JetBlue Airways (NASDAQ:JBLU) Shares Gap Down - Here's Why

Shares of JetBlue Airways Co. (NASDAQ:JBLU - Get Free Report) gapped down prior to trading on Tuesday . The stock had previously closed at $7.32, but opened at $6.72. JetBlue Airways shares last traded at $6.28, with a volume of 4,902,282 shares changing hands.

Analyst Ratings Changes

JBLU has been the subject of a number of recent research reports. Evercore ISI upped their price objective on JetBlue Airways from $4.00 to $5.00 and gave the stock an "in-line" rating in a research note on Thursday, October 3rd. Susquehanna upped their target price on JetBlue Airways from $6.00 to $7.00 and gave the company a "neutral" rating in a research report on Wednesday, October 9th. StockNews.com upgraded JetBlue Airways to a "sell" rating in a research note on Friday, October 11th. Bank of America upgraded shares of JetBlue Airways from an "underperform" rating to a "neutral" rating and boosted their price target for the company from $3.00 to $6.00 in a research report on Monday, September 9th. Finally, Citigroup raised their price target on shares of JetBlue Airways from $6.00 to $7.75 and gave the company a "neutral" rating in a research report on Tuesday, October 22nd. Four research analysts have rated the stock with a sell rating, six have issued a hold rating and one has issued a buy rating to the company's stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Hold" and an average target price of $5.98.

JetBlue Airways Stock Performance

The company has a fifty day moving average of $6.12 and a two-hundred day moving average of $5.93. The stock has a market capitalization of $2.06 billion, a P/E ratio of -2.61 and a beta of 1.92. The company has a debt-to-equity ratio of 1.86, a current ratio of 0.54 and a quick ratio of 0.50.

JetBlue Airways (NASDAQ:JBLU - Get Free Report) last announced its quarterly earnings data on Tuesday, July 30th. The transportation company reported $0.08 EPS for the quarter, topping analysts' consensus estimates of ($0.18) by $0.26. JetBlue Airways had a negative net margin of 10.18% and a negative return on equity of 10.29%. The business had revenue of $2.40 billion for the quarter, compared to analyst estimates of $2.40 billion. During the same quarter in the previous year, the firm posted $0.45 earnings per share. The firm's revenue for the quarter was down 8.0% on a year-over-year basis. On average, equities analysts anticipate that JetBlue Airways Co. will post -0.91 EPS for the current year.

Hedge Funds Weigh In On JetBlue Airways

Several hedge funds and other institutional investors have recently modified their holdings of JBLU. Allspring Global Investments Holdings LLC acquired a new position in JetBlue Airways in the 1st quarter worth $25,000. Trust Co. of Vermont acquired a new stake in shares of JetBlue Airways in the second quarter valued at about $27,000. Bogart Wealth LLC increased its stake in JetBlue Airways by 1,951.2% during the 3rd quarter. Bogart Wealth LLC now owns 4,205 shares of the transportation company's stock worth $28,000 after acquiring an additional 4,000 shares during the period. Strategic Investment Solutions Inc. IL bought a new position in JetBlue Airways during the 2nd quarter worth approximately $34,000. Finally, GAMMA Investing LLC boosted its stake in shares of JetBlue Airways by 79.2% in the 2nd quarter. GAMMA Investing LLC now owns 6,770 shares of the transportation company's stock worth $41,000 after buying an additional 2,993 shares during the last quarter. 83.71% of the stock is owned by hedge funds and other institutional investors.

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.