JetBlue Airways (NASDAQ:JBLU) Shares Gap Up After Strong Earnings

JetBlue Airways Co. (NASDAQ:JBLU) shares gapped up before the market opened on Tuesday after the company announced better than expected quarterly earnings. The stock had previously closed at $5.93, but opened at $6.21. JetBlue Airways shares last traded at $6.88, with a volume of 6,634,284 shares trading hands.

The transportation company reported $0.08 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.18) by $0.26. JetBlue Airways had a negative return on equity of 9.94% and a negative net margin of 10.18%. The business had revenue of $2.40 billion during the quarter, compared to analyst estimates of $2.40 billion. During the same period last year, the company earned $0.45 earnings per share. JetBlue Airways’s quarterly revenue was down 8.0% compared to the same quarter last year.

Analyst Upgrades and Downgrades

JBLU has been the topic of a number of analyst reports. Barclays lowered their price objective on JetBlue Airways from $6.00 to $5.00 and set an “underweight” rating on the stock in a report on Monday, May 6th. TD Cowen lifted their price objective on JetBlue Airways from $4.00 to $6.00 and gave the company a “hold” rating in a report on Wednesday. Susquehanna increased their target price on JetBlue Airways from $5.00 to $6.00 and gave the stock a “neutral” rating in a report on Tuesday, April 9th. Evercore ISI lifted their price objective on JetBlue Airways from $5.00 to $8.00 and gave the company an “in-line” rating in a report on Thursday, April 4th. Finally, JPMorgan Chase & Co. decreased their price objective on shares of JetBlue Airways from $7.00 to $6.00 and set a “neutral” rating on the stock in a research note on Wednesday, April 24th. Five analysts have rated the stock with a sell rating, five have assigned a hold rating and one has issued a buy rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Hold” and an average price target of $5.75.

Hedge Funds Weigh In On JetBlue Airways

A number of hedge funds and other institutional investors have recently bought and sold shares of JBLU. Allspring Global Investments Holdings LLC bought a new position in JetBlue Airways during the first quarter worth about $25,000. GAMMA Investing LLC grew its holdings in shares of JetBlue Airways by 169.8% in the 1st quarter. GAMMA Investing LLC now owns 3,777 shares of the transportation company’s stock valued at $28,000 after buying an additional 2,377 shares during the period. YHB Investment Advisors Inc. bought a new stake in shares of JetBlue Airways in the 1st quarter valued at $30,000. Trust Co. of Vermont acquired a new stake in JetBlue Airways during the 2nd quarter worth $27,000. Finally, Resonant Capital Advisors LLC bought a new position in JetBlue Airways during the first quarter worth about $74,000. 83.71% of the stock is owned by institutional investors.

JetBlue Airways Stock Down 7.6 %

The business has a 50 day simple moving average of $5.79 and a 200-day simple moving average of $6.15. The company has a quick ratio of 0.51, a current ratio of 0.54 and a debt-to-equity ratio of 1.78.

JetBlue Airways Company Profile

JetBlue Airways Corporation provides air transportation services. The company operates a fleet of Airbus A321, Airbus A220, Airbus A321neo, Airbus A320 Restyled, Airbus A320, Airbus A321 with Mint, Airbus A321neo with Mint, Airbus A321neoLR with Mint, and Embraer E190 aircraft. It also serves 100 destinations across the United States, the Caribbean and Latin America, Canada, and Europe.