Shares of Star Jets International (OTCMKTS:JETR) ended sharply lower on Tuesday as investors booked profit after the recent rally.
Market Reaction
On Tuesday, JETR stock plunged 18.50% to $0.2728 with more than 416k million shares, compared to its average volume of 120k shares. The stock has moved within a range of $0.2400 – 0.3350 after opening trade at $0.3350.
Earnings Recap
Leading Private Jet Charter Company, Star Jets International (OTCMKTS:JETR) on November 16, 2021 announced that the firm booked $2,973,000 for quarter three of 2021.
The company’s continued success can be attributed to several factors including travellers looking to have business meetings in a safe and clean environment. Star Jets is witnessing a growth trend as demand for private air has only surged. The firm is also expecting to continue bookings throughout quarter four as well as 1st
Ricky Sitomer, CEO of JETR said that the team is keen on achieving revenue goals for the quarter, earning almost $3,000,000. Sitomer said that the critical factor in the growth was clientele over the quarter and the world is witnessing breakdown in commercial travel.
The CEO said that the difficulty and breakdown in booking flights has enables tremendous interest in private charters as consumers are sceptical on commercial airlines safety. He added that there is significant demand for private charter and the firm is ready to serve for the same. It is also looking to finalise audited financial statement for 2019 and 2020 in the next few days as it will apply for OTCQB on completion of the audit.
Star Jets International provides customers advantages of owning a corporate jet, without the burdens associated with ownership.
Key Quote
Ricky Sitomer, CEO of JETR stated, “Our team is very excited to have achieved our revenue goals for this quarter, earning almost $3,000,000. A key factor in this was the sheer growth of our clientele over the quarter. While the world continues to deal with the fallout of the pandemic, we continue to see a breakdown in commercial travel. As a result of this breakdown and difficulty in booking flights, we are seeing tremendous interest in private charters as consumers continue to lose confidence in commercial airlines’ abilities to get them to their destination safely and reasonably. The demand for a private charter is there, and Star Jets International is primed and ready to serve.”
Traders Review
JETR stock is trading above the 20-Day and 50-Day Moving averages of $0.26 and $0.26 respectively. Moreover, the stock is trading above the 200-Day moving average of $0.24. The stock is up 19% over the past month.
