BETA Technologies (NYSE:BETA) Stock Rating Reaffirmed as “Buy” by Needham & Company LLC

BETA Technologies (NYSE:BETA)‘s stock had its “buy” rating reissued by equities researchers at Needham & Company LLC in a research note issued to investors on Wednesday, Benzinga reports. They presently have a $34.00 price target on the stock. Needham & Company LLC‘s price objective indicates a potential upside of 76.67% from the company’s previous close.

A number of other research firms have also recently weighed in on BETA. Barclays assumed coverage on shares of BETA Technologies in a report on Friday, October 9th. They issued an “overweight” rating and a $35.00 price target on the stock. Cantor Fitzgerald restated an “overweight” rating and issued a $31.00 price target on shares of BETA Technologies in a report on Monday, October 5th. Weiss Ratings upgraded shares of BETA Technologies from a “sell (e+)” rating to a “sell (d-)” rating in a report on Monday, September 14th. BTIG Research reaffirmed a “buy” rating and issued a $33.00 price objective on shares of BETA Technologies in a research report on Thursday, August 13th. Finally, Citigroup reaffirmed a “buy” rating on shares of BETA Technologies in a research report on Thursday, August 13th. Ten research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $31.50.

BETA Technologies Stock Up 6.0%

Shares of NYSE:BETA traded up $1.10 during trading on Wednesday, reaching $19.25. The stock had a trading volume of 795,762 shares, compared to its average volume of 1,803,976. BETA Technologies has a one year low of $13.43 and a one year high of $39.50. The company has a market capitalization of $4.34 billion and a P/E ratio of -1.48. The company has a current ratio of 14.47, a quick ratio of 14.47 and a debt-to-equity ratio of 0.11. The firm’s 50-day simple moving average is $21.71 and its 200 day simple moving average is $18.95.

BETA Technologies (NYSE:BETA) last released its quarterly earnings results on Wednesday, August 12th. The company reported ($0.64) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.56) by ($0.08). BETA Technologies had a negative net margin of 1,913.91% and a negative return on equity of 96.24%. The firm had revenue of $14.66 million during the quarter. As a group, research analysts expect that BETA Technologies will post -2.25 EPS for the current fiscal year.

Insider Activity at BETA Technologies

In related news, insider Kyle Clark sold 30,000 shares of the stock in a transaction that occurred on Thursday, August 13th. The shares were sold at an average price of $25.42, for a total value of $762,600.00. Following the completion of the transaction, the insider directly owned 5,396,941 shares of the company’s stock, valued at $137,190,240.22. This trade represents a 0.55% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Michael Stone acquired 13,125 shares of the firm’s stock in a transaction that occurred on Wednesday, September 2nd. The stock was bought at an average cost of $19.19 per share, with a total value of $251,868.75. Following the completion of the transaction, the director directly owned 1,792,994 shares in the company, valued at $34,407,554.86. The trade was a 0.74% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Insiders sold a total of 303,901 shares of company stock valued at $7,115,718 over the last ninety days. 24.47% of the stock is currently owned by insiders.

Hedge Funds Weigh In On BETA Technologies

A number of institutional investors have recently bought and sold shares of the business. Masters Capital Management LLC purchased a new position in BETA Technologies during the 1st quarter worth approximately $10,290,000. Bank of America Corp DE raised its position in BETA Technologies by 117.2% during the 1st quarter. Bank of America Corp DE now owns 348,097 shares of the company’s stock worth $5,117,000 after buying an additional 187,807 shares during the last quarter. Bank of New York Mellon Corp purchased a new position in BETA Technologies during the 2nd quarter worth approximately $2,877,000. Corient Private Wealth LP raised its position in BETA Technologies by 116.0% during the 2nd quarter. Corient Private Wealth LP now owns 151,118 shares of the company’s stock worth $2,531,000 after buying an additional 81,150 shares during the last quarter. Finally, Cliftonlarsonallen Wealth Advisors LLC purchased a new position in BETA Technologies during the 3rd quarter worth approximately $2,905,000.

About BETA Technologies

BETA Technologies is an aerospace company developing electric aircraft and the infrastructure needed to support electric aviation. Founded in 2017 and headquartered in South Burlington, Vermont, the company focuses on zero-emission aircraft for cargo, logistics, passenger, medical and defense applications.

BETA’s aircraft portfolio includes the ALIA electric vertical takeoff and landing (eVTOL) aircraft and the ALIA CTOL fixed-wing aircraft, which is designed for conventional runway operations.