Jet.AI (NASDAQ:JTAI) Posts Earnings Results, Misses Expectations By $4.68 EPS

Jet.AI (NASDAQ:JTAI) released its quarterly earnings data on Thursday. The company reported ($6.68) earnings per share for the quarter, missing the consensus estimate of ($2.00) by ($4.68), FiscalAI reports. The company had revenue of $1.68 million for the quarter, compared to analysts’ expectations of $1.70 million. Jet.AI had a net margin of 50.00% and a negative return on equity of 70.43%.

Jet.AI Price Performance

Shares of NASDAQ JTAI traded up $0.55 during mid-day trading on Thursday, reaching $6.84. The company’s stock had a trading volume of 85,836 shares, compared to its average volume of 448,023. Jet.AI has a 52 week low of $5.00 and a 52 week high of $940.00. The stock has a fifty day moving average of $12.62 and a two-hundred day moving average of $133.79. The firm has a market capitalization of $4.10 million, a PE ratio of -0.17 and a beta of -0.48.

Analysts Set New Price Targets

JTAI has been the topic of several recent research reports. Weiss Ratings reiterated a “sell (e+)” rating on shares of Jet.AI in a research note on Thursday, January 22nd. Wall Street Zen upgraded shares of Jet.AI from a “strong sell” rating to a “sell” rating in a research report on Sunday, April 19th. One research analyst has rated the stock with a Buy rating and one has given a Sell rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $2,200.00.

Jet.AI declared that its Board of Directors has approved a stock buyback plan on Tuesday, March 17th that allows the company to repurchase $5.00 million in outstanding shares. This repurchase authorization allows the company to purchase up to 44.1% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company’s leadership believes its shares are undervalued.

About Jet.AI

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.