BETA Technologies (NYSE:BETA) Shares Down 6% – Here’s Why

BETA Technologies Inc (NYSE:BETA) fell 6% during mid-day trading on Monday. The stock traded as low as $21.03 and last traded at $20.85. 714,359 shares traded hands during mid-day trading, a decline of 61% from the average session volume of 1,810,654 shares. The stock had previously closed at $22.17.

Wall Street Analyst Weigh In

BETA has been the topic of a number of analyst reports. BTIG Research reaffirmed a “buy” rating and set a $33.00 target price on shares of BETA Technologies in a research note on Thursday, August 13th. Weiss Ratings raised shares of BETA Technologies from a “sell (e+)” rating to a “sell (d-)” rating in a research note on Monday, September 14th. Citigroup reissued a “buy” rating on shares of BETA Technologies in a report on Thursday, August 13th. Needham & Company LLC restated a “buy” rating and set a $34.00 target price on shares of BETA Technologies in a report on Wednesday, August 12th. Finally, Cantor Fitzgerald reaffirmed an “overweight” rating and set a $31.00 target price on shares of BETA Technologies in a research report on Monday. Nine equities research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company. According to MarketBeat, BETA Technologies currently has a consensus rating of “Moderate Buy” and an average price target of $31.11.

BETA Technologies Stock Performance

The business has a 50-day moving average price of $22.03 and a 200-day moving average price of $18.57. The firm has a market capitalization of $4.74 billion and a price-to-earnings ratio of -1.62. The company has a quick ratio of 14.47, a current ratio of 14.47 and a debt-to-equity ratio of 0.11.

BETA Technologies (NYSE:BETA) last posted its quarterly earnings data on Wednesday, August 12th. The company reported ($0.64) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.56) by ($0.08). BETA Technologies had a negative return on equity of 96.24% and a negative net margin of 1,913.91%.The business had revenue of $14.66 million during the quarter. As a group, sell-side analysts forecast that BETA Technologies Inc will post -2.25 earnings per share for the current year.

Insider Transactions at BETA Technologies

In other BETA Technologies news, Director Michael Stone purchased 13,125 shares of the stock in a transaction on Wednesday, September 2nd. The stock was acquired at an average price of $19.19 per share, with a total value of $251,868.75. Following the completion of the acquisition, the director owned 1,792,994 shares in the company, valued at $34,407,554.86. The trade was a 0.74% increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider Kyle Clark sold 10,000 shares of the business’s stock in a transaction dated Thursday, October 1st. The stock was sold at an average price of $22.00, for a total value of $220,000.00. Following the sale, the insider owned 5,175,936 shares in the company, valued at $113,870,592. The trade was a 0.19% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders sold 233,901 shares of company stock valued at $5,753,118. 24.47% of the stock is currently owned by company insiders.

Institutional Trading of BETA Technologies

Several large investors have recently bought and sold shares of the stock. Bank of New York Mellon Corp acquired a new stake in shares of BETA Technologies in the first quarter worth $1,162,000. Masters Capital Management LLC acquired a new position in BETA Technologies during the first quarter valued at $10,290,000. Quantinno Capital Management LP purchased a new stake in BETA Technologies in the first quarter valued at $1,115,000. Clearbridge Investments LLC purchased a new stake in BETA Technologies in the fourth quarter valued at $18,402,000. Finally, Granahan Investment Management LLC acquired a new stake in BETA Technologies during the 4th quarter worth about $12,366,000.

BETA Technologies Company Profile

BETA Technologies is an aerospace company developing electric aircraft and the infrastructure needed to support electric aviation. Founded in 2017 and headquartered in Vermont, the company focuses on designing, certifying and manufacturing electric vertical takeoff and landing (eVTOL) and conventional takeoff and landing (CTOL) aircraft.

Its aircraft family includes the ALIA VTOL and ALIA CTOL models, which are designed for applications such as cargo transport, passenger travel, medical logistics and defense missions.