BETA Technologies (NYSE:BETA) Stock Rating Lowered by Wall Street Zen

BETA Technologies (NYSE:BETA) was downgraded by investment analysts at Wall Street Zen from a “hold” rating to a “sell” rating in a research report issued to clients and investors on Saturday, Wall Street Zen reports.

Other equities research analysts have also recently issued reports about the company. Cantor Fitzgerald restated an “overweight” rating and set a $31.00 price objective on shares of BETA Technologies in a research note on Wednesday, November 4th. Weiss Ratings upgraded BETA Technologies from a “sell (e+)” rating to a “sell (d-)” rating in a research note on Monday, September 14th. Needham & Company LLC cut their target price on BETA Technologies from $34.00 to $28.00 and set a “buy” rating on the stock in a research note on Wednesday, November 4th. Citigroup reiterated a “buy” rating on shares of BETA Technologies in a report on Thursday, August 13th. Finally, Jefferies Financial Group lowered shares of BETA Technologies from a “buy” rating to a “hold” rating and decreased their price target for the company from $29.00 to $27.00 in a research report on Monday. Nine equities research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $30.70.

BETA Technologies Stock Performance

BETA Technologies stock opened at $23.29 on Friday. The company has a debt-to-equity ratio of 0.11, a quick ratio of 11.51 and a current ratio of 11.51. The business has a fifty day moving average of $21.60 and a two-hundred day moving average of $19.08. BETA Technologies has a twelve month low of $13.43 and a twelve month high of $32.80.

BETA Technologies (NYSE:BETA) last announced its quarterly earnings results on Tuesday, November 3rd. The company reported ($0.51) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 business had revenue of $17.67 million for the quarter. During the same quarter in the prior year, the business posted ($9.83) earnings per share. The company’s revenue was up 98.6% compared to the same quarter last year. On average, research analysts predict that BETA Technologies will post -2.22 EPS for the current fiscal year.

Insider Buying and Selling at BETA Technologies

In related news, COO Sean Donovan sold 6,684 shares of the business’s stock in a transaction on Wednesday, November 11th. The stock was sold at an average price of $28.38, for a total transaction of $189,691.92. Following the transaction, the chief operating officer directly owned 240,972 shares in the company, valued at $6,838,785.36. The trade was a 2.70% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, insider Kyle Clark sold 10,000 shares of the company’s stock in a transaction dated Wednesday, November 11th. The shares were sold at an average price of $28.34, for a total value of $283,400.00. Following the transaction, the insider directly owned 4,885,936 shares in the company, valued at $138,467,426.24. This represents a 0.20% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last quarter, insiders have sold 316,372 shares of company stock valued at $7,329,011. Company insiders own 24.47% of the company’s stock.

Institutional Investors Weigh In On BETA Technologies

Several institutional investors have recently added to or reduced their stakes in BETA. Masters Capital Management LLC purchased a new stake in shares of BETA Technologies during the first quarter worth about $10,290,000. Bank of America Corp DE increased its holdings in shares of BETA Technologies by 117.2% during the first quarter. Bank of America Corp DE now owns 348,097 shares of the company’s stock valued at $5,117,000 after acquiring an additional 187,807 shares in the last quarter. Bank of New York Mellon Corp purchased a new position in shares of BETA Technologies in the 2nd quarter valued at approximately $2,877,000. Corient Private Wealth LP raised its position in shares of BETA Technologies by 116.0% in the 2nd quarter. Corient Private Wealth LP now owns 151,118 shares of the company’s stock valued at $2,531,000 after purchasing an additional 81,150 shares during the last quarter. Finally, Composition Wealth LLC raised its position in shares of BETA Technologies by 361.5% in the 3rd quarter. Composition Wealth LLC now owns 149,856 shares of the company’s stock valued at $3,312,000 after purchasing an additional 117,382 shares during the last quarter.

BETA Technologies Company Profile

BETA Technologies is an aerospace company that develops electric aircraft, electric propulsion systems and supporting charging infrastructure. Founded in 2017 by pilot and engineer Kyle Clark, the company is based in South Burlington, Vermont, and Clark serves as its chief executive officer. Its aircraft include the ALIA-250, designed for vertical takeoff and landing, and the CX300, a conventional takeoff-and-landing electric aircraft. BETA is developing these platforms for applications such as cargo transport, medical logistics and defense, with an emphasis on quieter, lower-emission flight.