BETA Technologies (NYSE:BETA) Upgraded to “Strong-Buy” at Citigroup

Citigroup upgraded shares of BETA Technologies (NYSE:BETA) to a strong-buy rating in a report published on Monday,Zacks.com reports.

BETA has been the topic of several other research reports. The Goldman Sachs Group decreased their price target on BETA Technologies from $38.00 to $34.00 and set a “buy” rating on the stock in a research note on Monday, April 20th. BTIG Research reaffirmed a “buy” rating and issued a $40.00 price target on shares of BETA Technologies in a research note on Tuesday, March 10th. Jefferies Financial Group decreased their price target on BETA Technologies from $30.00 to $29.00 and set a “buy” rating on the stock in a research note on Tuesday, March 10th. Cantor Fitzgerald decreased their price target on BETA Technologies from $38.00 to $31.00 and set an “overweight” rating on the stock in a research note on Wednesday, May 13th. Finally, Weiss Ratings raised BETA Technologies from a “sell (e+)” rating to a “sell (d-)” rating in a research note on Wednesday, May 13th. One research analyst has rated the stock with a Strong Buy rating, eight have issued 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, the company currently has an average rating of “Moderate Buy” and a consensus target price of $31.89.

BETA Technologies Price Performance

Shares of BETA stock opened at $14.85 on Monday. The company has a fifty day moving average of $16.53. 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 firm has a market cap of $3.30 billion and a price-to-earnings ratio of -1.25. BETA Technologies has a one year low of $13.43 and a one year high of $39.50.

BETA Technologies (NYSE:BETA) last announced its quarterly earnings results on Tuesday, May 12th. The company reported ($0.53) EPS for the quarter, beating the consensus estimate of ($0.74) by $0.21. The company had revenue of $10.13 million during the quarter. The company’s revenue for the quarter was up 5.2% on a year-over-year basis. On average, research analysts anticipate that BETA Technologies will post -2.13 earnings per share for the current year.

Insider Buying and Selling at BETA Technologies

In other news, insider Kyle Clark sold 67,296 shares of the company’s stock in a transaction on Thursday, May 7th. The stock was sold at an average price of $18.12, for a total transaction of $1,219,403.52. Following the transaction, the insider owned 748,915 shares of the company’s stock, valued at $13,570,339.80. This represents a 8.24% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. 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 on Thursday, May 7th. The shares were sold at an average price of $18.12, for a total value of $344,424.96. Following the transaction, the chief operating officer directly owned 176,195 shares in the company, valued at $3,192,653.40. This trade represents a 9.74% decrease in their position. 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. Insiders have sold a total of 138,928 shares of company stock valued at $2,517,375 over the last ninety days. Company insiders own 24.47% of the company’s stock.

Hedge Funds Weigh In On BETA Technologies

Several large investors have recently made changes to their positions in the company. General Electric Co acquired a new position in shares of BETA Technologies during the fourth quarter valued at $644,962,000. TPG GP A LLC acquired a new position in shares of BETA Technologies during the fourth quarter valued at $462,515,000. Amazon Com Inc. bought a new stake in BETA Technologies in the fourth quarter valued at about $331,577,000. Vanguard Group Inc. bought a new stake in BETA Technologies in the fourth quarter valued at about $77,089,000. Finally, Norges Bank bought a new stake in BETA Technologies in the fourth quarter valued at about $41,485,000.

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.