Citigroup Upgrades BETA Technologies (NYSE:BETA) to “Strong-Buy”

BETA Technologies (NYSE:BETA) was upgraded by equities researchers at Citigroup to a “strong-buy” rating in a report issued on Monday,Zacks.com reports.

A number of other equities analysts also recently weighed in on the stock. Weiss Ratings upgraded shares of BETA Technologies from a “sell (e+)” rating to a “sell (d-)” rating in a report on Wednesday, May 13th. Needham & Company LLC restated a “buy” rating and set a $34.00 target price on shares of BETA Technologies in a report on Wednesday, May 13th. Morgan Stanley lowered their target price on shares of BETA Technologies from $34.00 to $33.00 and set an “overweight” rating on the stock in a report on Tuesday, March 10th. UBS Group set a $24.00 target price on shares of BETA Technologies and gave the stock a “buy” rating in a report on Monday, February 9th. Finally, BTIG Research restated a “buy” rating and set a $40.00 target price on shares of BETA Technologies in a report on Tuesday, March 10th. One equities research analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $31.89.

BETA Technologies Stock Down 3.7%

Shares of BETA stock opened at $14.85 on Monday. The company has a market capitalization of $3.30 billion and a price-to-earnings ratio of -1.25. BETA Technologies has a 12 month low of $13.43 and a 12 month high of $39.50. The stock has a fifty day simple moving average of $16.53. The company has a debt-to-equity ratio of 0.10, a quick ratio of 21.37 and a current ratio of 21.36.

BETA Technologies (NYSE:BETA) last issued its earnings results on Tuesday, May 12th. The company reported ($0.53) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.74) by $0.21. The firm had revenue of $10.13 million for the quarter. The business’s quarterly revenue was up 5.2% compared to the same quarter last year. On average, equities analysts predict that BETA Technologies will post -2.13 earnings per share for the current fiscal year.

Insider Activity

In other BETA Technologies news, COO Sean Donovan sold 19,008 shares of BETA Technologies stock in a transaction on Thursday, May 7th. The shares were sold at an average price of $18.12, for a total transaction of $344,424.96. Following the completion of the transaction, the chief operating officer directly owned 176,195 shares of the company’s stock, valued at $3,192,653.40. The trade was a 9.74% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CFO Herman Cueto sold 18,586 shares of BETA Technologies stock in a transaction on Thursday, May 7th. The stock was sold at an average price of $18.12, for a total transaction of $336,778.32. Following the transaction, the chief financial officer directly owned 90,465 shares of the company’s stock, valued at approximately $1,639,225.80. This trade represents a 17.04% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last 90 days, insiders sold 138,928 shares of company stock valued at $2,517,375. 24.47% of the stock is owned by company insiders.

Hedge Funds Weigh In On BETA Technologies

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Parallel Advisors LLC boosted its position in BETA Technologies by 26.0% during the first quarter. Parallel Advisors LLC now owns 3,323 shares of the company’s stock worth $49,000 after purchasing an additional 685 shares during the period. Sandia Investment Management LP bought a new position in BETA Technologies during the fourth quarter worth $26,000. Rockefeller Capital Management L.P. bought a new position in BETA Technologies during the fourth quarter worth $35,000. Manchester Capital Management LLC bought a new position in BETA Technologies during the fourth quarter worth $38,000. Finally, Wolff Wiese Magana LLC bought a new position in BETA Technologies during the fourth quarter worth $42,000.

About BETA Technologies

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.