Jet2 (LON:JET2) Shares Climb 3.6% - Here's Why

Key Points

• Jet2 shares rose 3.6% to GBX 1,464 in midday trading, outperforming their previous close of GBX 1,413.
• Analyst sentiment remains positive, with five Buy ratings and two Holds; the average price target is GBX 1,616.57, including upgraded targets from RBC and Canaccord.
• The board authorized a share repurchase program, signaling management may view the stock as undervalued. Jet2 has a £2.63 billion market capitalization and trades at a P/E ratio of 7.03.

Shares of Jet2 plc (LON:JET2 - Get Free Report) shot up 3.6% during mid-day trading on Monday. The company traded as high as GBX 1,479 and last traded at GBX 1,464. 488,083 shares were traded during trading, a decline of 79% from the average daily volume of 2,287,766 shares. The stock had previously closed at GBX 1,413.

Analysts Set New Price Targets

JET2 has been the topic of several analyst reports. Royal Bank Of Canada lifted their target price on Jet2 from GBX 1,800 to GBX 1,900 and gave the company an "outperform" rating in a research report on Thursday, July 9th. Deutsche Bank Aktiengesellschaft reissued a "hold" rating and issued a GBX 1,256 price target on shares of Jet2 in a report on Friday, September 4th. Jefferies Financial Group reissued a "buy" rating and issued a GBX 1,800 target price on shares of Jet2 in a research note on Friday, September 4th. Finally, Canaccord Genuity Group upped their price target on Jet2 from GBX 1,750 to GBX 1,800 and gave the company a "buy" rating in a research report on Thursday, September 3rd. Five research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. According to MarketBeat, Jet2 currently has an average rating of "Moderate Buy" and an average target price of GBX 1,616.57.

Jet2 Trading Up 3.6%

The company's fifty day simple moving average is GBX 1,441.94 and its 200-day simple moving average is GBX 1,315.74. The company has a debt-to-equity ratio of 62.09, a quick ratio of 1.49 and a current ratio of 1.36. The company has a market capitalization of £2.63 billion, a P/E ratio of 7.03, a PEG ratio of 9.34 and a beta of 1.23.

Jet2 declared that its board has authorized a stock repurchase plan on Wednesday, July 8th that permits the company to buy back shares. This repurchase authorization permits the company to purchase shares of its stock through open market purchases. Stock repurchase plans are usually an indication that the company's board of directors believes its shares are undervalued.

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.

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