Jet.AI (NASDAQ:JTAI) Authorizes Stock Buyback Plan

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

Wall Street Analyst Weigh In

Separately, 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 given a Sell rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $11.00.

Jet.AI Stock Down 5.0%

JTAI opened at $0.09 on Friday. Jet.AI has a 52-week low of $0.08 and a 52-week high of $6.35. The company has a 50 day moving average of $0.19 and a two-hundred day moving average of $1.52. The company has a market cap of $11.10 million, a P/E ratio of -0.47 and a beta of -0.15.

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

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.