BETA Technologies (NYSE:BETA) Shares Up 10.1% – Still a Buy?

BETA Technologies Inc (NYSE:BETA) shares shot up 10.1% during mid-day trading on Friday. The stock traded as high as $26.29 and last traded at $26.4740. 446,422 shares were traded during mid-day trading, a decline of 75% from the average daily volume of 1,814,571 shares. The stock had previously closed at $24.05.

Analyst Upgrades and Downgrades

Several brokerages recently commented on BETA. Citigroup reissued a “buy” rating on shares of BETA Technologies in a research report on Thursday, August 13th. Weiss Ratings raised shares of BETA Technologies from a “sell (e+)” rating to a “sell (d-)” rating in a report on Monday, September 14th. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $31.00 target price on shares of BETA Technologies in a report on Wednesday. Wall Street Zen upgraded shares of BETA Technologies from a “sell” rating to a “hold” rating in a research note on Sunday, November 1st. Finally, Needham & Company LLC cut their price target on shares of BETA Technologies from $34.00 to $28.00 and set a “buy” rating on the stock in a report on Wednesday. Ten equities research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $30.90.

BETA Technologies Stock Up 11.1%

The company has a 50 day moving average price of $20.86 and a two-hundred day moving average price of $19.05. The company has a debt-to-equity ratio of 0.11, a current ratio of 11.51 and a quick ratio of 14.47. The stock has a market cap of $6.05 billion and a PE ratio of -7.24.

BETA Technologies (NYSE:BETA) last released its quarterly earnings data on Tuesday, November 3rd. The company reported ($0.51) EPS for the quarter, beating the consensus estimate of ($0.54) by $0.03. BETA Technologies had a negative return on equity of 32.36% and a negative net margin of 1,007.80%. The company had revenue of $17.67 million for the quarter. During the same period last year, the business earned ($9.83) earnings per share. The company’s quarterly revenue was up 98.6% on a year-over-year basis. Analysts expect that BETA Technologies Inc will post -2.25 EPS for the current year.

Insider Transactions at BETA Technologies

In other BETA Technologies news, insider Kyle Clark sold 30,000 shares of the company’s stock in a transaction dated Thursday, August 13th. The shares were sold at an average price of $25.42, for a total transaction of $762,600.00. Following the transaction, the insider owned 5,396,941 shares in the company, valued at approximately $137,190,240.22. This represents a 0.55% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Michael Stone purchased 13,125 shares of the company’s stock in a transaction dated Wednesday, September 2nd. The shares were bought at an average cost of $19.19 per share, for a total transaction of $251,868.75. Following the acquisition, the director owned 1,792,994 shares in the company, valued at approximately $34,407,554.86. The trade was a 0.74% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. In the last three months, insiders sold 358,901 shares of company stock valued at $8,204,568. 24.47% of the stock is owned by insiders.

Institutional Investors Weigh In On BETA Technologies

A number of hedge funds have recently added to or reduced their stakes in the stock. Masters Capital Management LLC bought a new position in shares of BETA Technologies during the 1st quarter valued at $10,290,000. Bank of America Corp DE boosted its stake in shares of BETA Technologies by 117.2% in the 1st quarter. Bank of America Corp DE now owns 348,097 shares of the company’s stock worth $5,117,000 after buying an additional 187,807 shares during the last quarter. Cliftonlarsonallen Wealth Advisors LLC bought a new stake in shares of BETA Technologies in the third quarter worth $2,905,000. Bank of New York Mellon Corp bought a new stake in shares of BETA Technologies in the second quarter worth $2,877,000. Finally, Corient Private Wealth LP grew its holdings in shares of BETA Technologies by 116.0% in the second quarter. Corient Private Wealth LP now owns 151,118 shares of the company’s stock worth $2,531,000 after acquiring an additional 81,150 shares during the period.

About BETA Technologies

BETA Technologies is an aerospace company developing electric aircraft and the infrastructure needed to support electric aviation. Founded in 2017 and headquartered in South Burlington, Vermont, the company focuses on zero-emission aircraft for cargo, logistics, passenger, medical and defense applications.

BETA’s aircraft portfolio includes the ALIA electric vertical takeoff and landing (eVTOL) aircraft and the ALIA CTOL fixed-wing aircraft, which is designed for conventional runway operations.