Norges Bank Purchases Shares of 1,470,589 BETA Technologies Inc $BETA

Norges Bank purchased a new stake in BETA Technologies Inc (NYSE:BETA) in the 4th quarter, HoldingsChannel.com reports. The institutional investor purchased 1,470,589 shares of the company’s stock, valued at approximately $41,485,000.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Wolff Wiese Magana LLC acquired a new position in BETA Technologies in the 4th quarter valued at approximately $42,000. Clean Yield Group acquired a new stake in shares of BETA Technologies in the fourth quarter valued at about $235,000. Kingdom Financial Group LLC. acquired a new stake in shares of BETA Technologies in the fourth quarter valued at about $297,000. Stratos Wealth Partners LTD. acquired a new stake in shares of BETA Technologies in the fourth quarter valued at about $360,000. Finally, Renaissance Capital LLC acquired a new stake in shares of BETA Technologies in the fourth quarter valued at about $450,000.

BETA Technologies Trading Up 2.8%

Shares of BETA Technologies stock opened at $17.61 on Tuesday. The company has a debt-to-equity ratio of 0.10, a quick ratio of 21.37 and a current ratio of 21.36. BETA Technologies Inc has a 52 week low of $13.43 and a 52 week high of $39.50. The stock has a 50 day moving average price of $16.62 and a two-hundred day moving average price of $21.11. The stock has a market capitalization of $3.91 billion and a PE ratio of -1.42.

BETA Technologies (NYSE:BETA) last issued its quarterly earnings data on Tuesday, May 12th. The company reported ($0.53) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.74) by $0.21. The business had revenue of $10.13 million for the quarter. The firm’s revenue was up 5.2% compared to the same quarter last year. As a group, equities analysts anticipate that BETA Technologies Inc will post -2.13 earnings per share for the current fiscal year.

Insider Buying and Selling at BETA Technologies

In other BETA Technologies news, Director Michael Robert Stone acquired 17,135 shares of the business’s stock in a transaction on Tuesday, May 19th. The shares were acquired at an average price of $14.59 per share, with a total value of $249,999.65. Following the completion of the transaction, the director owned 1,767,049 shares in the company, valued at approximately $25,781,244.91. This trade represents a 0.98% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is accessible through this link. Also, insider Kyle Clark sold 67,296 shares of the business’s stock in a transaction dated Thursday, May 7th. The shares were sold at an average price of $18.12, for a total transaction of $1,219,403.52. Following the completion of the transaction, the insider owned 748,915 shares in the company, valued at approximately $13,570,339.80. The trade was a 8.24% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold 138,928 shares of company stock valued at $2,517,375 in the last quarter. 24.47% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

Several brokerages have recently weighed in on BETA. BTIG Research decreased their price target on BETA Technologies from $40.00 to $33.00 and set a “buy” rating for the company in a research note on Wednesday, May 20th. Jefferies Financial Group decreased their price target on BETA Technologies from $30.00 to $29.00 and set a “buy” rating for the company in a research note on Tuesday, March 10th. The Goldman Sachs Group decreased their price objective on shares of BETA Technologies from $38.00 to $34.00 and set a “buy” rating for the company in a research report on Monday, April 20th. Cantor Fitzgerald decreased their price objective on shares of BETA Technologies from $38.00 to $31.00 and set an “overweight” rating for the company in a research report on Wednesday, May 13th. Finally, UBS Group set a $24.00 price objective on shares of BETA Technologies and gave the stock a “buy” rating in a research report on Monday, February 9th. Nine equities research 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. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $31.11.

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.