Jet2 (LON:JET2) Shares Down 15.2% After Analyst Downgrade

Key Points

• Jet2 shares plummeted by 15.2% following an analyst downgrade from Canaccord Genuity, which lowered its price target from GBX 2,335 to GBX 2,250.
• The stock traded at GBX 1,368.18, significantly lower than the previous closing price of GBX 1,613, with trading volume increasing by 231% compared to its average daily volume.
• Despite the downgrade, five investment analysts maintain a Buy rating on Jet2, with an average target price of GBX 2,221.25.

Jet2 plc (LON:JET2 - Get Free Report) shares dropped 15.2% during trading on Friday 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 1,368.18 ($18.38). Approximately 3,217,243 shares were traded during trading, an increase of 231% from the average daily volume of 971,673 shares. The stock had previously closed at GBX 1,613 ($21.67).

Other equities research analysts have also recently issued reports about the company. JPMorgan Chase & Co. reissued an "overweight" rating on shares of Jet2 in a research report on Friday, July 18th. Royal Bank Of Canada reiterated an "outperform" rating and set a GBX 2,200 target price 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 MarketBeat, the company currently has an average rating of "Buy" and a consensus price target of GBX 2,221.25.

Jet2 Stock Performance

The company has a debt-to-equity ratio of 103.30, a current ratio of 1.36 and a quick ratio of 1.49. The stock's 50 day moving average is GBX 1,660.87 and its two-hundred day moving average is GBX 1,577.97. The firm has a market cap of £2.84 billion, a P/E ratio of 660.32, a PEG ratio of 9.34 and a beta of 2.27.

Jet2 (LON:JET2 - Get Free Report) last issued 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%. As a group, equities analysts predict that Jet2 plc will post 170.9134615 EPS for the current year.

Jet2 Company Profile

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.

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