BETA Technologies (NYSE:BETA) Shares Gap Down – Here’s What Happened

BETA Technologies Inc (NYSE:BETA)’s share price gapped down before the market opened on Monday. 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.

Analysts Set New Price Targets

Several research firms have recently commented on BETA. Jefferies Financial Group downgraded BETA Technologies from a “buy” rating to a “hold” rating and cut their price objective for the company from $29.00 to $27.00 in a report on Monday. Barclays started coverage on shares of BETA Technologies in a report on Friday, October 9th. They set an “overweight” rating and a $35.00 target price on the stock. Citigroup reaffirmed a “buy” rating on shares of BETA Technologies in a research report on Thursday, August 13th. Weiss Ratings upgraded shares of BETA Technologies from a “sell (e+)” rating to a “sell (d-)” rating in a research note on Monday, September 14th. Finally, Needham & Company LLC decreased their price objective on shares of BETA Technologies from $34.00 to $28.00 and set a “buy” rating for the company in a research report on Wednesday, November 4th. Nine equities research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $30.70.

BETA Technologies Price Performance

The company has a current ratio of 11.51, a quick ratio of 11.51 and a debt-to-equity ratio of 0.11. The company has a 50 day moving average price of $20.96 and a 200 day moving average price of $19.04. The company has a market capitalization of $6.30 billion and a P/E ratio of -7.50.

BETA Technologies (NYSE:BETA) last posted its quarterly earnings results on Tuesday, November 3rd. The company reported ($0.51) earnings per share for the quarter, beating 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 business had revenue of $17.67 million for the quarter. During the same quarter last year, the company posted ($9.83) EPS. The firm’s revenue was up 98.6% on a year-over-year basis. On average, equities analysts predict that BETA Technologies Inc will post -2.24 EPS for the current fiscal year.

Insider Activity

In other news, insider Kyle Clark sold 30,000 shares of the firm’s stock in a transaction dated Thursday, August 13th. The shares were sold at an average price of $25.42, for a total transaction of $762,600.00. Following the completion of the sale, the insider owned 5,396,941 shares in the company, valued at approximately $137,190,240.22. This trade represents a 0.55% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Michael Stone bought 13,125 shares of BETA Technologies stock in a transaction that occurred on Wednesday, September 2nd. The shares were bought at an average cost of $19.19 per share, with a total value of $251,868.75. Following the acquisition, the director directly owned 1,792,994 shares in the company, valued at $34,407,554.86. This trade represents a 0.74% increase in their position. The disclosure for this purchase is available in the SEC filing. Insiders sold 343,010 shares of company stock worth $7,819,370 over the last three months. Insiders own 24.47% of the company’s stock.

Institutional Investors Weigh In On BETA Technologies

Institutional investors have recently made changes to their positions in the company. California State Teachers Retirement System bought a new position in shares of BETA Technologies during the first quarter worth approximately $27,000. Allworth Financial LP boosted its stake in BETA Technologies by 257.2% in the 2nd quarter. Allworth Financial LP now owns 1,786 shares of the company’s stock valued at $30,000 after purchasing an additional 1,286 shares during the period. IFP Advisors Inc boosted its stake in BETA Technologies by 555.6% in the 2nd quarter. IFP Advisors Inc now owns 1,803 shares of the company’s stock valued at $30,000 after purchasing an additional 1,528 shares during the period. Rockefeller Capital Management L.P. acquired a new position in BETA Technologies in the 4th quarter valued at $35,000. Finally, Parallel Advisors LLC grew its holdings in BETA Technologies by 26.0% in the 1st quarter. Parallel Advisors LLC now owns 3,323 shares of the company’s stock valued at $49,000 after buying an additional 685 shares in the last quarter.

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.

The company also develops charging systems intended to support electric aviation operations.