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

Pinnacle Holdings LLC bought a new position in JetBlue Airways Corporation (NASDAQ:JBLU) in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm bought 116,737 shares of the transportation company’s stock, valued at approximately $2,453,000.

Other institutional investors have also made changes to their positions in the company. Quantinno Capital Management LP boosted its holdings in JetBlue Airways by 509.5% in the first quarter. Quantinno Capital Management LP now owns 649,600 shares of the transportation company’s stock worth $2,871,000 after purchasing an additional 543,017 shares during the period. Counterpoint Mutual Funds LLC bought a new position in shares of JetBlue Airways in the 2nd quarter worth about $6,890,000. GSA Capital Partners LLP acquired a new position in shares of JetBlue Airways in the 2nd quarter valued at about $1,725,000. Renaissance Technologies LLC boosted its holdings in shares of JetBlue Airways by 235.9% in the 1st quarter. Renaissance Technologies LLC now owns 2,246,200 shares of the transportation company’s stock valued at $9,928,000 after buying an additional 1,577,500 shares during the period. Finally, Great Lakes Advisors LLC bought a new stake in shares of JetBlue Airways during the 2nd quarter valued at about $1,375,000. 83.71% of the stock is currently owned by institutional investors.

Insider Activity at JetBlue Airways

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

JetBlue Airways Price Performance

Shares of NASDAQ JBLU opened at $4.89 on Monday. The stock has a market cap of $1.85 billion, a P/E ratio of -2.05 and a beta of 1.74. The firm’s 50-day simple moving average is $5.64 and its 200 day simple moving average is $5.25. JetBlue Airways Corporation has a fifty-two week low of $3.87 and a fifty-two week high of $6.62. The company has a quick ratio of 0.63, a current ratio of 0.70 and a debt-to-equity ratio of 5.04.

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

Analyst Ratings Changes

Several research firms recently weighed in on JBLU. Seaport Research Partners lowered shares of JetBlue Airways from a “buy” rating to a “neutral” rating in a research note on Monday, August 17th. Citigroup lowered JetBlue Airways from a “neutral” rating to a “sell” rating and lowered their target price for the company from $6.60 to $5.30 in a report on Friday, August 7th. Bank of America increased their price target on JetBlue Airways from $3.50 to $4.00 and gave the stock an “underperform” rating in a research report on Wednesday, July 1st. BMO Capital Markets raised their price target on JetBlue Airways from $6.00 to $6.75 and gave the stock a “market perform” rating in a report on Wednesday, July 29th. Finally, Weiss Ratings restated a “sell (d-)” rating on shares of JetBlue Airways in a research report on Friday, July 17th. One analyst has rated the stock with a Strong Buy rating, five have given a Hold rating and six have given a Sell rating to the company. According to MarketBeat, JetBlue Airways currently has an average rating of “Reduce” and a consensus target price of $5.40.

JetBlue Airways Profile

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.