Mudrick Capital Management L.P. Sells 2,500,000 Shares of Vertical Aerospace Ltd. $EVTL

Key Points

• Mudrick Capital Management sold 2.5 million Vertical Aerospace shares in the second quarter, reducing its stake by 4.6% to 52.16 million shares. Despite the sale, EVTL remains the firm’s second-largest holding and represents 20.3% of its portfolio.
• Vertical Aerospace shares opened at $0.59, near their 52-week low of $0.57 and well below the 52-week high of $7.33. The company reported a quarterly loss of $0.42 per share, missing analyst expectations by $0.02.
• Analyst sentiment is mixed, with six Buy, one Hold and three Sell ratings; MarketBeat’s consensus rating is Hold, with an average price target of $10.62. Institutional investors collectively own 81.17% of EVTL.

Mudrick Capital Management L.P. reduced its position in shares of Vertical Aerospace Ltd. (NYSE:EVTL - Free Report) by 4.6% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 52,159,585 shares of the company's stock after selling 2,500,000 shares during the period. Vertical Aerospace accounts for about 20.3% of Mudrick Capital Management L.P.'s portfolio, making the stock its 2nd largest holding. Mudrick Capital Management L.P. owned 37.69% of Vertical Aerospace worth $90,758,000 at the end of the most recent reporting period.

A number of other hedge funds have also made changes to their positions in EVTL. EFG International AG purchased a new position in shares of Vertical Aerospace in the fourth quarter valued at approximately $27,000. Bessemer Group Inc. acquired a new position in Vertical Aerospace in the 1st quarter valued at $31,000. Barclays PLC raised its stake in Vertical Aerospace by 156.0% in the 4th quarter. Barclays PLC now owns 6,843 shares of the company's stock valued at $36,000 after purchasing an additional 4,170 shares during the last quarter. Cornerstone Capital Inc. purchased a new position in Vertical Aerospace in the 2nd quarter valued at $47,000. Finally, Quarry LP purchased a new position in Vertical Aerospace in the 3rd quarter valued at $49,000. Institutional investors and hedge funds own 81.17% of the company's stock.

Vertical Aerospace Stock Down 1.9%

Shares of NYSE:EVTL opened at $0.59 on Wednesday. The business has a fifty day moving average of $1.18 and a two-hundred day moving average of $2.23. The stock has a market cap of $81.23 million, a P/E ratio of -0.38 and a beta of 1.48. Vertical Aerospace Ltd. has a 52-week low of $0.57 and a 52-week high of $7.33.

Vertical Aerospace (NYSE:EVTL - Get Free Report) last issued its earnings results on Friday, August 14th. The company reported ($0.42) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.40) by ($0.02). On average, equities analysts anticipate that Vertical Aerospace Ltd. will post -1.14 earnings per share for the current year.

Analyst Ratings Changes

A number of equities research analysts have recently issued reports on EVTL shares. Weiss Ratings raised shares of Vertical Aerospace from a "sell (e+)" rating to a "sell (d)" rating in a report on Wednesday, September 2nd. Deutsche Bank Aktiengesellschaft reissued a "buy" rating on shares of Vertical Aerospace in a research note on Monday, July 27th. Needham & Company LLC lowered their price target on shares of Vertical Aerospace to $5.00 and set a "buy" rating on the stock in a research report on Thursday, August 13th. Finally, Barclays raised shares of Vertical Aerospace to a "strong sell" rating in a research note on Wednesday, July 29th. Six research analysts have rated the stock with a Buy rating, one has issued a Hold rating and three have given a Sell rating to the stock. According to MarketBeat, the stock currently has an average rating of "Hold" and an average price target of $10.62.

About Vertical Aerospace

Vertical Aerospace is a United Kingdom–based aerospace manufacturer specializing in the development of electric vertical takeoff and landing (eVTOL) aircraft for urban air mobility. Founded in 2016 by entrepreneur Stephen Fitzpatrick, the company is publicly listed on the New York Stock Exchange under the ticker EVTL. Vertical Aerospace's mission is to deliver zero-emission, high-speed electric aircraft designed to transform short-haul journeys in densely populated areas.

The company's flagship model, the VA-X4, is a piloted, five-seat eVTOL craft engineered for quiet operation, low running costs and minimal environmental impact.

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