Bank of America Corp DE Has $5.12 Million Position in BETA Technologies Inc $BETA

Key Points

• Bank of America more than doubled its BETA Technologies stake in the first quarter, increasing holdings by 117.2% to 348,097 shares valued at approximately $5.12 million.
• BETA Technologies reported a quarterly loss of $0.64 per share, missing estimates of $0.56, on revenue of $14.66 million. The company remains deeply unprofitable, with analysts expecting a full-year loss of $2.22 per share.
• Analyst sentiment remains broadly positive, with a “Moderate Buy” consensus and an average price target of $31.11 versus the stock’s reported $21.94 price; however, insiders have sold nearly 299,000 shares over the past 90 days.

Bank of America Corp DE raised its holdings in shares of BETA Technologies Inc (NYSE:BETA - Free Report) by 117.2% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 348,097 shares of the company's stock after purchasing an additional 187,807 shares during the quarter. Bank of America Corp DE owned 0.16% of BETA Technologies worth $5,117,000 as of its most recent SEC filing.

A number of other large investors have also recently made changes to their positions in BETA. Parallel Advisors LLC increased its position in shares of 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 acquiring an additional 685 shares in the last quarter. Sandia Investment Management LP bought a new position in BETA Technologies in the 4th quarter valued at about $26,000. Rockefeller Capital Management L.P. acquired a new position in BETA Technologies during the 4th quarter valued at about $35,000. Manchester Capital Management LLC acquired a new position in BETA Technologies during the 4th quarter valued at about $38,000. Finally, California State Teachers Retirement System bought a new stake in BETA Technologies during the 1st quarter worth approximately $27,000.

Insider Buying and Selling

In other BETA Technologies news, insider Kyle Clark sold 23,205 shares of the business's stock in a transaction dated Friday, August 21st. The shares were sold at an average price of $25.22, for a total value of $585,230.10. Following the transaction, the insider directly owned 5,235,936 shares in the company, valued at $132,050,305.92. The trade was a 0.44% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders have sold a total of 298,901 shares of company stock valued at $6,546,418 over the last 90 days. Insiders own 24.47% of the company's stock.

BETA Technologies Stock Performance

Shares of BETA Technologies stock opened at $21.94 on Friday. The business's fifty day simple moving average is $19.92 and its 200 day simple moving average is $18.04. The company has a current ratio of 14.47, a quick ratio of 14.47 and a debt-to-equity ratio of 0.11. BETA Technologies Inc has a 12 month low of $13.43 and a 12 month high of $39.50. The firm has a market capitalization of $4.95 billion and a P/E ratio of -1.68.

BETA Technologies (NYSE:BETA - Get Free Report) last announced its quarterly earnings data on Wednesday, August 12th. The company reported ($0.64) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.56) by ($0.08). The business had revenue of $14.66 million during the quarter. BETA Technologies had a negative net margin of 1,913.91% and a negative return on equity of 96.24%. As a group, analysts anticipate that BETA Technologies Inc will post -2.22 EPS for the current year.

Analyst Ratings Changes

Several analysts have recently commented on BETA shares. Cantor Fitzgerald reissued an "overweight" rating and issued a $31.00 price objective on shares of BETA Technologies in a research note on Thursday, August 13th. Weiss Ratings downgraded BETA Technologies from a "sell (d)" rating to a "sell (d-)" rating in a report on Tuesday, August 18th. Citigroup reissued a "buy" rating on shares of BETA Technologies in a research report on Thursday, August 13th. Needham & Company LLC restated a "buy" rating and set a $34.00 price objective on shares of BETA Technologies in a research note on Wednesday, August 12th. Finally, BTIG Research restated a "buy" rating and set a $33.00 price objective on shares of BETA Technologies in a research note on Thursday, August 13th. Nine investment analysts have rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, BETA Technologies presently has a consensus rating of "Moderate Buy" and a consensus price target of $31.11.

BETA Technologies Company 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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