JetBlue Airways (JBLU) investor, Vladimir Galkin, a Florida entrepreneur, has increased his stake in the airline to 9.98%, making him its third-largest shareholder, following BlackRock (BLK) and Vanguard. Notably, Galkin profited hugely from the GameStop (GME) meme stock surge and, at one time, had 80% of his net worth tied up in the stock.
Galkin’s Investment in JBLU
To provide more context, in an interview with Bloomberg, Galkin stated that he met with JBLU’s CEO Joanna Geraghty and CFO Ursula Hurley to discuss a potential board seat but has not yet decided whether to pursue it. His investment in JBLU totaled $212.8 million and was financed through cash and margin account borrowings.
Looking ahead, while he plans to continue discussions with JetBlue’s executives and board regarding board representation, any decision would follow the formal nomination process. Furthermore, according to a regulatory filing, Galkin may also engage in talks with the company about its operational, financial, or governance matters.
Meanwhile, on Thursday, the airline lifted its revenue forecast for the third quarter.
Who Owns JBLU?
For additional insight, according to the TipRanks Ownership Overview tool, more than 70% of JBLU’s stock is held by institutional investors.
Is JBLU a Good Stock to Buy?
Analysts remain sidelined about JBLU stock, with a Hold consensus rating based on one Buy, three Holds, and two Sells. Over the past year, JBLU has declined by around 1.6%, and the average JBLU price target of $5.63 implies an upside potential of 2.4% from current levels.
