JetBlue Airways (NASDAQ:JBLU) Director Nik Mittal Buys 100,000 Shares of Stock

Key Points

• Director Nik Mittal bought 100,000 JetBlue shares at an average price of $3.24, investing $324,000 and increasing his stake by 72.18% to 238,537 shares.
• JetBlue’s latest quarter came in below expectations: it reported a $0.60-per-share loss versus a projected $0.55 loss and $2.81 billion in revenue versus a $2.83 billion estimate. Revenue nevertheless rose 21.1% year over year.
• Shares gained 11.5% during Wednesday trading, while analyst sentiment remained cautious: the average rating was “Reduce,” with a consensus price target of $4.89.

JetBlue Airways Corporation (NASDAQ:JBLU - Get Free Report) Director Nik Mittal acquired 100,000 shares of the stock in a transaction that occurred on Tuesday, November 3rd. The stock was acquired at an average cost of $3.24 per share, with a total value of $324,000.00. Following the completion of the purchase, the director owned 238,537 shares of the company's stock, valued at $772,859.88. This trade represents a 72.18% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link.

JetBlue Airways Stock Up 11.5%

JetBlue Airways stock traded up $0.36 during midday trading on Wednesday, hitting $3.54. 43,094,720 shares of the company's stock were exchanged, compared to its average volume of 26,620,207. The company has a debt-to-equity ratio of 5.92, a quick ratio of 0.55 and a current ratio of 0.63. JetBlue Airways Corporation has a 12 month low of $2.16 and a 12 month high of $6.62. The firm has a 50-day moving average of $3.91 and a two-hundred day moving average of $4.90. The company has a market cap of $1.34 billion, a PE ratio of -1.32 and a beta of 1.90.

JetBlue Airways (NASDAQ:JBLU - Get Free Report) last posted its quarterly earnings results on Monday, October 26th. The transportation company reported ($0.60) EPS for the quarter, missing the consensus estimate of ($0.55) by ($0.05). JetBlue Airways had a negative net margin of 10.01% and a negative return on equity of 56.96%. The business had revenue of $2.81 billion during the quarter, compared to the consensus estimate of $2.83 billion. During the same quarter in the prior year, the firm posted ($0.40) EPS. The company's revenue for the quarter was up 21.1% compared to the same quarter last year. As a group, analysts expect that JetBlue Airways Corporation will post -2.73 earnings per share for the current fiscal year.

Institutional Investors Weigh In On JetBlue Airways

Several institutional investors have recently bought and sold shares of JBLU. U S Global Investors Inc. grew its holdings in shares of JetBlue Airways by 8.4% during the third quarter. U S Global Investors Inc. now owns 6,501,298 shares of the transportation company's stock valued at $27,500,000 after buying an additional 505,067 shares during the last quarter. Bank of America Corp DE purchased a new position in JetBlue Airways in the 2nd quarter worth $20,022,000. Primecap Management Co. CA purchased a new position in JetBlue Airways in the 2nd quarter worth $13,549,000. Counterpoint Mutual Funds LLC lifted its position in JetBlue Airways by 91.1% during the 3rd quarter. Counterpoint Mutual Funds LLC now owns 2,297,994 shares of the transportation company's stock worth $9,721,000 after acquiring an additional 1,095,610 shares during the period. Finally, Renaissance Technologies LLC lifted its position in JetBlue Airways by 235.9% during the 1st quarter. Renaissance Technologies LLC now owns 2,246,200 shares of the transportation company's stock worth $9,928,000 after acquiring an additional 1,577,500 shares during the period. 83.71% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

JBLU has been the subject of a number of analyst reports. Wall Street Zen lowered JetBlue Airways from a "sell" rating to a "strong sell" rating in a report on Saturday, August 22nd. Citigroup upgraded JetBlue Airways from a "sell" rating to a "neutral" rating and cut their price target for the company from $5.30 to $4.50 in a report on Tuesday, October 6th. Seaport Research Partners lowered JetBlue Airways from a "buy" rating to a "neutral" rating in a research report on Monday, August 17th. Barclays decreased their price objective on JetBlue Airways from $7.00 to $5.00 and set an "equal weight" rating for the company in a research note on Friday, September 11th. Finally, Weiss Ratings reaffirmed a "sell (d-)" rating on shares of JetBlue Airways in a research report on Thursday, October 15th. Nine research analysts have rated the stock with a Hold rating and four have given a Sell rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of "Reduce" and a consensus price target of $4.89.

About JetBlue Airways

JetBlue Airways Corporation is a U.S.-based passenger airline that provides scheduled air transportation to destinations across the United States, the Caribbean, Latin America and select locations in Europe. The company operates primarily from focus cities including New York, Boston, Fort Lauderdale, Orlando and Los Angeles, with a network designed to connect major metropolitan areas and leisure destinations.

JetBlue offers multiple classes and service options, including standard economy seating, extra-legroom EvenMore seats and its premium Mint service on select routes.

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