Jet.AI (NASDAQ:JTAI) Shares Down 14.8% – Time to Sell?

Jet.AI Inc. (NASDAQ:JTAI) shares traded down 14.8% during mid-day trading on Friday . The stock traded as low as $6.56 and last traded at $6.75. 223,951 shares traded hands during mid-day trading, a decline of 4% from the average session volume of 233,505 shares. The stock had previously closed at $7.92.

Wall Street Analysts Forecast Growth

Separately, Wall Street Zen lowered Jet.AI from a “sell” rating to a “strong sell” rating in a research note on Saturday, May 16th. One equities research analyst has rated the stock with a Buy rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and an average target price of $2,200.00.

Jet.AI Stock Down 14.8%

The company has a market capitalization of $9.59 million, a PE ratio of 0.02 and a beta of -0.35. The company has a 50-day moving average price of $7.67 and a two-hundred day moving average price of $75.17.

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

Jet.AI announced that its board has initiated a stock buyback plan on Tuesday, March 17th that allows the company to buyback $5.00 million in shares. This buyback authorization allows the company to buy up to 44.1% of its shares through open market purchases. Shares buyback plans are usually a sign that the company’s board 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.