BETA Technologies (NYSE:BETA) Shares Gap Down on Insider Selling

BETA Technologies Inc (NYSE:BETA) gapped down before the market opened on Monday after an insider sold shares in the company. The stock had previously closed at $27.12, but opened at $26.10. BETA Technologies shares last traded at $28.1940, with a volume of 415,667 shares trading hands.

Specifically, insider Kyle Clark sold 10,000 shares of the stock in a transaction dated Monday, November 9th. The stock was sold at an average price of $28.05, for a total transaction of $280,500.00. Following the sale, the insider owned 4,905,936 shares of the company’s stock, valued at approximately $137,611,504.80. This represents a 0.20% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Kyle Clark sold 10,000 shares of the firm’s stock in a transaction dated Friday, November 6th. The stock was sold at an average price of $26.39, for a total value of $263,900.00. Following the completion of the transaction, the insider owned 4,915,936 shares of the company’s stock, valued at approximately $129,731,551.04. This represents a 0.20% decrease in their position. The SEC filing for this sale provides additional information. In other BETA Technologies news, insider Kyle Clark sold 10,000 shares of BETA Technologies stock in a transaction dated Wednesday, November 4th. The stock was sold at an average price of $24.90, for a total transaction of $249,000.00. Following the completion of the transaction, the insider owned 4,925,936 shares of the company’s stock, valued at $122,655,806.40. The trade was a 0.20% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently weighed in on BETA shares. Cantor Fitzgerald reiterated an “overweight” rating and set a $31.00 price target on shares of BETA Technologies in a research report on Wednesday, November 4th. Barclays began coverage on shares of BETA Technologies in a research report on Friday, October 9th. They issued an “overweight” rating and a $35.00 price objective for the company. Weiss Ratings upgraded shares of BETA Technologies from a “sell (e+)” rating to a “sell (d-)” rating in a research report on Monday, September 14th. Citigroup reaffirmed a “buy” rating on shares of BETA Technologies in a research note on Thursday, August 13th. Finally, Jefferies Financial Group lowered shares of 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 report on Monday. Nine investment analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $30.70.

BETA Technologies Trading Down 1.5%

The company has a debt-to-equity ratio of 0.11, a current ratio of 11.51 and a quick ratio of 11.51. The company’s 50-day moving average is $21.29 and its two-hundred day moving average is $19.07.

BETA Technologies (NYSE:BETA) last announced its earnings results on Tuesday, November 3rd. The company reported ($0.51) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.54) by $0.03. BETA Technologies had a negative net margin of 1,007.80% and a negative return on equity of 32.36%. The business had revenue of $17.67 million during the quarter. During the same quarter in the previous year, the firm earned ($9.83) earnings per share. The company’s revenue for the quarter was up 98.6% compared to the same quarter last year. As a group, sell-side analysts predict that BETA Technologies Inc will post -2.22 earnings per share for the current year.

Institutional Trading of BETA Technologies

Several institutional investors and hedge funds have recently made changes to their positions in the stock. Masters Capital Management LLC bought a new stake in shares of BETA Technologies during the 1st quarter worth $10,290,000. Bank of America Corp DE increased its stake in 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 acquiring an additional 187,807 shares during the last quarter. Bank of New York Mellon Corp bought a new position in shares of BETA Technologies during the 2nd quarter valued at about $2,877,000. Cliftonlarsonallen Wealth Advisors LLC bought a new position in shares of BETA Technologies during the 3rd quarter valued at about $2,905,000. Finally, Squarepoint Ops LLC bought a new position in shares of BETA Technologies during the 2nd quarter valued at about $2,045,000.

About BETA Technologies

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.