Wall Street Zen Upgrades BETA Technologies (NYSE:BETA) to “Hold”

BETA Technologies (NYSE:BETA) was upgraded by Wall Street Zen from a “sell” rating to a “hold” rating in a research note issued on Sunday, Wall Street Zen reports.

A number of other research analysts have also weighed in on the company. Barclays began coverage on BETA Technologies in a report on Friday, October 9th. They set an “overweight” rating and a $35.00 target price on the stock. Needham & Company LLC reaffirmed a “buy” rating and set a $34.00 price target on shares of BETA Technologies in a report on Wednesday, October 21st. BTIG Research reaffirmed a “buy” rating and set a $33.00 price objective on shares of BETA Technologies in a research report on Thursday, August 13th. Cantor Fitzgerald reiterated an “overweight” rating and issued a $31.00 price objective on shares of BETA Technologies in a report on Monday, October 5th. Finally, Citigroup reiterated a “buy” rating on shares of BETA Technologies in a report on Thursday, August 13th. Ten research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $31.50.

BETA Technologies Stock Up 1.6%

Shares of BETA stock opened at $20.38 on Friday. The company has a quick ratio of 14.47, a current ratio of 14.47 and a debt-to-equity ratio of 0.11. The firm’s 50-day moving average is $20.76 and its 200-day moving average is $19.10. BETA Technologies has a 52-week low of $13.43 and a 52-week high of $39.50.

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

Insiders Place Their Bets

In related news, insider Kyle Clark sold 10,000 shares of the business’s stock in a transaction on Friday, October 30th. The stock was sold at an average price of $19.92, for a total value of $199,200.00. Following the completion of the sale, the insider directly owned 4,965,936 shares in the company, valued at $98,921,445.12. The trade was a 0.20% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Over the last ninety days, insiders sold 353,901 shares of company stock worth $8,097,418. Company insiders own 24.47% of the company’s stock.

Institutional Investors Weigh In On BETA Technologies

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Masters Capital Management LLC acquired a new stake in shares of BETA Technologies in the first quarter valued at approximately $10,290,000. Bank of America Corp DE boosted its stake in shares of BETA Technologies by 117.2% in the first quarter. Bank of America Corp DE now owns 348,097 shares of the company’s stock valued at $5,117,000 after buying an additional 187,807 shares during the period. Bank of New York Mellon Corp bought a new stake in shares of BETA Technologies in the second quarter valued at approximately $2,877,000. Corient Private Wealth LP grew its position in BETA Technologies by 116.0% during the second 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 in the last quarter. Finally, Cliftonlarsonallen Wealth Advisors LLC acquired a new stake in BETA Technologies during the third 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.