Bank of New York Mellon Corp Purchases Shares of 171,772 BETA Technologies Inc $BETA

Key Points

• Bank of New York Mellon acquired 171,772 BETA Technologies shares during the second quarter, worth approximately $2.88 million and representing about 0.08% of the company.
• Several major investors—including General Electric, TPG, Amazon, Vanguard and Norges Bank—also established sizable BETA positions. Meanwhile, insiders sold 298,901 shares worth $6.55 million over the past 90 days.
• BETA reported a quarterly loss of $0.64 per share, missing estimates, while analysts maintained a generally positive outlook with a “Moderate Buy” consensus and an average price target of $31.11.

Bank of New York Mellon Corp acquired a new stake in shares of BETA Technologies Inc (NYSE:BETA - Free Report) during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm acquired 171,772 shares of the company's stock, valued at approximately $2,877,000. Bank of New York Mellon Corp owned about 0.08% of BETA Technologies at the end of the most recent quarter.

Several other large investors have also recently modified their holdings of BETA. General Electric Co purchased a new stake in BETA Technologies during the 4th quarter valued at about $644,962,000. TPG GP A LLC bought a new position in BETA Technologies during the 4th quarter worth approximately $462,515,000. Amazon Com Inc. purchased a new position in BETA Technologies in the 4th quarter worth approximately $331,577,000. Vanguard Group Inc. purchased a new position in BETA Technologies in the 4th quarter worth approximately $77,089,000. Finally, Norges Bank bought a new stake in BETA Technologies in the fourth quarter valued at approximately $41,485,000.

Insider Activity

In related news, insider Kyle Clark sold 30,000 shares of the stock in a transaction dated Thursday, August 13th. The shares were sold at an average price of $25.42, for a total value of $762,600.00. Following the completion of the transaction, the insider directly owned 5,396,941 shares of the company's stock, valued at $137,190,240.22. This represents a 0.55% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Insiders have sold a total of 298,901 shares of company stock worth $6,546,418 in the last 90 days. 24.47% of the stock is owned by insiders.

BETA Technologies Stock Performance

Shares of BETA stock opened at $22.14 on Monday. The firm has a market capitalization of $4.99 billion and a price-to-earnings ratio of -1.70. The stock has a fifty day moving average of $20.47 and a 200 day moving average of $18.17. BETA Technologies Inc has a 52 week low of $13.43 and a 52 week high of $39.50. The company has a quick ratio of 14.47, a current ratio of 14.47 and a debt-to-equity ratio of 0.11.

BETA Technologies (NYSE:BETA - Get Free Report) last issued 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). BETA Technologies had a negative net margin of 1,913.91% and a negative return on equity of 96.24%. The company had revenue of $14.66 million for the quarter. As a group, research analysts expect that BETA Technologies Inc will post -2.25 earnings per share for the current year.

Analysts Set New Price Targets

BETA has been the subject of a number of analyst reports. Citigroup reissued a "buy" rating on shares of BETA Technologies in a research note on Thursday, August 13th. Needham & Company LLC reissued a "buy" rating and set a $34.00 price target on shares of BETA Technologies in a research report on Wednesday, August 12th. BTIG Research restated a "buy" rating and issued a $33.00 price objective on shares of BETA Technologies in a research report on Thursday, August 13th. Weiss Ratings lowered shares of BETA Technologies from a "sell (d-)" rating to a "sell (e+)" rating in a report on Tuesday, September 1st. Finally, Cantor Fitzgerald reissued an "overweight" rating and issued a $31.00 target price on shares of BETA Technologies in a research note on Thursday, August 13th. Nine equities research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average target price 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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