BETA Technologies (NYSE:BETA) Shares Down 6.6% – Here’s Why

BETA Technologies Inc (NYSE:BETA) traded down 6.6% during mid-day trading on Thursday . The company traded as low as $22.91 and last traded at $22.7250. Approximately 318,839 shares changed hands during trading, a decline of 82% from the average daily volume of 1,802,318 shares. The stock had previously closed at $24.34.

Analyst Ratings Changes

Several research analysts have weighed in on BETA shares. Weiss Ratings upgraded BETA Technologies from a “sell (e+)” rating to a “sell (d-)” rating in a report on Monday, September 14th. Needham & Company LLC reaffirmed a “buy” rating and issued a $34.00 target price on shares of BETA Technologies in a research report on Wednesday, August 12th. Citigroup reiterated a “buy” rating on shares of BETA Technologies in a report on Thursday, August 13th. BTIG Research reissued a “buy” rating and set a $33.00 price target on shares of BETA Technologies in a research report on Thursday, August 13th. Finally, Cantor Fitzgerald restated an “overweight” rating and set a $31.00 price target on shares of BETA Technologies in a research note on Thursday, August 13th. Nine equities research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, BETA Technologies presently has a consensus rating of “Moderate Buy” and an average target price of $31.11.

BETA Technologies Trading Down 6.6%

The company has a debt-to-equity ratio of 0.11, a current ratio of 14.47 and a quick ratio of 14.47. The business’s 50-day simple moving average is $21.46 and its two-hundred day simple moving average is $18.38. The stock has a market capitalization of $5.13 billion and a price-to-earnings ratio of -1.74.

BETA Technologies (NYSE:BETA) last released its quarterly earnings data on Wednesday, August 12th. The company reported ($0.64) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.56) by ($0.08). BETA Technologies had a negative return on equity of 96.24% and a negative net margin of 1,913.91%.The business had revenue of $14.66 million during the quarter. On average, research analysts anticipate that BETA Technologies Inc will post -2.25 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, insider Kyle Clark sold 23,205 shares of the stock in a transaction on Friday, August 21st. The stock was sold at an average price of $25.22, for a total value of $585,230.10. Following the completion of the sale, the insider directly owned 5,235,936 shares in the company, valued at approximately $132,050,305.92. This represents a 0.44% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Michael Stone acquired 13,125 shares of the business’s stock in a transaction on Wednesday, September 2nd. The stock was bought at an average cost of $19.19 per share, for a total transaction of $251,868.75. Following the completion of the transaction, the director directly owned 1,792,994 shares of the company’s stock, valued at $34,407,554.86. This trade represents a 0.74% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. Over the last ninety days, insiders have sold 238,901 shares of company stock valued at $5,597,818. 24.47% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On BETA Technologies

A number of large investors have recently modified their holdings of BETA. Bank of New York Mellon Corp acquired a new position in BETA Technologies during the 1st quarter worth approximately $1,162,000. Masters Capital Management LLC purchased a new position in BETA Technologies in the 1st quarter worth approximately $10,290,000. Quantinno Capital Management LP acquired a new stake in BETA Technologies in the first quarter valued at approximately $1,115,000. Clearbridge Investments LLC acquired a new stake in BETA Technologies in the fourth quarter valued at approximately $18,402,000. Finally, Granahan Investment Management LLC purchased a new stake in shares of BETA Technologies during the fourth quarter valued at approximately $12,366,000.

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.