NEW YORK (TheStreet) -- Shares of Virgin America (VA) are increasing 0.77% to $37.99 in pre-market trading on Tuesday, as the airline received takeover bids from JetBlue Airways Corp. (JBLU) and Alaska Air Group (ALK) as it explores a sale, according to sources cited by Reuters. 

Asian airlines have also expressed interest in buying the Burlingame, CA-based airline, however they would have to team up with a U.S. bidder due to foreign ownership rules governing U.S. airlines, Reuters added.

A deal with New York-based JetBlue could make sense, as it has room to expand on the U.S. West Coast, analysts said.

Additionally, both airlines use the same type of aircraft, which means JetBlue would not need to train pilots or maintenance crews to operate Virgin America's Planes, Reuters noted.

Yesterday, Virgin America stock spiked on reports of takeover offers.

Separately, TheStreet Ratings Team has a "Hold" rating with a score of C- on the stock.

The primary factors that have impacted the rating are mixed - some indicating strength, some showing weaknesses, with little evidence to justify the expectation of either a positive or negative performance for this stock relative to most other stocks.

The company's strengths can be seen in multiple areas, such as its revenue growth, largely solid financial position with reasonable debt levels by most measures and notable return on equity.

As a counter to these strengths, the team feels that the company's cash flow from its operations has been weak overall.

Recently, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author.

You can view the full analysis from the report here: VA