BETA Technologies (NYSE:BETA) Shares Gap Up Following Earnings Beat

by · The Markets Daily

BETA Technologies Inc (NYSE:BETA – Get Free Report)’s stock price gapped up prior to trading on Tuesday after the company announced better than expected quarterly earnings. The stock had previously closed at $20.38, but opened at $22.46. BETA Technologies shares last traded at $23.7290, with a volume of 640,811 shares changing hands.

The company reported ($0.51) EPS for the quarter, beating the consensus estimate of ($0.54) by $0.03. BETA Technologies had a negative net margin of 1,913.91% and a negative return on equity of 96.24%. The business had revenue of $17.67 million during the quarter. During the same quarter in the prior year, the firm posted ($9.83) EPS. The company’s revenue for the quarter was up 98.6% compared to the same quarter last year.

Wall Street Analyst Weigh In

BETA has been the subject of a number of recent research reports. Weiss Ratings raised shares of BETA Technologies from a “sell (e+)” rating to a “sell (d-)” rating in a research note on Monday, September 14th. Wall Street Zen raised BETA Technologies from a “sell” rating to a “hold” rating in a research report on Sunday. BTIG Research reaffirmed a “buy” rating and set a $33.00 target price on shares of BETA Technologies in a research report on Thursday, August 13th. Needham & Company LLC reiterated a “buy” rating and issued a $34.00 price target on shares of BETA Technologies in a report on Wednesday, October 21st. Finally, Barclays assumed coverage on BETA Technologies in a research report on Friday, October 9th. They issued an “overweight” rating and a $35.00 price target for the company. Ten analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $31.50.

Read Our Latest Stock Analysis on BETA

Insider Activity at BETA Technologies

In other news, insider Kyle Clark sold 10,000 shares of the firm’s stock in a transaction dated Friday, October 30th. The shares were sold at an average price of $19.92, for a total value of $199,200.00. Following the sale, the insider directly owned 4,965,936 shares in the company, valued at approximately $98,921,445.12. This trade represents a 0.20% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders have sold 353,901 shares of company stock worth $8,097,418 over the last ninety days. Corporate insiders own 24.47% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the company. Bank of New York Mellon Corp purchased a new stake in BETA Technologies during the first quarter valued at approximately $1,162,000. Cliftonlarsonallen Wealth Advisors LLC purchased a new position in BETA Technologies in the third quarter worth $2,905,000. Masters Capital Management LLC purchased a new position in BETA Technologies in the first quarter worth $10,290,000. Quantinno Capital Management LP acquired a new position in shares of BETA Technologies during the first quarter worth $1,115,000. Finally, Corient Private Wealth LP increased its position in shares of BETA Technologies by 116.0% during the second quarter. Corient Private Wealth LP now owns 151,118 shares of the company’s stock worth $2,531,000 after purchasing an additional 81,150 shares in the last quarter.

BETA Technologies Stock Performance

The firm has a fifty day moving average price of $20.76 and a 200 day moving average price of $19.10. The company has a debt-to-equity ratio of 0.11, a quick ratio of 14.47 and a current ratio of 14.47. The stock has a market cap of $5.33 billion and a PE ratio of -1.82.

About BETA Technologies

(Get Free Report)

BETA Technologies is an aerospace company developing electric aircraft and the infrastructure needed to support electric aviation. Founded in 2017 and headquartered in South Burlington, Vermont, the company focuses on zero-emission aircraft for cargo, logistics, passenger, medical and defense applications.

BETA’s aircraft portfolio includes the ALIA electric vertical takeoff and landing (eVTOL) aircraft and the ALIA CTOL fixed-wing aircraft, which is designed for conventional runway operations.

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