Jet.AI (NASDAQ:JTAI) to Buyback $5.00 million in Outstanding Stock

Jet.AI (NASDAQ:JTAI) announced that its board has approved a stock repurchase plan on Tuesday, March 17th, RTT News reports. The company plans to repurchase $5.00 million in shares. This repurchase authorization authorizes the company to reacquire up to 44.1% of its shares through open market purchases. Shares repurchase plans are generally an indication that the company’s management believes its stock is undervalued.

Analyst Upgrades and Downgrades

Separately, Weiss Ratings restated a “sell (e+)” rating on shares of Jet.AI in a 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 company’s stock. According to MarketBeat, the company presently has an average rating of “Hold” and an average target price of $11.00.

Jet.AI Stock Performance

Shares of NASDAQ:JTAI opened at $0.11 on Wednesday. Jet.AI has a 52-week low of $0.08 and a 52-week high of $6.35. The business’s 50 day simple moving average is $0.22 and its two-hundred day simple moving average is $1.54. The firm has a market cap of $12.64 million, a P/E ratio of -0.53 and a beta of -0.15.

Jet.AI (NASDAQ:JTAI) last released its quarterly earnings data on Friday, March 6th. The company reported ($0.62) EPS for the quarter, missing the consensus estimate of ($0.36) by ($0.26). Jet.AI had a net margin of 50.00% and a negative return on equity of 70.43%. The firm had revenue of $1.77 million for the quarter, compared to the consensus estimate of $1.00 million.

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.