Bank of America Upgrades JetBlue Airways (NASDAQ:JBLU) to “Neutral”

JetBlue Airways (NASDAQ:JBLU) was upgraded by analysts at Bank of America from an “underperform” rating to a “neutral” rating in a research report issued on Monday, MarketBeat Ratings reports. The brokerage presently has a $6.00 target price on the transportation company’s stock, up from their previous target price of $3.00. Bank of America‘s price target would indicate a potential upside of 3.99% from the stock’s previous close.

JBLU has been the topic of a number of other research reports. Citigroup reduced their target price on JetBlue Airways from $6.90 to $6.50 and set a “neutral” rating on the stock in a report on Wednesday, May 29th. TD Cowen boosted their price objective on shares of JetBlue Airways from $5.00 to $6.00 and gave the stock a “hold” rating in a research note on Friday, September 6th. Four equities 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, JetBlue Airways currently has a consensus rating of “Hold” and an average price target of $6.05.

JetBlue Airways Stock Performance

NASDAQ JBLU opened at $5.77 on Monday. The company has a quick ratio of 0.50, a current ratio of 0.54 and a debt-to-equity ratio of 1.86. JetBlue Airways has a fifty-two week low of $3.42 and a fifty-two week high of $7.58. The business has a fifty day moving average of $5.53 and a 200-day moving average of $6.01. The stock has a market cap of $2.00 billion, a price-to-earnings ratio of -2.34 and a beta of 1.91.

JetBlue Airways (NASDAQ:JBLU) last released its earnings results on Tuesday, July 30th. The transportation company reported $0.08 EPS for the quarter, topping the consensus estimate of ($0.18) by $0.26. The firm had revenue of $2.40 billion during the quarter, compared to analysts’ expectations of $2.40 billion. JetBlue Airways had a negative net margin of 10.18% and a negative return on equity of 10.29%. JetBlue Airways’s revenue for the quarter was down 8.0% on a year-over-year basis. During the same period in the previous year, the company earned $0.45 EPS. As a group, analysts predict that JetBlue Airways will post -1.1 earnings per share for the current fiscal year.

Hedge Funds Weigh In On JetBlue Airways

Several institutional investors and hedge funds have recently made changes to their positions in JBLU. Strategic Investment Solutions Inc. IL acquired a new stake in JetBlue Airways in the second quarter valued at $34,000. Point72 Asset Management L.P. increased its position in shares of JetBlue Airways by 715.3% in the 2nd quarter. Point72 Asset Management L.P. now owns 1,630,622 shares of the transportation company’s stock worth $9,930,000 after purchasing an additional 1,430,622 shares during the last quarter. B. Riley Wealth Advisors Inc. raised its stake in shares of JetBlue Airways by 11.0% in the 2nd quarter. B. Riley Wealth Advisors Inc. now owns 62,331 shares of the transportation company’s stock valued at $380,000 after purchasing an additional 6,179 shares in the last quarter. Creative Planning lifted its position in shares of JetBlue Airways by 46.9% during the second quarter. Creative Planning now owns 84,062 shares of the transportation company’s stock worth $512,000 after purchasing an additional 26,834 shares during the last quarter. Finally, Maverick Capital Ltd. bought a new stake in JetBlue Airways in the second quarter valued at about $634,000. 83.71% of the stock is currently 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.