Jet.AI (NASDAQ:JTAI) Hits New 12-Month Low – Here’s What Happened

Jet.AI Inc. (NASDAQ:JTAI)’s stock price reached a new 52-week low on Wednesday . The company traded as low as $0.0352 and last traded at $8.2670, with a volume of 202637637 shares changing hands. The stock had previously closed at $7.70.

Analyst Upgrades and Downgrades

Separately, Weiss Ratings reiterated a “sell (e+)” rating on shares of Jet.AI in a research report on Thursday, January 22nd. One analyst has rated the stock with a Buy rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, Jet.AI has a consensus rating of “Hold” and an average price target of $2,200.00.

Jet.AI Stock Performance

The company has a market capitalization of $645.05 million, a PE ratio of -27.72 and a beta of -0.09. The firm’s 50-day simple moving average is $0.12 and its 200 day simple moving average is $1.21.

Jet.AI (NASDAQ:JTAI) last issued its earnings results on Friday, March 6th. The company reported ($124.00) EPS for the quarter, missing the consensus estimate of ($72.00) by ($52.00). The company had revenue of $1.77 million for the quarter, compared to analysts’ expectations of $1.00 million. Jet.AI had a negative return on equity of 70.43% and a net margin of 50.00%.

Jet.AI declared that its board has initiated a stock repurchase program on Tuesday, March 17th that permits the company to buyback $5.00 million in shares. This buyback authorization permits the company to reacquire up to 44.1% of its shares through open market purchases. Shares buyback programs are often a sign that the company’s leadership believes its stock is undervalued.

About Jet.AI

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.