Shares of BETA Technologies Inc (NYSE:BETA – Get Free Report) dropped 6% on Monday. The company traded as low as $21.03 and last traded at $20.85. 714,359 shares traded hands during trading, a decline of 61% from the average session volume of 1,810,654 shares. The stock had previously closed at $22.17.
Analyst Upgrades and Downgrades
BETA has been the subject of several analyst reports. Needham & Company LLC restated a “buy” rating and set a $34.00 price target on shares of BETA Technologies in a report on Wednesday, August 12th. Citigroup reiterated a “buy” rating on shares of BETA Technologies in a report on Thursday, August 13th. Weiss Ratings upgraded shares of BETA Technologies from a “sell (e+)” rating to a “sell (d-)” rating in a report on Monday, September 14th. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $31.00 price objective on shares of BETA Technologies in a research report on Monday. Finally, BTIG Research reissued a “buy” rating and issued a $33.00 target price on shares of BETA Technologies in a report on Thursday, August 13th. Nine investment analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, BETA Technologies has a consensus rating of “Moderate Buy” and a consensus target price of $31.11.
View Our Latest Stock Report on BETA Technologies
BETA Technologies Price Performance
BETA Technologies (NYSE:BETA – Get Free Report) last posted its quarterly earnings results on Wednesday, August 12th. The company reported ($0.64) EPS for the quarter, missing analysts’ consensus estimates of ($0.56) by ($0.08). The business had revenue of $14.66 million during the quarter. BETA Technologies had a negative return on equity of 96.24% and a negative net margin of 1,913.91%. Equities analysts anticipate that BETA Technologies Inc will post -2.25 earnings per share for the current fiscal year.
Insider Activity
In related news, insider Kyle Clark sold 10,000 shares of the stock in a transaction that occurred on Thursday, October 1st. The stock was sold at an average price of $22.00, for a total transaction of $220,000.00. Following the completion of the transaction, the insider directly owned 5,175,936 shares of the company’s stock, valued at approximately $113,870,592. This represents a 0.19% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Michael Stone acquired 13,125 shares of the firm’s stock in a transaction dated Wednesday, September 2nd. The shares were purchased at an average cost of $19.19 per share, for a total transaction of $251,868.75. Following the completion of the acquisition, the director directly owned 1,792,994 shares in the company, valued at approximately $34,407,554.86. This represents a 0.74% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. Insiders sold 233,901 shares of company stock worth $5,753,118 over the last ninety days. Insiders own 24.47% of the company’s stock.
Institutional Investors Weigh In On BETA Technologies
Several large investors have recently added to or reduced their stakes in BETA. TPG GP A LLC purchased a new position in shares of BETA Technologies in the 4th quarter worth approximately $462,515,000. Norges Bank bought a new position in BETA Technologies during the fourth quarter valued at $41,485,000. Masters Capital Management LLC purchased a new stake in shares of BETA Technologies in the first quarter valued at $10,290,000. Clearbridge Investments LLC bought a new stake in shares of BETA Technologies in the 4th quarter worth about $18,402,000. Finally, HITE Hedge Asset Management LLC purchased a new position in shares of BETA Technologies during the 4th quarter worth about $17,289,000.
About BETA Technologies
BETA Technologies is an aerospace company developing electric aircraft and the infrastructure needed to support electric aviation. Founded in 2017 and headquartered in Vermont, the company focuses on designing, certifying and manufacturing electric vertical takeoff and landing (eVTOL) and conventional takeoff and landing (CTOL) aircraft.
Its aircraft family includes the ALIA VTOL and ALIA CTOL models, which are designed for applications such as cargo transport, passenger travel, medical logistics and defense missions.
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