Jayride rockets by 76 per cent, as ASX travel stocks rise on travel bubbles
The Jayride (ASX:JAY) share price blasted off by over 76 per cent today, after announcing that trips booked on its platform have increased substantially in the last month and quarter.
The airport transfer services platform reported a 69 per cent quarterly increase in passenger trips booked, which represents a 127 per cent increase during the month of March.
The growth is being driven mainly by the North American market, where Americans are now starting to travel to places like Florida, Mexico, and the Dominican Republic.
According to the company’s data, passenger trips in all continents grew substantially in March. For example, trips within North America grew by 150 per cent, while those in Europe and Oceania almost doubled during the month.
The sentiment towards easing travel is also echoed back home, with Australia announcing yesterday that New Zealand will allow Australians to enter the country without a mandatory quarantine, starting on April 19.
Kiwis have been able to enter Australia without any quarantine since October last year, except in Western Australia.
Other destinations in Asia may soon follow, with plans to open travel bubbles with certain Asian countries. The government said today that it’s considering a travel bubble with Singapore within the next few months.
Fiji, Vietnam and Thailand, and gradually Japan and South Korea might soon be on the list as well, with even China on the cards for a possible bubble.
Sydney-based Jayride is an airport transfers marketplace, where travellers compare and book rides around the world. The company says it’s serving more than 1,600 airports in 109 countries. The platform aggregates ride service companies, and partners with the likes of Expedia and Booking.com.
The company had grown for 26 consecutive quarters up until December 2019, when Covid-19 struck. The latest half shows the company reporting a net loss of $2.15 million.
Including today’s gain, Jayride’s share price has surged by 275 per cent in the last 12 months.