Saba Capital Management L.P. Buys 7,691,459 Shares of Vertical Aerospace Ltd. $EVTL

Saba Capital Management L.P. increased its position in shares of Vertical Aerospace Ltd. (NYSE:EVTL) by 194.8% during the 1st quarter, Holdings Channel reports. The fund owned 11,640,503 shares of the company’s stock after buying an additional 7,691,459 shares during the quarter. Vertical Aerospace accounts for about 0.7% of Saba Capital Management L.P.’s investment portfolio, making the stock its 22nd biggest holding. Saba Capital Management L.P. owned 0.09% of Vertical Aerospace worth $25,726,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also bought and sold shares of the company. EFG International AG acquired a new stake in Vertical Aerospace during the 4th quarter worth approximately $27,000. Bessemer Group Inc. acquired a new position in shares of Vertical Aerospace in the first quarter valued at approximately $31,000. Barclays PLC boosted its holdings in shares of Vertical Aerospace by 156.0% in the fourth quarter. Barclays PLC now owns 6,843 shares of the company’s stock valued at $36,000 after buying an additional 4,170 shares during the period. Quarry LP acquired a new stake in shares of Vertical Aerospace during the third quarter worth $49,000. Finally, Virtu Financial LLC acquired a new stake in shares of Vertical Aerospace during the third quarter worth $53,000. Institutional investors own 81.17% of the company’s stock.

Vertical Aerospace Trading Up 1.8%

NYSE EVTL opened at $1.41 on Tuesday. The firm has a market capitalization of $178.90 million, a P/E ratio of -0.41 and a beta of 1.52. The firm’s fifty day moving average price is $2.04 and its two-hundred day moving average price is $3.19. Vertical Aerospace Ltd. has a 1 year low of $1.34 and a 1 year high of $7.33.

Vertical Aerospace (NYSE:EVTL) last posted its quarterly earnings results on Wednesday, May 6th. The company reported ($0.40) EPS for the quarter, topping analysts’ consensus estimates of ($0.52) by $0.12. On average, research analysts anticipate that Vertical Aerospace Ltd. will post -1.4 EPS for the current fiscal year.

Analysts Set New Price Targets

EVTL has been the topic of several recent research reports. Canaccord Genuity Group lifted their price target on Vertical Aerospace from $9.50 to $10.50 and gave the company a “buy” rating in a research note on Monday, April 20th. Weiss Ratings cut Vertical Aerospace from a “sell (d)” rating to a “sell (e+)” rating in a research report on Friday, May 22nd. D. Boral Capital reaffirmed a “buy” rating and set a $12.00 price objective on shares of Vertical Aerospace in a research report on Thursday, April 16th. Deutsche Bank Aktiengesellschaft reiterated a “buy” rating on shares of Vertical Aerospace in a report on Monday. Finally, Cantor Fitzgerald cut Vertical Aerospace from an “overweight” rating to a “neutral” rating in a research note on Thursday, May 7th. Six analysts have rated the stock with a Buy rating, one has issued a Hold rating and two have assigned a Sell rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $11.30.

Vertical Aerospace Profile

Vertical Aerospace is a United Kingdom–based aerospace manufacturer specializing in the development of electric vertical takeoff and landing (eVTOL) aircraft for urban air mobility. Founded in 2016 by entrepreneur Stephen Fitzpatrick, the company is publicly listed on the New York Stock Exchange under the ticker EVTL. Vertical Aerospace’s mission is to deliver zero-emission, high-speed electric aircraft designed to transform short-haul journeys in densely populated areas.

The company’s flagship model, the VA-X4, is a piloted, five-seat eVTOL craft engineered for quiet operation, low running costs and minimal environmental impact.