Jet.AI Inc. (NASDAQ:JTAI) Short Interest Down 99.5% in April

Jet.AI Inc. (NASDAQ:JTAI) was the target of a significant decline in short interest in April. As of April 15th, there was short interest totaling 67,685 shares, a decline of 99.5% from the March 31st total of 12,791,343 shares. Currently, 11.5% of the company’s shares are short sold. Based on an average daily volume of 948,385 shares, the days-to-cover ratio is currently 0.1 days.

Analyst Ratings Changes

A number of brokerages have weighed in on JTAI. Wall Street Zen upgraded Jet.AI from a “strong sell” rating to a “sell” rating in a report on Sunday, April 19th. Weiss Ratings restated a “sell (e+)” rating on shares of Jet.AI in a report on Thursday, January 22nd. One analyst has rated the stock with a Buy rating and one has issued a Sell rating to the company. Based on data from MarketBeat, Jet.AI presently has an average rating of “Hold” and a consensus target price of $2,200.00.

Jet.AI Stock Performance

Shares of NASDAQ JTAI traded down $0.57 during midday trading on Friday, hitting $7.12. 191,985 shares of the stock traded hands, compared to its average volume of 838,085. The company has a market cap of $4.27 million, a PE ratio of -0.18 and a beta of -0.09. Jet.AI has a one year low of $5.00 and a one year high of $940.00. The business has a 50 day moving average price of $16.52 and a two-hundred day moving average price of $186.81.

Jet.AI (NASDAQ:JTAI) last released its quarterly earnings data on Friday, March 6th. The company reported ($0.62) EPS for the quarter, beating the consensus estimate of ($72.00) by $71.38. The firm had revenue of $1.77 million during the quarter, compared to the consensus estimate of $1.00 million. Jet.AI had a negative return on equity of 70.43% and a net margin of 50.00%.

Jet.AI announced that its Board of Directors has initiated a stock buyback program on Tuesday, March 17th that authorizes the company to buyback $5.00 million in shares. This buyback authorization authorizes the company to reacquire up to 44.1% of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s management believes its stock is undervalued.

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.