BETA Technologies (NYSE:BETA) Stock Rating Lowered by Wall Street Zen

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

Several other equities analysts also recently commented on BETA. Needham & Company LLC cut their price objective on BETA Technologies from $34.00 to $28.00 and set a “buy” rating on the stock in a research report on Wednesday, November 4th. Jefferies Financial Group downgraded BETA Technologies from a “buy” rating to a “hold” rating and decreased their target price for the stock from $29.00 to $27.00 in a research report on Monday. Cantor Fitzgerald reissued an “overweight” rating and set a $31.00 target price on shares of BETA Technologies in a research note on Wednesday, November 4th. Citigroup restated a “buy” rating on shares of BETA Technologies in a report on Thursday, August 13th. Finally, Barclays initiated coverage on shares of BETA Technologies in a research note on Friday, October 9th. They issued an “overweight” rating and a $35.00 price target on the stock. Nine analysts have rated the stock with a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, BETA Technologies currently has a consensus rating of “Moderate Buy” and an average price target of $30.70.

BETA Technologies Stock Performance

BETA opened at $23.29 on Friday. The stock’s 50 day moving average price is $21.60 and its 200-day moving average price is $19.08. BETA Technologies has a one year low of $13.43 and a one year high of $32.80. The company has a quick ratio of 11.51, a current ratio of 11.51 and a debt-to-equity ratio of 0.11.

BETA Technologies (NYSE:BETA) last issued its quarterly earnings results on Tuesday, November 3rd. The company reported ($0.51) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.54) by $0.03. BETA Technologies had a negative return on equity of 32.36% and a negative net margin of 1,007.80%. The firm had revenue of $17.67 million during the quarter. During the same period in the prior year, the business posted ($9.83) earnings per share. BETA Technologies’s revenue was up 98.6% on a year-over-year basis. On average, sell-side analysts forecast that BETA Technologies will post -2.22 earnings per share for the current year.

Insider Buying and Selling

In other BETA Technologies news, insider Kyle Clark sold 30,000 shares of the firm’s stock in a transaction on Wednesday, August 19th. The stock was sold at an average price of $26.74, for a total transaction of $802,200.00. Following the transaction, the insider directly owned 5,289,141 shares in the company, valued at $141,431,630.34. This trade represents a 0.56% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Michael Stone bought 13,125 shares of the firm’s stock in a transaction on Wednesday, September 2nd. The shares were purchased 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 owned 1,792,994 shares in the company, valued at $34,407,554.86. This represents a 0.74% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. Insiders have sold a total of 316,372 shares of company stock valued at $7,329,011 over the last quarter. 24.47% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On BETA Technologies

Several institutional investors have recently made changes to their positions in BETA. Masters Capital Management LLC purchased a new stake in BETA Technologies in the first quarter worth about $10,290,000. Bank of America Corp DE increased 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 valued at $5,117,000 after purchasing an additional 187,807 shares during the period. Bank of New York Mellon Corp purchased a new position in BETA Technologies during the 2nd quarter valued at about $2,877,000. Corient Private Wealth LP increased 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 valued at $2,531,000 after purchasing an additional 81,150 shares during the period. Finally, Composition Wealth LLC raised its holdings in shares of BETA Technologies by 361.5% in the 3rd quarter. Composition Wealth LLC now owns 149,856 shares of the company’s stock valued at $3,312,000 after purchasing an additional 117,382 shares in the last quarter.

BETA Technologies Company Profile

BETA Technologies is an aerospace company that develops electric aircraft, electric propulsion systems and supporting charging infrastructure. Founded in 2017 by pilot and engineer Kyle Clark, the company is based in South Burlington, Vermont, and Clark serves as its chief executive officer. Its aircraft include the ALIA-250, designed for vertical takeoff and landing, and the CX300, a conventional takeoff-and-landing electric aircraft. BETA is developing these platforms for applications such as cargo transport, medical logistics and defense, with an emphasis on quieter, lower-emission flight.