BETA Technologies Inc (NYSE:BETA – Get Free Report)’s share price traded down 6.6% on Thursday. The stock traded as low as $22.91 and last traded at $22.7250. 318,839 shares traded hands during mid-day trading, a decline of 82% from the average daily volume of 1,802,318 shares. The stock had previously closed at $24.34.
Wall Street Analysts Forecast Growth
BETA has been the topic of a number of recent analyst reports. Needham & Company LLC reiterated a “buy” rating and set a $34.00 price target on shares of BETA Technologies in a research report on Wednesday, August 12th. Cantor Fitzgerald restated an “overweight” rating and issued a $31.00 price objective on shares of BETA Technologies in a research report on Thursday, August 13th. Citigroup reaffirmed a “buy” rating on shares of BETA Technologies in a research note on Thursday, August 13th. Weiss Ratings raised BETA Technologies from a “sell (e+)” rating to a “sell (d-)” rating in a research note on Monday, September 14th. Finally, BTIG Research reissued a “buy” rating and issued a $33.00 price target on shares of BETA Technologies in a research note on Thursday, August 13th. Nine investment analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $31.11.
Get Our Latest Stock Analysis on BETA
BETA Technologies Stock Performance
BETA Technologies (NYSE:BETA – Get Free Report) last issued its quarterly earnings results on Wednesday, August 12th. The company reported ($0.64) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.56) by ($0.08). BETA Technologies had a negative net margin of 1,913.91% and a negative return on equity of 96.24%. The company had revenue of $14.66 million during the quarter. As a group, sell-side analysts expect that BETA Technologies Inc will post -2.25 earnings per share for the current year.
Insider Buying and Selling at BETA Technologies
In other news, insider Kyle Clark sold 30,000 shares of BETA Technologies stock in a transaction that occurred on Thursday, August 13th. The stock was sold at an average price of $25.42, for a total value of $762,600.00. Following the sale, the insider directly owned 5,396,941 shares of the company’s stock, valued at $137,190,240.22. The trade was a 0.55% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Insiders sold a total of 223,901 shares of company stock valued at $5,350,168 in the last quarter. Company insiders own 24.47% of the company’s stock.
Institutional Investors Weigh In On BETA Technologies
Several institutional investors and hedge funds have recently added to or reduced their stakes in BETA. TPG GP A LLC acquired a new stake in shares of BETA Technologies in the fourth quarter valued at about $462,515,000. Amazon Com Inc. acquired a new position in BETA Technologies during the fourth quarter worth about $331,577,000. Norges Bank acquired a new position in BETA Technologies during the fourth quarter worth about $41,485,000. Masters Capital Management LLC purchased a new stake in BETA Technologies during the 1st quarter valued at about $10,290,000. Finally, Clearbridge Investments LLC purchased a new stake in BETA Technologies during the 4th quarter valued at about $18,402,000.
BETA Technologies Company Profile
BETA Technologies is an electric aerospace company based in South Burlington, Vermont. Founded in 2017 by Kyle Clark, the company develops electric aircraft and the supporting infrastructure intended to enable lower-emission regional air transportation.
BETA’s aircraft portfolio includes the ALIA CTOL conventional takeoff and landing aircraft and the ALIA VTOL vertical takeoff and landing aircraft. The company is developing these platforms for applications including cargo transportation, passenger service, medical logistics, and defense operations.
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