Boeing (NYSE:BA) Shares Gap Down - Here's Why

The Boeing Company (NYSE:BA - Get Free Report) gapped down before the market opened on Thursday . The stock had previously closed at $214.00, but opened at $202.17. Boeing shares last traded at $204.52, with a volume of 11,084,703 shares trading hands.

Wall Street Analyst Weigh In

Several brokerages recently weighed in on BA. Sanford C. Bernstein raised Boeing from a "market perform" rating to an "outperform" rating and increased their target price for the stock from $181.00 to $218.00 in a research report on Monday, April 28th. Benchmark decreased their target price on Boeing from $250.00 to $215.00 and set a "buy" rating for the company in a report on Monday, April 21st. Jefferies Financial Group raised their price target on shares of Boeing from $230.00 to $250.00 and gave the company a "buy" rating in a report on Wednesday, June 4th. Wells Fargo & Company reiterated an "underweight" rating on shares of Boeing in a research note on Thursday, May 22nd. Finally, Melius raised shares of Boeing from a "hold" rating to a "buy" rating in a research note on Monday, March 24th. Three research analysts have rated the stock with a sell rating, three have assigned a hold rating, seventeen have assigned a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus price target of $209.85.

Boeing Stock Down 1.7%

The firm has a market capitalization of $150.96 billion, a price-to-earnings ratio of -10.93 and a beta of 1.43. The stock has a 50 day moving average of $188.93 and a 200 day moving average of $176.94.

Boeing (NYSE:BA - Get Free Report) last posted its quarterly earnings results on Wednesday, April 23rd. The aircraft producer reported ($0.49) earnings per share (EPS) for the quarter, beating the consensus estimate of ($1.39) by $0.90. The firm had revenue of $19.50 billion for the quarter, compared to analyst estimates of $19.57 billion. The business's revenue was up 17.7% on a year-over-year basis. During the same period in the prior year, the company posted ($1.13) earnings per share. Analysts predict that The Boeing Company will post -2.58 earnings per share for the current year.

Insider Activity

In related news, EVP David Christopher Raymond sold 3,899 shares of the stock in a transaction dated Friday, May 2nd. The shares were sold at an average price of $187.01, for a total value of $729,151.99. Following the completion of the transaction, the executive vice president now owns 42,513 shares in the company, valued at $7,950,356.13. This represents a 8.40% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, SVP Brendan J. Nelson sold 640 shares of the business's stock in a transaction dated Thursday, May 15th. The stock was sold at an average price of $206.28, for a total transaction of $132,019.20. Following the sale, the senior vice president now owns 13,258 shares in the company, valued at $2,734,860.24. This trade represents a 4.60% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 7,744 shares of company stock valued at $1,511,370. Company insiders own 0.09% of the company's stock.

Institutional Trading of Boeing

Institutional investors have recently modified their holdings of the company. Revolve Wealth Partners LLC acquired a new stake in Boeing during the fourth quarter valued at approximately $201,000. Allspring Global Investments Holdings LLC lifted its position in shares of Boeing by 38.5% during the 4th quarter. Allspring Global Investments Holdings LLC now owns 98,456 shares of the aircraft producer's stock valued at $16,922,000 after acquiring an additional 27,366 shares during the last quarter. Catalyst Financial Partners LLC boosted its stake in shares of Boeing by 18.7% during the 4th quarter. Catalyst Financial Partners LLC now owns 1,794 shares of the aircraft producer's stock worth $318,000 after acquiring an additional 283 shares in the last quarter. Bogart Wealth LLC grew its holdings in shares of Boeing by 47.1% in the 4th quarter. Bogart Wealth LLC now owns 1,876 shares of the aircraft producer's stock worth $332,000 after acquiring an additional 601 shares during the last quarter. Finally, DeDora Capital Inc. acquired a new stake in shares of Boeing during the fourth quarter worth $228,000. Institutional investors and hedge funds own 64.82% of the company's stock.

Boeing Company Profile

The Boeing Company, together with its subsidiaries, designs, develops, manufactures, sells, services, and supports commercial jetliners, military aircraft, satellites, missile defense, human space flight and launch systems, and services worldwide. The company operates through Commercial Airplanes; Defense, Space & Security; and Global Services segments.