Jet.AI (NASDAQ:JTAI) to Repurchase $5.00 million in Outstanding Shares

Jet.AI (NASDAQ:JTAI) announced that its Board of Directors has initiated a share buyback program on Tuesday, March 17th, RTT News reports. The company plans to buyback $5.00 million in outstanding shares. This buyback authorization permits the company to reacquire up to 44.1% of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s board believes its shares are undervalued.

Jet.AI Price Performance

JTAI traded up $0.01 during midday trading on Tuesday, hitting $0.11. 411,538,568 shares of the company’s stock traded hands, compared to its average volume of 19,322,350. The company has a market cap of $12.64 million, a PE ratio of -0.53 and a beta of -0.15. The stock’s fifty day simple moving average is $0.22 and its 200-day simple moving average is $1.54. Jet.AI has a one year low of $0.08 and a one year high of $6.35.

Jet.AI (NASDAQ:JTAI) last posted its earnings results 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 negative return on equity of 70.43% and a net margin of 50.00%.The business had revenue of $1.77 million during the quarter, compared to the consensus estimate of $1.00 million.

Analyst Ratings Changes

Separately, Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Jet.AI in a research note 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, the stock currently has an average rating of “Hold” and a consensus target price of $11.00.

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.