HITE Hedge Asset Management LLC Purchases New Position in BETA Technologies Inc $BETA

HITE Hedge Asset Management LLC purchased a new stake in shares of BETA Technologies Inc (NYSE:BETA) in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor purchased 612,868 shares of the company’s stock, valued at approximately $17,289,000. BETA Technologies comprises approximately 1.1% of HITE Hedge Asset Management LLC’s holdings, making the stock its 25th largest position. HITE Hedge Asset Management LLC owned approximately 0.28% of BETA Technologies as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Manchester Capital Management LLC bought a new position in BETA Technologies during the fourth quarter valued at approximately $38,000. Wolff Wiese Magana LLC bought a new position in BETA Technologies during the fourth quarter valued at approximately $42,000. Parallel Advisors LLC bought a new position in BETA Technologies during the fourth quarter valued at approximately $74,000. Clean Yield Group bought a new position in BETA Technologies during the fourth quarter valued at approximately $235,000. Finally, Cohen & Steers Inc. bought a new position in BETA Technologies during the fourth quarter valued at approximately $282,000.

Analyst Upgrades and Downgrades

A number of equities analysts recently commented on BETA shares. The Goldman Sachs Group dropped their price target on BETA Technologies from $38.00 to $34.00 and set a “buy” rating for the company in a research note on Monday, April 20th. Cantor Fitzgerald dropped their price target on BETA Technologies from $38.00 to $31.00 and set an “overweight” rating for the company in a research note on Wednesday, May 13th. Needham & Company LLC reissued a “buy” rating and set a $34.00 price target on shares of BETA Technologies in a research note on Wednesday, May 13th. Weiss Ratings raised BETA Technologies from a “sell (e+)” rating to a “sell (d-)” rating in a research note on Wednesday, May 13th. Finally, Jefferies Financial Group dropped 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. Nine analysts have rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $31.11.

Insiders Place Their Bets

In other news, insider Kyle Clark sold 4,965 shares of the firm’s stock in a transaction that occurred on Thursday, May 7th. The stock was sold at an average price of $18.12, for a total value of $89,965.80. Following the completion of the sale, the insider directly owned 49,746 shares of the company’s stock, valued at $901,397.52. This trade represents a 9.07% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, Director Michael Robert Stone acquired 17,135 shares of the stock in a transaction dated Tuesday, May 19th. The stock was bought at an average cost of $14.59 per share, with a total value of $249,999.65. Following the completion of the purchase, the director directly owned 1,767,049 shares in the company, valued at approximately $25,781,244.91. The trade was a 0.98% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. Over the last three months, insiders sold 138,928 shares of company stock worth $2,517,375. 24.47% of the stock is currently owned by company insiders.

BETA Technologies Price Performance

NYSE:BETA opened at $16.23 on Friday. The firm has a market capitalization of $3.61 billion and a price-to-earnings ratio of -1.31. BETA Technologies Inc has a 1 year low of $13.43 and a 1 year high of $39.50. The business has a 50 day simple moving average of $16.78 and a 200-day simple moving average of $20.91. The company has a debt-to-equity ratio of 0.10, a current ratio of 21.36 and a quick ratio of 21.37.

BETA Technologies (NYSE:BETA) last posted its quarterly earnings data on Tuesday, May 12th. The company reported ($0.53) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.74) by $0.21. The company had revenue of $10.13 million during the quarter. BETA Technologies’s revenue for the quarter was up 5.2% compared to the same quarter last year. Equities analysts forecast that BETA Technologies Inc will post -2.13 EPS for the current year.

BETA Technologies Company Profile

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.