BETA Technologies (NYSE:BETA) Trading 7.8% Higher – Here’s Why

BETA Technologies Inc (NYSE:BETA) shares rose 7.8% on Tuesday . The company traded as high as $18.91 and last traded at $18.81. Approximately 424,298 shares were traded during mid-day trading, a decline of 61% from the average daily volume of 1,082,287 shares. The stock had previously closed at $17.45.

Wall Street Analyst Weigh In

A number of equities analysts have recently commented on BETA shares. UBS Group set a $24.00 price target on shares of BETA Technologies and gave the stock a “buy” rating in a report on Monday, February 9th. Weiss Ratings began coverage on shares of BETA Technologies in a research report on Friday, January 30th. They issued a “sell (d-)” rating for the company. Wall Street Zen upgraded BETA Technologies from a “sell” rating to a “hold” rating in a research report on Saturday, January 17th. Citigroup began coverage on BETA Technologies in a research note on Monday, December 1st. They set a “buy” rating and a $41.00 price target for the company. Finally, Zacks Research upgraded BETA Technologies to a “hold” rating in a report on Tuesday, December 2nd. Nine analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $36.56.

BETA Technologies Price Performance

The business has a 50 day simple moving average of $25.76. The firm has a market capitalization of $4.09 billion and a price-to-earnings ratio of -1.89.

BETA Technologies (NYSE:BETA) last released its quarterly earnings data on Thursday, December 4th. The company reported ($9.83) EPS for the quarter. The firm had revenue of $8.92 million during the quarter, compared to analysts’ expectations of $7.50 million.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the company. HITE Hedge Asset Management LLC purchased a new stake in BETA Technologies during the 4th quarter valued at $17,289,000. Kestra Advisory Services LLC bought a new position in shares of BETA Technologies during the fourth quarter valued at about $70,000. State of Wisconsin Investment Board purchased a new stake in shares of BETA Technologies during the fourth quarter worth about $209,000. Cohen & Steers Inc. purchased a new stake in shares of BETA Technologies during the fourth quarter worth about $282,000. Finally, Wells Fargo & Company MN bought a new stake in shares of BETA Technologies in the fourth quarter worth about $214,000.

About BETA Technologies

BETA Technologies is an American aerospace company that develops electric vertical takeoff and landing (eVTOL) aircraft and supporting infrastructure. The company focuses on designing aircraft and propulsion systems intended for short-range cargo, logistics and regional passenger movement, emphasizing electric propulsion, battery systems and integrated charging solutions to support distributed operations.

Its product and service set includes aircraft design and development, electric motor and battery integration, charging hardware and software, and flight testing aimed at meeting certification requirements.