Jet.AI (NASDAQ:JTAI) Downgraded to “Strong Sell” Rating by Wall Street Zen

Jet.AI (NASDAQ:JTAI) was downgraded by Wall Street Zen to a “strong sell” rating in a report released on Saturday.

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 issued a Sell rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $2,200.00.

Jet.AI Stock Down 8.2%

Shares of NASDAQ JTAI opened at $6.06 on Friday. Jet.AI has a twelve month low of $5.00 and a twelve month high of $940.00. The firm has a market cap of $3.64 million, a P/E ratio of -0.15 and a beta of -0.09. The company has a 50 day moving average of $21.08 and a 200 day moving average of $233.76.

Jet.AI (NASDAQ:JTAI) last announced its quarterly earnings data on Friday, March 6th. The company reported ($0.62) earnings per share for the quarter, topping analysts’ consensus estimates of ($72.00) by $71.38. Jet.AI had a net margin of 50.00% and a negative return on equity of 70.43%. The company had revenue of $1.77 million during the quarter, compared to analyst estimates of $1.00 million.

Jet.AI declared that its Board of Directors has authorized a stock buyback program on Tuesday, March 17th that allows the company to buyback $5.00 million in outstanding shares. This buyback authorization allows the company to reacquire up to 44.1% of its stock through open market purchases. Stock buyback programs are often a sign that the company’s board of directors believes its stock is 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.