BETA Technologies (NYSE:BETA) Shares Up 7.1% – Here’s What Happened

Shares of BETA Technologies Inc (NYSE:BETA) rose 7.1% during mid-day trading on Monday . The stock traded as high as $18.68 and last traded at $19.0290. Approximately 374,495 shares traded hands during mid-day trading, a decline of 74% from the average session volume of 1,468,086 shares. The stock had previously closed at $17.76.

Analyst Ratings Changes

A number of brokerages recently commented on BETA. Weiss Ratings raised BETA Technologies from a “sell (e+)” rating to a “sell (d-)” rating in a research note on Wednesday, May 13th. BTIG Research decreased their price objective on BETA Technologies from $40.00 to $33.00 and set a “buy” rating on the stock in a report on Wednesday, May 20th. Citigroup lowered their target price on BETA Technologies from $33.00 to $25.00 and set a “buy” rating for the company in a research report on Monday, May 18th. Cantor Fitzgerald cut their target price on shares of BETA Technologies from $38.00 to $31.00 and set an “overweight” rating for the company in a report on Wednesday, May 13th. Finally, The Goldman Sachs Group reduced their price target on shares of BETA Technologies from $38.00 to $34.00 and set a “buy” rating on the stock in a research report on Monday, April 20th. Nine equities research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $31.11.

BETA Technologies Trading Up 7.5%

The stock has a market cap of $4.24 billion and a P/E ratio of -1.54. The company has a debt-to-equity ratio of 0.10, a quick ratio of 21.37 and a current ratio of 21.36. The stock’s fifty day moving average is $16.97 and its 200 day moving average is $18.71.

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 company had revenue of $10.13 million for the quarter. The company’s revenue was up 5.2% compared to the same quarter last year. As a group, equities research analysts predict that BETA Technologies Inc will post -2.17 earnings per share for the current fiscal year.

Insider Activity

In related news, Director Michael Robert Stone purchased 17,135 shares of the stock in a transaction that occurred on Tuesday, May 19th. The stock was bought at an average cost of $14.59 per share, for a total transaction of $249,999.65. Following the completion of the transaction, the director directly owned 1,767,049 shares in the company, valued at $25,781,244.91. This represents a 0.98% increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, COO Sean Donovan sold 19,008 shares of BETA Technologies stock in a transaction on Thursday, May 7th. The stock was sold at an average price of $18.12, for a total transaction of $344,424.96. Following the transaction, the chief operating officer directly owned 176,195 shares of the company’s stock, valued at $3,192,653.40. The trade was 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 quarter, insiders have sold 243,928 shares of company stock worth $4,220,475. Company insiders own 24.47% of the company’s stock.

Institutional Investors Weigh In On BETA Technologies

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Parallel Advisors LLC boosted its stake in shares of BETA Technologies by 26.0% during the 1st quarter. Parallel Advisors LLC now owns 3,323 shares of the company’s stock worth $49,000 after purchasing an additional 685 shares during the period. Sandia Investment Management LP bought a new position in BETA Technologies during the 4th quarter valued at about $26,000. Rockefeller Capital Management L.P. purchased a new stake in BETA Technologies in the 4th quarter worth about $35,000. Manchester Capital Management LLC purchased a new stake in BETA Technologies in the 4th quarter worth about $38,000. Finally, Wolff Wiese Magana LLC bought a new stake in BETA Technologies in the fourth quarter worth about $42,000.

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.