BETA Technologies (NYSE:BETA) Trading Down 9.1% – Here’s What Happened

BETA Technologies Inc (NYSE:BETA)’s stock price fell 9.1% during mid-day trading on Wednesday . The company traded as low as $16.65 and last traded at $16.7040. 301,924 shares changed hands during trading, a decline of 79% from the average daily volume of 1,466,329 shares. The stock had previously closed at $18.37.

Wall Street Analysts Forecast Growth

A number of equities research analysts have weighed in on BETA shares. The Goldman Sachs Group dropped their price target on shares of BETA Technologies from $38.00 to $34.00 and set a “buy” rating for the company in a research report on Monday, April 20th. Weiss Ratings upgraded shares of BETA Technologies from a “sell (e+)” rating to a “sell (d-)” rating in a report on Wednesday, May 13th. Needham & Company LLC reissued a “buy” rating and issued a $34.00 target price on shares of BETA Technologies in a research report on Wednesday, May 13th. BTIG Research lowered their target price on BETA Technologies from $40.00 to $33.00 and set a “buy” rating for the company in a report on Wednesday, May 20th. Finally, Citigroup dropped their target price on BETA Technologies from $33.00 to $25.00 and set a “buy” rating for the company in a research report on Monday, May 18th. Nine research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $31.11.

BETA Technologies Price Performance

The stock has a market capitalization of $3.74 billion and a price-to-earnings ratio of -1.35. The company has a current ratio of 21.36, a quick ratio of 21.37 and a debt-to-equity ratio of 0.10. The company’s 50 day moving average is $17.24 and its 200 day moving average is $18.23.

BETA Technologies (NYSE:BETA) last announced its earnings results on Tuesday, May 12th. The company reported ($0.53) EPS for the quarter, beating analysts’ consensus estimates of ($0.74) by $0.21. The business had revenue of $10.13 million during the quarter. The business’s revenue was up 5.2% compared to the same quarter last year. Research analysts anticipate that BETA Technologies Inc will post -2.17 EPS for the current fiscal year.

Insider Transactions at BETA Technologies

In other news, CFO Herman Cueto sold 18,586 shares of the firm’s stock in a transaction on Thursday, May 7th. The stock was sold at an average price of $18.12, for a total value of $336,778.32. Following the completion of the transaction, the chief financial officer owned 90,465 shares in the company, valued at $1,639,225.80. This trade represents a 17.04% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, Director Michael Robert Stone acquired 17,135 shares of the business’s stock in a transaction that occurred on Tuesday, May 19th. The shares were bought at an average price of $14.59 per share, with a total value of $249,999.65. Following the completion of the transaction, the director directly owned 1,767,049 shares in the company, valued at approximately $25,781,244.91. The trade was a 0.98% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. In the last 90 days, insiders have sold 243,928 shares of company stock worth $4,220,475. 24.47% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in the company. Sandia Investment Management LP acquired a new position in shares of BETA Technologies in the 4th quarter valued at about $26,000. Rockefeller Capital Management L.P. purchased a new stake in BETA Technologies during the 4th quarter worth $35,000. Manchester Capital Management LLC acquired a new stake in BETA Technologies in the 4th quarter valued at $38,000. California State Teachers Retirement System purchased a new position in BETA Technologies in the first quarter valued at about $27,000. Finally, Kestra Advisory Services LLC acquired a new position in shares of BETA Technologies during the fourth quarter worth about $70,000.

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.