The Jayride Group Ltd (ASX: JAY) share price is shooting up today after the company released its market update for the third-quarter FY21.
The Jayride share price has rocketed 47% at the time of writing, trading at 25 cents per share. It closed yesterday down 5% at 17 cents per share.
Jayride is a Sydney-based transfer comparison site, specialising in booking flight transfers for airlines. Founded in 2012, it's an e-commerce marketplace where people compare companies and operates in the airport, hotel, residential address, tourist attraction and cruise ship industries.
Jayride surges on strong results
Jayride posted that passenger trips booked through its site grew by 69% in the third quarter of the 2021 financial year, against data from the prior quarter. It also reported a 127% increase in passenger trips booked between February and March this year.
The company says that the majority of its growth is led by North America, with international results assisting the Jayride share price recovery. However, it also maintains that trips across all other continents are increasing.
What Jayride management said
Jayride managing director Rod Bishop welcomed the progress, saying:
We are encouraged by the rebound in trips coming through as vaccination programs gather pace. The global travel recovery has step-changed in March. Trips in March (and April to date) are significantly higher than prior months. We are well placed to scale up and service this growing demand.
Jayride's growth is being driven by the North American market. In particular US travellers are resuming their travel to domestic and regional destinations like Florida, Mexico and the Dominican Republic. Trips in all other continents also grew in March.
Jayride share price snapshot
The Jayride share price has recovered from yesterday's losses and has now gained a whopping 92% in the last month and 212% over the past 12 months.
At the current share price, Jayride has a market capitalisation of $27 million. The company expects to release its third-quarter business review and cash flow report during the week of 26 April 2021.
