BETA Technologies Inc (NYSE:BETA – Get Free Report) dropped 6.5% during mid-day trading on Friday . The company traded as low as $23.81 and last traded at $24.5230. 538,915 shares changed hands during mid-day trading, a decline of 64% from the average session volume of 1,493,963 shares. The stock had previously closed at $26.24.
Wall Street Analyst Weigh In
A number of research firms have recently commented on BETA. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $31.00 price objective on shares of BETA Technologies in a research note on Thursday. The Goldman Sachs Group lowered their target price on shares of BETA Technologies from $38.00 to $34.00 and set a “buy” rating for the company in a research note on Monday, April 20th. Citigroup restated a “buy” rating on shares of BETA Technologies in a report on Thursday. BTIG Research reaffirmed a “buy” rating and set a $33.00 price target on shares of BETA Technologies in a research report on Thursday. Finally, Needham & Company LLC reiterated a “buy” rating and set a $34.00 price target on shares of BETA Technologies in a report on Wednesday. Nine analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $31.11.
View Our Latest Stock Analysis on BETA Technologies
BETA Technologies Stock Performance
BETA Technologies (NYSE:BETA – Get Free Report) last posted its quarterly earnings results on Wednesday, August 12th. The company reported ($0.64) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.56) by ($0.08). The business had revenue of $14.66 million for the quarter. BETA Technologies had a negative return on equity of 131.90% and a negative net margin of 1,913.91%. On average, research analysts predict that BETA Technologies Inc will post -2.17 EPS for the current year.
Insiders Place Their Bets
In related news, Director Michael Robert Stone purchased 17,135 shares of BETA Technologies stock in a transaction on Tuesday, May 19th. The stock was acquired at an average cost of $14.59 per share, for a total transaction of $249,999.65. Following the completion of the acquisition, the director owned 1,767,049 shares of the company’s stock, valued at $25,781,244.91. This trade represents a 0.98% increase in their position. The purchase was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Kyle Clark sold 17,005 shares of the firm’s stock in a transaction on Tuesday, August 11th. The stock was sold at an average price of $24.46, for a total transaction of $415,942.30. Following the completion of the sale, the insider owned 5,441,941 shares of the company’s stock, valued at $133,109,876.86. The trade was a 0.31% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 152,896 shares of company stock worth $2,852,990 in the last quarter. 24.47% of the stock is owned by corporate insiders.
Hedge Funds Weigh In On BETA Technologies
A number of institutional investors and hedge funds have recently made changes to their positions in the stock. General Electric Co acquired a new stake in shares of BETA Technologies in the 4th quarter valued at about $644,962,000. TPG GP A LLC acquired a new position in BETA Technologies during the 4th quarter worth approximately $462,515,000. Amazon Com Inc. bought a new position in BETA Technologies in the fourth quarter worth approximately $331,577,000. Vanguard Group Inc. bought a new position in BETA Technologies in the fourth quarter worth approximately $77,089,000. Finally, Norges Bank acquired a new stake in BETA Technologies in the fourth quarter valued at approximately $41,485,000.
BETA Technologies Company Profile
BETA Technologies is an American aerospace company that develops electric vertical takeoff and landing (eVTOL) aircraft and supporting infrastructure. The company focuses on designing aircraft and propulsion systems intended for short-range cargo, logistics and regional passenger movement, emphasizing electric propulsion, battery systems and integrated charging solutions to support distributed operations.
Its product and service set includes aircraft design and development, electric motor and battery integration, charging hardware and software, and flight testing aimed at meeting certification requirements.
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