Jet2 (LON:JET2) Shares Down 12.2% After Analyst Downgrade

Key Points

• Jet2's shares fell by 12.2% after Canaccord Genuity Group downgraded their price target from GBX 2,335 to GBX 2,250, although they maintain a buy rating on the stock.
• Trading volume significantly increased by 1,760% compared to the average session, with 19,889,873 shares changing hands.
• Despite the recent downgrade, Jet2 has a consensus rating of Buy among five investment analysts, with an average price target of GBX 2,221.25.

Jet2 plc (LON:JET2 - Get Free Report)'s stock price traded down 12.2% during mid-day trading on Thursday after Canaccord Genuity Group lowered their price target on the stock from GBX 2,335 to GBX 2,250. Canaccord Genuity Group currently has a buy rating on the stock. Jet2 traded as low as GBX 1,207 ($16.22) and last traded at GBX 1,415.63 ($19.03). 19,889,873 shares were traded during trading, an increase of 1,760% from the average session volume of 1,069,174 shares. The stock had previously closed at GBX 1,613 ($21.68).

JET2 has been the topic of several other reports. JPMorgan Chase & Co. reaffirmed an "overweight" rating on shares of Jet2 in a research note on Friday, July 18th. Royal Bank Of Canada reaffirmed an "outperform" rating and issued a GBX 2,200 price objective on shares of Jet2 in a research note on Thursday, July 10th. Five investment analysts have rated the stock with a Buy rating, According to data from MarketBeat, the company presently has a consensus rating of "Buy" and an average price target of GBX 2,221.25.

Jet2 Stock Performance

The stock has a 50-day simple moving average of GBX 1,669.90 and a 200-day simple moving average of GBX 1,579.40. The company has a market capitalization of £2.93 billion, a price-to-earnings ratio of 683.22, a price-to-earnings-growth ratio of 9.34 and a beta of 2.27. The company has a current ratio of 1.36, a quick ratio of 1.49 and a debt-to-equity ratio of 103.30.

Jet2 (LON:JET2 - Get Free Report) last announced its earnings results on Wednesday, July 9th. The company reported GBX 213.10 earnings per share (EPS) for the quarter. Jet2 had a return on equity of 26.53% and a net margin of 6.38%. On average, analysts anticipate that Jet2 plc will post 170.9134615 earnings per share for the current year.

About Jet2

Jet2 plc is a leading leisure travel group, specialising in friendly low fares from its award-winning airline, Jet2.com, and package holidays you can trust from the UK's largest package holiday provider, Jet2holidays. Jet2.com is the UK's third largest airline, flying from 12 UK airports to over 70 destinations across Europe and beyond and Jet2holidays is the UK's largest tour operator.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.