Needham & Company LLC Cuts Vertical Aerospace (NYSE:EVTL) Price Target to $5.00

Vertical Aerospace (NYSE:EVTL) had its target price lowered by equities researchers at Needham & Company LLC from $11.00 to $5.00 in a report released on Thursday,Benzinga reports. The firm presently has a “buy” rating on the stock. Needham & Company LLC’s target price suggests a potential upside of 498.09% from the company’s previous close.

Other equities analysts have also recently issued reports about the company. Weiss Ratings cut Vertical Aerospace from a “sell (d)” rating to a “sell (e+)” rating in a research report on Friday, May 22nd. D. Boral Capital reissued a “buy” rating and set a $12.00 price objective on shares of Vertical Aerospace in a report on Thursday, April 16th. Barclays upgraded Vertical Aerospace to a “strong sell” rating in a research note on Wednesday, July 29th. Deutsche Bank Aktiengesellschaft reiterated a “buy” rating on shares of Vertical Aerospace in a research report on Monday, July 27th. Finally, Canaccord Genuity Group raised their price objective on shares of Vertical Aerospace from $9.50 to $10.50 and gave the company a “buy” rating in a research report on Monday, April 20th. Six analysts have rated the stock with a Buy rating, one has given a Hold rating and three have assigned a Sell rating to the company’s stock. According to MarketBeat, Vertical Aerospace has a consensus rating of “Hold” and a consensus price target of $10.10.

Vertical Aerospace Stock Up 1.2%

EVTL traded up $0.01 on Thursday, hitting $0.84. The company’s stock had a trading volume of 5,925,785 shares, compared to its average volume of 3,245,005. Vertical Aerospace has a 12 month low of $0.77 and a 12 month high of $7.33. The firm has a market cap of $106.45 million, a P/E ratio of -0.24 and a beta of 1.54. The company’s 50 day simple moving average is $1.69 and its 200-day simple moving average is $2.77.

Vertical Aerospace (NYSE:EVTL) last issued its earnings results on Friday, August 14th. The company reported ($0.42) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.40) by ($0.02). Equities analysts predict that Vertical Aerospace will post -1.4 earnings per share for the current fiscal year.

Institutional Trading of Vertical Aerospace

A number of hedge funds have recently bought and sold shares of the company. Goldman Sachs Group Inc. bought a new stake in shares of Vertical Aerospace in the 1st quarter worth approximately $102,000. Marshall Wace LLP lifted its stake in Vertical Aerospace by 398.9% in the second quarter. Marshall Wace LLP now owns 788,895 shares of the company’s stock worth $5,341,000 after purchasing an additional 630,778 shares during the last quarter. Jump Financial LLC purchased a new stake in Vertical Aerospace during the second quarter valued at about $91,000. Squarepoint Ops LLC boosted its position in Vertical Aerospace by 429.6% during the second quarter. Squarepoint Ops LLC now owns 140,018 shares of the company’s stock valued at $948,000 after buying an additional 113,580 shares during the period. Finally, Raymond James Financial Inc. bought a new position in shares of Vertical Aerospace during the second quarter valued at about $102,000. Institutional investors own 81.17% of the company’s stock.

Vertical Aerospace Company Profile

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.