Jet.AI Inc. (NASDAQ:JTAI) Sees Significant Decrease in Short Interest

Jet.AI Inc. (NASDAQ:JTAI) was the target of a large drop in short interest during the month of June. As of June 15th, there was short interest totaling 68,679 shares, a drop of 38.4% from the May 31st total of 111,469 shares. Based on an average daily volume of 230,851 shares, the short-interest ratio is currently 0.3 days. Currently, 4.9% of the shares of the company are short sold.

Analyst Upgrades and Downgrades

A number of research firms have recently issued reports on JTAI. Wall Street Zen cut shares of Jet.AI from a “sell” rating to a “strong sell” rating in a research note on Saturday, May 16th. Weiss Ratings reaffirmed a “sell (d)” rating on shares of Jet.AI in a research report on Tuesday, June 16th. One research analyst has rated the stock with a Buy rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, Jet.AI currently has an average rating of “Hold” and a consensus target price of $2,200.00.

Jet.AI Price Performance

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

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

Jet.AI declared that its board has initiated a stock repurchase plan on Tuesday, March 17th that permits the company to repurchase $5.00 million in outstanding shares. This repurchase authorization permits the company to buy up to 44.1% of its stock through open market purchases. Stock repurchase plans are usually an indication that the company’s leadership 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.