Jet.AI (NASDAQ:JTAI) Stock Price Down 13.2% – Here’s What Happened

Jet.AI Inc. (NASDAQ:JTAI)’s share price traded down 13.2% on Thursday . The stock traded as low as $2.07 and last traded at $2.10. 348,129 shares were traded during mid-day trading, a decline of 86% from the average daily volume of 2,423,872 shares. The stock had previously closed at $2.42.

Analyst Upgrades and Downgrades

JTAI has been the topic of a number of research analyst reports. Wall Street Zen lowered Jet.AI from a “sell” rating to a “strong sell” rating in a report on Saturday, May 16th. Weiss Ratings restated a “sell (d)” rating on shares of Jet.AI in a research report on Tuesday, June 16th. One analyst has rated the stock with a Buy rating and one has given a Sell rating to the company. According to data from MarketBeat, Jet.AI has an average rating of “Hold” and an average price target of $2,200.00.

Jet.AI Trading Down 13.2%

The company has a market cap of $2.98 million, a price-to-earnings ratio of 0.01 and a beta of -0.37. The business has a 50-day moving average price of $6.51 and a 200 day moving average price of $22.26.

Jet.AI (NASDAQ:JTAI) last issued its earnings results on Thursday, May 14th. The company reported ($6.68) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($2.00) by ($4.68). Jet.AI had a negative return on equity of 47.89% and a net margin of 68.77%.The company had revenue of $1.68 million during the quarter, compared to analyst estimates of $1.70 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.