JetBlue Airways (NASDAQ:JBLU) Trading Up 11.5% – Here’s What Happened

JetBlue Airways Corporation (NASDAQ:JBLU)’s stock price rose 11.5% during trading on Monday . The company traded as high as $5.56 and last traded at $5.5850. Approximately 19,617,588 shares were traded during mid-day trading, a decline of 21% from the average daily volume of 24,865,625 shares. The stock had previously closed at $5.01.

Wall Street Analysts Forecast Growth

Several brokerages recently weighed in on JBLU. Wall Street Zen upgraded shares of JetBlue Airways from a “strong sell” rating to a “sell” rating in a report on Saturday, May 23rd. Citigroup lowered their price objective on JetBlue Airways from $6.00 to $4.40 and set a “neutral” rating for the company in a research report on Friday, March 20th. The Goldman Sachs Group reaffirmed a “sell” rating and set a $3.50 price objective on shares of JetBlue Airways in a research report on Monday, June 1st. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of JetBlue Airways in a research report on Tuesday, April 21st. Finally, BMO Capital Markets started coverage on shares of JetBlue Airways in a research note on Tuesday, March 24th. They set a “market perform” rating and a $4.50 target price for the company. One investment analyst has rated the stock with a Strong Buy rating, six have given a Hold rating and four have given a Sell rating to the company’s stock. Based on data from MarketBeat, JetBlue Airways has an average rating of “Reduce” and a consensus target price of $4.93.

JetBlue Airways Stock Up 7.5%

The business’s fifty day moving average price is $4.99 and its 200 day moving average price is $4.98. The company has a quick ratio of 0.64, a current ratio of 0.70 and a debt-to-equity ratio of 4.25. The firm has a market capitalization of $2.00 billion, a PE ratio of -2.78 and a beta of 1.73.

JetBlue Airways (NASDAQ:JBLU) last posted its quarterly earnings results on Tuesday, April 28th. The transportation company reported ($0.87) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.72) by ($0.15). The firm had revenue of $2.24 billion for the quarter, compared to analysts’ expectations of $2.24 billion. JetBlue Airways had a negative return on equity of 32.76% and a negative net margin of 7.78%.The company’s revenue for the quarter was up 4.7% on a year-over-year basis. During the same period in the prior year, the company earned ($0.59) earnings per share. On average, equities research analysts forecast that JetBlue Airways Corporation will post -2.78 earnings per share for the current fiscal year.

Insider Transactions at JetBlue Airways

In other JetBlue Airways news, Director Thomas Winkelmann sold 35,473 shares of the stock in a transaction dated Friday, May 1st. The shares were sold at an average price of $4.70, for a total value of $166,723.10. Following the completion of the transaction, the director directly owned 13,379 shares of the company’s stock, valued at approximately $62,881.30. This trade represents a 72.61% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Vivek Sharma sold 32,000 shares of the stock in a transaction dated Thursday, May 28th. The shares were sold at an average price of $5.41, for a total transaction of $173,120.00. Following the completion of the transaction, the director directly owned 35,479 shares of the company’s stock, valued at approximately $191,941.39. This trade represents a 47.42% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Company insiders own 2.41% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in the stock. Caerus Investment Advisors LLC purchased a new position in JetBlue Airways in the first quarter valued at about $94,000. Essential Partners LLC increased its holdings in JetBlue Airways by 1,048.5% in the first quarter. Essential Partners LLC now owns 7,293 shares of the transportation company’s stock valued at $32,000 after buying an additional 6,658 shares in the last quarter. Arkadios Wealth Advisors purchased a new position in JetBlue Airways in the first quarter valued at about $88,000. Amundi increased its holdings in JetBlue Airways by 8.9% in the first quarter. Amundi now owns 39,447 shares of the transportation company’s stock valued at $174,000 after buying an additional 3,238 shares in the last quarter. Finally, Empowered Funds LLC increased its holdings in JetBlue Airways by 2.2% in the first quarter. Empowered Funds LLC now owns 1,432,400 shares of the transportation company’s stock valued at $6,331,000 after buying an additional 30,670 shares in the last quarter. 83.71% of the stock is owned by hedge funds and other institutional investors.

About JetBlue Airways

JetBlue Airways Corporation is a low-cost scheduled passenger airline headquartered in Long Island City, New York. Since commencing service in 2000, the carrier has built a reputation for combining competitive fares with enhanced onboard amenities, including free in-flight entertainment, complimentary snacks and beverages, and onboard Wi-Fi. JetBlue operates a single fleet type of Airbus A320 family and Embraer 190 aircraft, which supports its focus on efficiency and operational consistency.

The airline’s core offerings include economy-class travel and a premium business-class product known as Mint, which features lie-flat seats, curated culinary options and elevated service on select transcontinental and international routes.