HITE Hedge Asset Management LLC Invests $17.29 Million in BETA Technologies Inc $BETA

HITE Hedge Asset Management LLC purchased a new position in BETA Technologies Inc (NYSE:BETA) during the 4th quarter, HoldingsChannel.com reports. The firm purchased 612,868 shares of the company’s stock, valued at approximately $17,289,000. BETA Technologies makes up 1.1% of HITE Hedge Asset Management LLC’s investment portfolio, making the stock its 25th largest position.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. General Electric Co purchased a new stake in shares of BETA Technologies in the fourth quarter worth approximately $644,962,000. Massachusetts Financial Services Co. MA purchased a new stake in shares of BETA Technologies in the fourth quarter worth approximately $6,349,000. Vanguard Group Inc. purchased a new stake in shares of BETA Technologies in the fourth quarter worth approximately $77,089,000. Liberty Street Advisors Inc. purchased a new stake in shares of BETA Technologies in the fourth quarter worth approximately $28,187,000. Finally, Pictet Asset Management Holding SA purchased a new stake in shares of BETA Technologies in the fourth quarter worth approximately $10,896,000.

Analyst Upgrades and Downgrades

BETA has been the topic of several recent analyst reports. Jefferies Financial Group reduced their price target on BETA Technologies from $30.00 to $29.00 and set a “buy” rating on the stock in a report on Tuesday, March 10th. Morgan Stanley reduced their price target on BETA Technologies from $34.00 to $33.00 and set an “overweight” rating on the stock in a report on Tuesday, March 10th. Needham & Company LLC reiterated a “buy” rating and issued a $34.00 price target on shares of BETA Technologies in a report on Wednesday, May 13th. BTIG Research reduced their price target on BETA Technologies from $40.00 to $33.00 and set a “buy” rating on the stock in a report on Wednesday, May 20th. Finally, The Goldman Sachs Group reduced their price target on BETA Technologies from $38.00 to $34.00 and set a “buy” rating on the stock in a report on Monday, April 20th. Nine investment analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, BETA Technologies has an average rating of “Moderate Buy” and a consensus target price of $31.11.

Insider Activity at BETA Technologies

In other BETA Technologies news, CTO David Lawrence Churchill sold 18,981 shares of the firm’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 $343,935.72. Following the transaction, the chief technology officer directly owned 552,647 shares in the company, valued at $10,013,963.64. This trade represents a 3.32% decrease in their position. The transaction was disclosed in a document filed 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, CFO Herman Cueto sold 18,586 shares of the firm’s stock in a transaction on Thursday, May 7th. The stock was sold at an average price of $18.12, for a total value of $336,778.32. Following the transaction, the chief financial officer owned 90,465 shares in the company, valued at $1,639,225.80. The trade was a 17.04% 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. Insiders sold a total of 138,928 shares of company stock worth $2,517,375 over the last three months. Corporate insiders own 24.47% of the company’s stock.

BETA Technologies Trading Down 4.5%

BETA opened at $16.23 on Friday. The stock’s fifty day moving average is $16.78 and its two-hundred day moving average is $20.91. The company has a market capitalization of $3.61 billion and a P/E ratio of -1.31. BETA Technologies Inc has a 52 week low of $13.43 and a 52 week high of $39.50. The company has a quick ratio of 21.37, a current ratio of 21.36 and a debt-to-equity ratio of 0.10.

BETA Technologies (NYSE:BETA) last released its quarterly earnings data on Tuesday, May 12th. The company reported ($0.53) EPS for the quarter, topping the consensus estimate of ($0.74) by $0.21. The firm had revenue of $10.13 million for the quarter. The company’s quarterly revenue was up 5.2% compared to the same quarter last year. Analysts forecast that BETA Technologies Inc will post -2.13 earnings per share for the current year.

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.