BETA Technologies (NYSE:BETA) Stock Price Up 7.6% – Here’s What Happened

BETA Technologies Inc (NYSE:BETA)’s stock price rose 7.6% on Friday . The company traded as high as $18.95 and last traded at $18.9050. Approximately 703,650 shares changed hands during mid-day trading, a decline of 52% from the average session volume of 1,468,948 shares. The stock had previously closed at $17.57.

Wall Street Analysts Forecast Growth

Several research firms recently commented on BETA. Cantor Fitzgerald dropped their price objective on shares of BETA Technologies from $38.00 to $31.00 and set an “overweight” rating on the stock in a research note on Wednesday, May 13th. Weiss Ratings upgraded shares of BETA Technologies from a “sell (e+)” rating to a “sell (d-)” rating in a report on Wednesday, May 13th. The Goldman Sachs Group dropped their price target on BETA Technologies from $38.00 to $34.00 and set a “buy” rating on the stock in a research report on Monday, April 20th. Needham & Company LLC restated a “buy” rating and issued a $34.00 price target on shares of BETA Technologies in a research note on Wednesday, May 13th. Finally, BTIG Research reduced their price objective on BETA Technologies from $40.00 to $33.00 and set a “buy” rating for the company in a research report on Wednesday, May 20th. Nine equities research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, BETA Technologies has a consensus rating of “Moderate Buy” and an average target price of $31.11.

BETA Technologies Stock Up 7.5%

The company has a quick ratio of 21.37, a current ratio of 21.36 and a debt-to-equity ratio of 0.10. The company’s fifty day moving average is $17.32 and its 200-day moving average is $18.07. The company has a market cap of $4.20 billion and a PE ratio of -1.53.

BETA Technologies (NYSE:BETA) last issued its quarterly earnings data on Tuesday, May 12th. The company reported ($0.53) earnings per share for the quarter, topping the consensus estimate of ($0.74) by $0.21. The business had revenue of $10.13 million during the quarter. The company’s revenue was up 5.2% on a year-over-year basis. On average, analysts predict that BETA Technologies Inc will post -2.17 EPS for the current year.

Insiders Place Their Bets

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

Institutional Trading of BETA Technologies

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in BETA. Sandia Investment Management LP purchased a new stake in shares of BETA Technologies in the fourth quarter worth approximately $26,000. Rockefeller Capital Management L.P. bought a new position in BETA Technologies in the 4th quarter valued at $35,000. Manchester Capital Management LLC bought a new position in BETA Technologies in the 4th quarter valued at $38,000. California State Teachers Retirement System purchased a new stake in BETA Technologies in the first quarter worth $27,000. Finally, Kestra Advisory Services LLC purchased a new stake in BETA Technologies in the fourth quarter worth $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.