Jet2 Shares (LSE: JET2) Hit New High Before Tailing off Into Close

Jet2 shares (LSE:JET2) have hit a new 52 week high of 1,792p today, before fading into the close, down 0.56% into the closing minutes of the day. Despite posting a market cap of £3.8billion, the fact that the shares are listed on the AIM market excludes the company from being included in either the FTSE 100, or the FTSE 250.

The company is rumoured to be considering transitioning to the FTSE Main Market, given its substantial market valuation and performance over the years. This move could enhance the company's profile, offering new opportunities and visibility among larger investors, but there are also significant hurdles to consider.

Currently, the company with the lowest market cap in the Footsie is Polar Capital (PCT), with a valuation of £3.82 billion. This would put Jet2 within touching distance should any move materialise, and particularly if the current trajectory continues.

It should be noted that the company has not confirmed any intention to shift, and it's share price has not exactly been struggling to find momentum in recent times. JET2 has gained an impressive 32.46% over the past 12 months, and 160% over the past 5 years. For comparison, the FTSE 100 has gained 4.19%, and 45.51% over the same period; demonstrating the company's ability to outperform markets even from within it's home on the AIM.

After such an acceleration, analysts remain bullish. Jet2's average target price stands at 2,117, reflecting a perceived upside of ~20% from current price action. Should such a valuation materialise, the company would boast a market cap comfortably above £4.5 billion.

Should the company decide, the transition could increase its credibility and investor interest, particularly when it comes to funds that track the major indices.