Canaccord Genuity Group Lowers Vertical Aerospace (NYSE:EVTL) Price Target to $9.50

Vertical Aerospace (NYSE:EVTL) had its price target dropped by research analysts at Canaccord Genuity Group from $11.00 to $9.50 in a research report issued on Thursday,Benzinga reports. The brokerage presently has a “buy” rating on the stock. Canaccord Genuity Group’s target price suggests a potential upside of 271.09% from the stock’s current price.

Several other brokerages have also weighed in on EVTL. Weiss Ratings reissued a “sell (d-)” rating on shares of Vertical Aerospace in a research report on Wednesday, January 21st. D. Boral Capital reiterated a “buy” rating and issued a $12.00 price target on shares of Vertical Aerospace in a research note on Tuesday. Raymond James Financial cut shares of Vertical Aerospace from a “market perform” rating to an “underperform” rating in a report on Monday, February 23rd. William Blair started coverage on shares of Vertical Aerospace in a research report on Wednesday, January 7th. They set an “outperform” rating for the company. Finally, Needham & Company LLC restated a “buy” rating and issued a $11.00 target price (up from $9.00) on shares of Vertical Aerospace in a report on Monday, December 15th. Six equities research analysts have rated the stock with a Buy rating and two have assigned a Sell rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $11.10.

Vertical Aerospace Trading Down 3.4%

NYSE:EVTL traded down $0.09 during trading hours on Thursday, hitting $2.56. The company’s stock had a trading volume of 905,736 shares, compared to its average volume of 1,263,987. The stock has a market capitalization of $255.46 million, a P/E ratio of -0.83 and a beta of 1.23. The stock has a fifty day moving average of $4.45 and a 200-day moving average of $4.96. Vertical Aerospace has a 52-week low of $2.44 and a 52-week high of $7.60.

Vertical Aerospace (NYSE:EVTL) last posted its quarterly earnings results on Tuesday, March 24th. The company reported ($0.39) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.38) by ($0.01). On average, sell-side analysts forecast that Vertical Aerospace will post -3.95 earnings per share for the current year.

Institutional Trading of Vertical Aerospace

Large investors have recently made changes to their positions in the company. Balyasny Asset Management L.P. grew its stake in Vertical Aerospace by 25.8% during the 4th quarter. Balyasny Asset Management L.P. now owns 14,435 shares of the company’s stock worth $77,000 after buying an additional 2,963 shares during the last quarter. Barclays PLC lifted its stake in Vertical Aerospace by 156.0% in the fourth quarter. Barclays PLC now owns 6,843 shares of the company’s stock valued at $36,000 after buying an additional 4,170 shares during the last quarter. Jones Financial Companies Lllp lifted its stake in Vertical Aerospace by 144.3% in the third quarter. Jones Financial Companies Lllp now owns 8,211 shares of the company’s stock valued at $45,000 after buying an additional 4,850 shares during the last quarter. EFG International AG acquired a new stake in shares of Vertical Aerospace in the fourth quarter valued at approximately $27,000. Finally, LPL Financial LLC boosted its holdings in shares of Vertical Aerospace by 65.3% in the fourth quarter. LPL Financial LLC now owns 18,255 shares of the company’s stock valued at $97,000 after acquiring an additional 7,209 shares during the period. 81.17% of the stock is owned by institutional investors and hedge funds.

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.