Jet.AI (NASDAQ:JTAI) Hits New 12-Month Low - Here's What Happened

Key Points

• Hit a new 52-week low: Shares traded as low as $0.0352 during mid-day trading on heavy volume (202,637,637 shares), marking a new one-year low for Jet.AI (NASDAQ:JTAI).
• Large earnings miss but revenue beat: Jet.AI reported EPS of ($124.00) versus analysts' ($72.00) expectation (a $52.00 miss), while revenue of $1.77 million beat the $1.00 million consensus.
• Board buyback and mixed analyst stance: The board authorized a $5.0 million repurchase plan (up to 44.1% of shares), while analysts are split (consensus "Hold"), Weiss Ratings reiterated a "sell (e+)," and the consensus price target shown was an anomalous $2,200.00.

Jet.AI Inc. (NASDAQ:JTAI - Get Free Report) shares hit a new 52-week low during mid-day trading on Wednesday . The company traded as low as $0.0352 and last traded at $8.2670, with a volume of 202637637 shares. The stock had previously closed at $7.70.

Analysts Set New Price Targets

Separately, Weiss Ratings restated a "sell (e+)" rating on shares of Jet.AI in a research report on Thursday, January 22nd. One investment analyst has rated the stock with a Buy rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Hold" and a consensus price target of $2,200.00.

Jet.AI Price Performance

The firm has a market capitalization of $645.05 million, a PE ratio of -27.72 and a beta of -0.09. The business's 50-day moving average price is $0.12 and its 200-day moving average price is $1.21.

Jet.AI (NASDAQ:JTAI - Get Free Report) last announced its earnings results on Friday, March 6th. The company reported ($124.00) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($72.00) by ($52.00). Jet.AI had a negative return on equity of 70.43% and a net margin of 50.00%.The business had revenue of $1.77 million for the quarter, compared to analysts' expectations of $1.00 million.

Jet.AI declared that its board has authorized a share repurchase plan on Tuesday, March 17th that permits the company to repurchase $5.00 million in outstanding shares. This repurchase authorization permits the company to repurchase up to 44.1% of its stock through open market purchases. Stock repurchase plans are generally an indication that the company's board of directors believes its stock is undervalued.

Jet.AI Company Profile

Jet.AI Inc primarily engages in the development and operation of private aviation platforms. The company operates CharterGPT, a booking platform that functions as a prospecting and quoting platform to arrange private jet travel with its aircrafts and third-party carriers. It also provides Reroute AI software that recycles aircraft waiting to return to base into prospective new charter bookings to destinations within specific distances; and DynoFlight, a software application programming interface (API), which enables aircraft operators to track and estimate emissions, and purchase carbon offset credits.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.