Jet2 (LON:JET2) Shares Down 13.6% Following Analyst Downgrade

Key Points

• Jet2 plc saw a significant drop of 13.6% in its stock price following an analyst downgrade from Canaccord Genuity Group, which lowered the price target from GBX 2,335 to GBX 2,250.
• Despite the downgrade, Jet2 maintains an average stock rating of "Buy" among analysts, with five firms supporting this stance and an average price target of GBX 2,221.25.
• The company reported earnings of GBX 213.10 per share for the last quarter, alongside a return on equity of 26.53%.

Jet2 plc (LON:JET2 - Get Free Report)'s share price traded down 13.6% 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 ($16.28) and last traded at GBX 1,394 ($18.80). 19,107,965 shares traded hands during mid-day trading, an increase of 1,695% from the average session volume of 1,064,601 shares. The stock had previously closed at GBX 1,613 ($21.76).

A number of other equities analysts have also weighed in on the stock. JPMorgan Chase & Co. reiterated an "overweight" rating on shares of Jet2 in a research report on Friday, July 18th. Canaccord Genuity Group reduced their price target on Jet2 from GBX 2,335 to GBX 2,250 and set a "buy" rating for the company in a research report on Thursday. Finally, Deutsche Bank Aktiengesellschaft decreased their target price on shares of Jet2 from GBX 2,150 to GBX 2,059 and set a "buy" rating on the stock in a report on Thursday. Five equities research analysts have rated the stock with a Buy rating, Based on data from MarketBeat, the company currently has a consensus rating of "Buy" and a consensus target price of GBX 2,127.25.

Jet2 Stock Performance

The firm has a market capitalization of £2.92 billion, a PE ratio of 721.86, 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. The business's 50 day simple moving average is GBX 1,653.53 and its two-hundred day simple moving average is GBX 1,580.08.

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