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

Key Points

• Jet2's stock price has dropped 12.2% after Canaccord Genuity Group lowered their price target from GBX 2,335 to GBX 2,250, although they maintain a buy rating on the stock.
• The company has an average rating of "Buy" from analysts, with five analysts rating the stock as such, while the average target price sits at GBX 2,221.25.
• Jet2 reported earnings per share (EPS) of GBX 213.10 for the last quarter and is projected to post EPS of approximately 171 for the current year.

Shares of Jet2 plc (LON:JET2 - Get Free Report) dropped 12.2% during mid-day trading on Thursday after Royal Bank Of Canada lowered their price target on the stock from GBX 2,200 to GBX 2,150. Royal Bank Of Canada currently has an outperform rating on the stock. Jet2 traded as low as GBX 1,207 ($16.35) and last traded at GBX 1,416.72 ($19.19). Approximately 19,551,631 shares changed hands during mid-day trading, an increase of 1,732% from the average daily volume of 1,067,196 shares. The stock had previously closed at GBX 1,613 ($21.85).

Other equities research analysts have also recently issued reports about the company. Canaccord Genuity Group lowered their price objective on Jet2 from GBX 2,335 to GBX 2,250 and set a "buy" rating on the stock in a report on Thursday. Deutsche Bank Aktiengesellschaft lowered their price objective on Jet2 from GBX 2,150 to GBX 2,059 and set a "buy" rating on the stock in a report on Thursday. Finally, JPMorgan Chase & Co. reiterated an "overweight" rating on shares of Jet2 in a report on Friday, July 18th. Five equities research analysts have rated the stock with a Buy rating, According to MarketBeat.com, the stock presently has a consensus rating of "Buy" and an average target price of GBX 2,127.25.

Jet2 Trading Up 2.3%

The stock has a market cap of £2.91 billion, a PE ratio of 718.55, a price-to-earnings-growth ratio of 9.34 and a beta of 2.27. The company has a debt-to-equity ratio of 103.30, a quick ratio of 1.49 and a current ratio of 1.36. The company's 50-day moving average price is GBX 1,653.53 and its 200 day moving average price is GBX 1,580.08.

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