22,862,874 Shares in BETA Technologies Inc $BETA Purchased by General Electric Co

Key Points

• General Electric Co disclosed a new fourth-quarter position in BETA Technologies, buying 22,862,874 shares worth about $645 million. That stake represents 98.5% of GE’s portfolio and about 10.37% ownership of BETA.
• BETA Technologies recently reported a narrower-than-expected loss, posting EPS of -$0.53 versus a consensus estimate of -$0.74, while revenue rose 5.2% year over year to $10.13 million.
• Analysts remain mostly constructive despite recent target cuts: the stock has a consensus rating of “Moderate Buy” with an average price target of $32.78, while the shares last traded around $16.71.

General Electric Co purchased a new position in BETA Technologies Inc (NYSE:BETA - Free Report) in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm purchased 22,862,874 shares of the company's stock, valued at approximately $644,962,000. BETA Technologies makes up 98.5% of General Electric Co's portfolio, making the stock its largest position. General Electric Co owned approximately 10.37% of BETA Technologies as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Wolff Wiese Magana LLC purchased a new position in BETA Technologies in the fourth quarter worth about $42,000. Clean Yield Group purchased a new position in BETA Technologies in the fourth quarter worth about $235,000. Stratos Wealth Partners LTD. purchased a new position in BETA Technologies in the fourth quarter worth about $360,000. Renaissance Capital LLC purchased a new position in BETA Technologies in the fourth quarter worth about $450,000. Finally, Mitsubishi UFJ Asset Management Co. Ltd. purchased a new position in BETA Technologies in the fourth quarter worth about $478,000.

BETA Technologies Price Performance

Shares of NYSE:BETA opened at $16.71 on Friday. BETA Technologies Inc has a 1 year low of $13.43 and a 1 year high of $39.50. The company's 50 day simple moving average is $16.71. The stock has a market capitalization of $3.71 billion and a price-to-earnings ratio of -1.41. The company has a quick ratio of 22.77, a current ratio of 21.36 and a debt-to-equity ratio of 0.10.

BETA Technologies (NYSE:BETA - Get Free Report) last announced its earnings results on Tuesday, May 12th. The company reported ($0.53) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.74) by $0.21. The business had revenue of $10.13 million for the quarter. The firm's revenue for the quarter was up 5.2% on a year-over-year basis. Equities research analysts expect that BETA Technologies Inc will post -2.2 EPS for the current fiscal year.

Insider Buying and Selling at BETA Technologies

In other BETA Technologies news, insider Kyle Clark sold 67,296 shares of the business's stock in a transaction that occurred on Thursday, May 7th. The stock was sold at an average price of $18.12, for a total transaction of $1,219,403.52. Following the completion of the transaction, the insider owned 748,915 shares in the company, valued at $13,570,339.80. The trade was a 8.24% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CTO David Lawrence Churchill sold 18,981 shares of the business's stock in a transaction that occurred on Thursday, May 7th. The shares were sold at an average price of $18.12, for a total value of $343,935.72. Following the transaction, the chief technology officer owned 552,647 shares of the company's stock, valued at $10,013,963.64. This trade represents a 3.32% decrease in their position. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last ninety days, insiders have sold 138,928 shares of company stock valued at $2,517,375. 24.47% of the stock is owned by company insiders.

Analyst Ratings Changes

BETA has been the subject of several recent research reports. The Goldman Sachs Group dropped their price target on BETA Technologies from $38.00 to $34.00 and set a "buy" rating for the company in a research report on Monday, April 20th. Morgan Stanley dropped their price target on BETA Technologies from $34.00 to $33.00 and set an "overweight" rating for the company in a research report on Tuesday, March 10th. Jefferies Financial Group dropped their price target on BETA Technologies from $30.00 to $29.00 and set a "buy" rating for the company in a research report on Tuesday, March 10th. BTIG Research reiterated a "buy" rating and issued a $40.00 price target on shares of BETA Technologies in a research report on Tuesday, March 10th. Finally, Cantor Fitzgerald dropped their price target on BETA Technologies from $38.00 to $31.00 and set an "overweight" rating for the company in a research report on Wednesday. Nine analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, BETA Technologies presently has a consensus rating of "Moderate Buy" and an average target price of $32.78.

BETA Technologies Profile

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.

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