BETA Technologies (NYSE:BETA) Trading Down 8.9% on Analyst Downgrade

BETA Technologies Inc (NYSE:BETA) shares were down 8.9% during mid-day trading on Thursday after Cantor Fitzgerald lowered their price target on the stock from $38.00 to $31.00. Cantor Fitzgerald currently has an overweight rating on the stock. BETA Technologies traded as low as $16.45 and last traded at $16.7890. Approximately 419,913 shares were traded during trading, a decline of 70% from the average daily volume of 1,420,230 shares. The stock had previously closed at $18.42.

Several other research firms have also issued reports on BETA. BTIG Research restated a “buy” rating and issued a $40.00 target price on shares of BETA Technologies in a report on Tuesday, March 10th. The Goldman Sachs Group lowered their target price on shares of BETA Technologies from $38.00 to $34.00 and set a “buy” rating for the company in a research note on Monday, April 20th. Weiss Ratings initiated coverage on shares of BETA Technologies in a research note on Friday, January 30th. They issued a “sell (d-)” rating on the stock. Citigroup decreased their price objective on shares of BETA Technologies from $41.00 to $33.00 and set a “buy” rating for the company in a report on Thursday, April 2nd. Finally, Jefferies Financial Group lowered their price objective on shares of BETA Technologies from $30.00 to $29.00 and set a “buy” rating for the company in a research report on Tuesday, March 10th. Nine research 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’s stock. According to data from MarketBeat.com, BETA Technologies presently has an average rating of “Moderate Buy” and an average price target of $32.78.

Insider Activity

In related news, insider Brian Dunkiel sold 9,684 shares of BETA Technologies stock in a transaction dated Thursday, May 7th. The stock was sold at an average price of $18.12, for a total value of $175,474.08. Following the completion of the sale, the insider directly owned 132,241 shares in the company, valued at $2,396,206.92. The trade was a 6.82% decrease in their ownership of the stock. The transaction was disclosed in a legal 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, COO Sean Donovan sold 19,008 shares of the company’s stock in a transaction dated Thursday, May 7th. The stock was sold at an average price of $18.12, for a total transaction of $344,424.96. Following the completion of the sale, the chief operating officer directly owned 176,195 shares of the company’s stock, valued at approximately $3,192,653.40. This trade represents a 9.74% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last 90 days, insiders have sold 138,928 shares of company stock valued at $2,517,375. Company insiders own 24.47% of the company’s stock.

Hedge Funds Weigh In On BETA Technologies

Several institutional investors have recently bought and sold shares of the business. Sandia Investment Management LP bought a new position in BETA Technologies in the fourth quarter worth approximately $26,000. Rockefeller Capital Management L.P. bought a new stake in BETA Technologies during the 4th quarter valued at $35,000. Manchester Capital Management LLC bought a new stake in BETA Technologies during the 4th quarter valued at $38,000. Wolff Wiese Magana LLC purchased a new position in shares of BETA Technologies in the 4th quarter valued at $42,000. Finally, Kestra Advisory Services LLC bought a new position in shares of BETA Technologies in the 4th quarter worth $70,000.

BETA Technologies Trading Down 8.7%

The company has a debt-to-equity ratio of 0.10, a current ratio of 22.77 and a quick ratio of 22.77. The company has a market capitalization of $3.72 billion and a PE ratio of -1.42. The company has a 50-day simple moving average of $16.76.

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, beating analysts’ consensus estimates of ($0.74) by $0.21. The company had revenue of $10.13 million for the quarter. The business’s quarterly revenue was up 5.2% on a year-over-year basis. As a group, research analysts expect that BETA Technologies Inc will post -2.2 earnings per share for the current year.

About BETA Technologies

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.