hurley sold 77,253 shares of the stock in a transaction dated Thursday, July 30th. The stock was sold at an average price of $5.76, for a total value of $444,977.28. Following the completion of the sale, the chief financial officer directly owned 211,099 shares of the company’s stock, valued at approximately $1,215,930.24. This represents a 26.79% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 111,253 shares of company stock worth $629,597 in the last quarter. 2.41% of the stock is currently owned by corporate insiders.

JetBlue Airways Stock Performance

JetBlue Airways stock opened at $4.89 on Monday. JetBlue Airways Corporation has a 52 week low of $3.87 and a 52 week high of $6.62. The company has a debt-to-equity ratio of 5.04, a quick ratio of 0.63 and a current ratio of 0.70. The firm has a market capitalization of $1.85 billion, a price-to-earnings ratio of -2.05 and a beta of 1.74. The company has a 50 day moving average price of $5.64 and a 200 day moving average price of $5.25.

JetBlue Airways (NASDAQ:JBLU) last announced its earnings results on Tuesday, July 28th. The transportation company reported ($0.66) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.69) by $0.03. The company had revenue of $2.70 billion for the quarter, compared to the consensus estimate of $2.69 billion. JetBlue Airways had a negative net margin of 9.32% and a negative return on equity of 45.92%. The company’s revenue was up 14.5% on a year-over-year basis. During the same period in the previous year, the business earned ($0.21) EPS. Research analysts forecast that JetBlue Airways Corporation will post -2.24 EPS for the current year.

About JetBlue Airways

JetBlue Airways Corporation is a low-cost scheduled passenger airline headquartered in Long Island City, New York. Since commencing service in 2000, the carrier has built a reputation for combining competitive fares with enhanced onboard amenities, including free in-flight entertainment, complimentary snacks and beverages, and onboard Wi-Fi. JetBlue operates a single fleet type of Airbus A320 family and Embraer 190 aircraft, which supports its focus on efficiency and operational consistency.

The airline’s core offerings include economy-class travel and a premium business-class product known as Mint, which features lie-flat seats, curated culinary options and elevated service on select transcontinental and international routes.