Vertical Aerospace (NYSE:EVTL) Posts Earnings Results

Vertical Aerospace (NYSE:EVTL) announced its quarterly earnings data on Wednesday. The company reported ($0.40) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.52) by $0.12, Zacks reports.

Here are the key takeaways from Vertical Aerospace’s conference call:

• Full two-way piloted transition of the prototype was completed, which management says validates the design, closely matches simulations, and materially de-risks the certification pathway.
• Company secured a financing package of up to $850 million, has ~£96m cash on hand plus near-term receipts and a £30m draw, and says this provides at least a 12?month runway to advance certification and production work.
• Transition slipped by ~three months and management warns this increases the risk that their target of certifying by end of 2028 could be delayed.
• Commercial and supplier momentum appears strong — long?term partners like Honeywell and Aciturri are deeply engaged and airline customers (American, GOL, Japan Airlines) remain committed as the firm plans first Valo build in Q1 next year and seven pre?production aircraft for certification testing.

Vertical Aerospace Price Performance

Vertical Aerospace stock traded down $0.04 during midday trading on Thursday, hitting $2.69. 2,905,914 shares of the company were exchanged, compared to its average volume of 4,088,036. The company has a market cap of $341.88 million, a PE ratio of -0.78 and a beta of 1.43. Vertical Aerospace has a fifty-two week low of $1.90 and a fifty-two week high of $7.60. The company’s fifty day moving average price is $3.04 and its 200-day moving average price is $4.35.

Analyst Ratings Changes

A number of analysts have recently issued reports on EVTL shares. Canaccord Genuity Group boosted their target price on Vertical Aerospace from $9.50 to $10.50 and gave the stock a “buy” rating in a report on Monday, April 20th. D. Boral Capital reaffirmed a “buy” rating and set a $12.00 price target on shares of Vertical Aerospace in a research report on Thursday, April 16th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Vertical Aerospace in a research note on Wednesday, January 21st. Raymond James Financial downgraded shares of Vertical Aerospace from a “market perform” rating to an “underperform” rating in a research note on Monday, February 23rd. Finally, William Blair assumed coverage on shares of Vertical Aerospace in a report on Wednesday, January 7th. They set an “outperform” rating on the stock. Five analysts have rated the stock with a Buy rating, one has given a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $11.30.

Institutional Trading of Vertical Aerospace

Hedge funds have recently made changes to their positions in the company. EFG International AG acquired a new position in shares of Vertical Aerospace during the fourth quarter worth $27,000. Barclays PLC increased its stake in Vertical Aerospace by 156.0% during the 4th quarter. Barclays PLC now owns 6,843 shares of the company’s stock worth $36,000 after buying an additional 4,170 shares during the period. Quarry LP purchased a new stake in Vertical Aerospace during the 3rd quarter worth $49,000. Virtu Financial LLC acquired a new position in Vertical Aerospace in the 3rd quarter worth $53,000. Finally, Cetera Investment Advisers purchased a new position in Vertical Aerospace in the 4th quarter valued at about $55,000. Hedge funds and other institutional investors own 81.17% of the company’s stock.

About Vertical Aerospace

Vertical Aerospace is a United Kingdom–based aerospace manufacturer specializing in the development of electric vertical takeoff and landing (eVTOL) aircraft for urban air mobility. Founded in 2016 by entrepreneur Stephen Fitzpatrick, the company is publicly listed on the New York Stock Exchange under the ticker EVTL. Vertical Aerospace’s mission is to deliver zero-emission, high-speed electric aircraft designed to transform short-haul journeys in densely populated areas.

The company’s flagship model, the VA-X4, is a piloted, five-seat eVTOL craft engineered for quiet operation, low running costs and minimal environmental impact.