Shares of Jet.AI (NASDAQ:JTAI) closed higher by 87% today on a lack of a clear catalyst. The company operates as an aviation booking and customer relationship management platform with a focus on artificial intelligence (AI).
A short squeeze doesn’t appear to be the culprit here, as short interest as a percentage of float tallied in at just 2.03% as of Nov. 15.
Back in August, JTAI closed higher by over 60% following the release of its CharterGPT app on Apple’s (NASDAQ:AAPL) App Store. The app allows users to book a variety of private jets with the assistance of automation and natural language processing.
Meanwhile, Jet.AI’s last press release, dated Nov. 21, details the company’s third-quarter earnings. Revenue tallied in at $3.4 million, up by 270% year-over-year (YOY) “when excluding the benefit in 3Q22 from Fractional/Whole Aircraft Sales.” Including the benefit would mean revenue was down 71% compared to YOY revenue of $11.9 million. This decline was attributed to a lack of aircraft available for fractional sales. As of Sept. 30, Jet.AI had a cash balance of $903,909.
5 Investors Betting Big on JTAI Stock
Tracking institutional ownership is important, as these large investors provide liquidity and support for stocks. However, institutional ownership of JTAI is slim. This is likely because Jet.AI only began trading on the Nasdaq in August following a special purpose acquisition company (SPAC) merger.
During the third quarter, eight 13F filers disclosed a stake in Jet.AI, a decline of six filers from the prior quarter. These filers own 353,128 shares, down from 1.03 million in the previous quarter. None of the filers own JTAI in their top 10 positions.
Hedge funds, whose data is included in 13F data, owned 339,217 shares as of Q3, down from 724,460 shares.
With that in mind, let’s take a look at Jet.AI’s top five shareholders:
- Meteora Capital: 339,186 shares. Meteora acquired 320,002 shares during Q3.
- Susquehanna International Group: 13,431 shares. Susquehanna acquired its entire stake during Q3.
- Slocum, Gordon & Company: 206 shares. Slocum acquired its entire stake during Q3.
- CWM: 104 shares. CWM acquired its entire stake during Q3.
- Bank of America (NYSE:BAC): 62 shares. Bank of America acquired its entire stake during Q3.
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On the date of publication, Eddie Pan held a LONG position in AAPL. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
