Vertical Aerospace (NYSE:EVTL) Trading 2.4% Higher – Here’s What Happened

Vertical Aerospace Ltd. (NYSE:EVTL) shares were up 2.4% during mid-day trading on Monday . The company traded as high as $6.06 and last traded at $5.6950. Approximately 1,501,168 shares traded hands during trading, an increase of 24% from the average daily volume of 1,212,223 shares. The stock had previously closed at $5.56.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on EVTL. Weiss Ratings reiterated a “sell (d-)” rating on shares of Vertical Aerospace in a report on Wednesday, October 8th. Needham & Company LLC restated a “buy” rating and issued a $11.00 price objective (up previously from $9.00) on shares of Vertical Aerospace in a report on Monday, December 15th. D. Boral Capital restated a “buy” rating and set a $14.00 target price on shares of Vertical Aerospace in a report on Wednesday, December 3rd. Canaccord Genuity Group reissued a “buy” rating and set a $11.00 price target on shares of Vertical Aerospace in a research report on Monday, September 22nd. Finally, HC Wainwright reissued a “buy” rating and issued a $15.00 price objective on shares of Vertical Aerospace in a research report on Thursday, September 18th. Five research analysts have rated the stock with a Buy rating and one has given a Sell rating to the stock. According to data from MarketBeat, Vertical Aerospace presently has a consensus rating of “Moderate Buy” and a consensus price target of $11.80.

Vertical Aerospace Stock Performance

The firm has a market cap of $561.12 million, a P/E ratio of -0.12 and a beta of 1.23. The business’s fifty day moving average is $4.89 and its 200-day moving average is $5.37.

Vertical Aerospace (NYSE:EVTL) last issued its quarterly earnings data on Tuesday, November 4th. The company reported ($0.32) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.23) by ($0.09). Analysts predict that Vertical Aerospace Ltd. will post -3.95 EPS for the current fiscal year.

Hedge Funds Weigh In On Vertical Aerospace

A number of hedge funds and other institutional investors have recently made changes to their positions in EVTL. SBI Securities Co. Ltd. lifted its stake in shares of Vertical Aerospace by 120.0% during the 2nd quarter. SBI Securities Co. Ltd. now owns 3,788 shares of the company’s stock valued at $26,000 after buying an additional 2,066 shares in the last quarter. Jones Financial Companies Lllp lifted its stake in Vertical Aerospace by 144.3% during the third quarter. Jones Financial Companies Lllp now owns 8,211 shares of the company’s stock worth $45,000 after purchasing an additional 4,850 shares during the last quarter. Quarry LP purchased a new stake in Vertical Aerospace in the third quarter worth approximately $49,000. Oppenheimer & Co. Inc. purchased a new stake in shares of Vertical Aerospace in the 3rd quarter valued at $52,000. Finally, Virtu Financial LLC purchased a new position in shares of Vertical Aerospace in the third quarter worth about $53,000. 81.17% of the stock is owned by hedge funds and other institutional investors.

About Vertical Aerospace

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.