Saba Capital Management L.P. Purchases 7,691,459 Shares of Vertical Aerospace Ltd. $EVTL

Key Points

• Saba Capital Management increased its Vertical Aerospace stake by 194.8% to 11.64 million shares, representing about 9.14% of EVTL and 0.7% of Saba’s portfolio. Institutional investors and hedge funds collectively own 81.17% of the company.
• EVTL shares opened at $1.41, near the company’s 12-month low of $1.34, with a market capitalization of approximately $178.9 million. The stock’s 50-day and 200-day moving averages were $2.04 and $3.19, respectively.
• Analyst sentiment is mixed: six analysts rate the stock Buy, one rates it Hold and two rate it Sell, resulting in a consensus Hold rating and an $11.30 target price. Vertical Aerospace reported a quarterly loss of $0.40 per share, beating estimates by $0.12.

Saba Capital Management L.P. increased its position in shares of Vertical Aerospace Ltd. (NYSE:EVTL - Free Report) by 194.8% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 11,640,503 shares of the company's stock after purchasing an additional 7,691,459 shares during the period. Vertical Aerospace comprises about 0.7% of Saba Capital Management L.P.'s investment portfolio, making the stock its 22nd largest position. Saba Capital Management L.P. owned about 9.14% of Vertical Aerospace worth $25,726,000 at the end of the most recent reporting period.

Other large investors have also modified their holdings of the company. Millennium Management LLC lifted its stake in Vertical Aerospace by 293.4% during the third quarter. Millennium Management LLC now owns 1,787,790 shares of the company's stock worth $9,279,000 after purchasing an additional 1,333,312 shares during the period. Kotler Kevin bought a new stake in shares of Vertical Aerospace in the 4th quarter valued at approximately $5,009,000. Inherent Management Corp. grew its stake in shares of Vertical Aerospace by 151.3% in the 4th quarter. Inherent Management Corp. now owns 1,331,883 shares of the company's stock valued at $7,099,000 after purchasing an additional 801,883 shares during the period. Marshall Wace LLP raised its holdings in shares of Vertical Aerospace by 81.1% in the 3rd quarter. Marshall Wace LLP now owns 1,428,299 shares of the company's stock worth $7,413,000 after buying an additional 639,404 shares in the last quarter. Finally, Adage Capital Partners GP L.L.C. raised its holdings in shares of Vertical Aerospace by 152.5% in the 4th quarter. Adage Capital Partners GP L.L.C. now owns 1,010,101 shares of the company's stock worth $5,384,000 after buying an additional 610,101 shares in the last quarter. 81.17% of the stock is currently owned by institutional investors and hedge funds.

Vertical Aerospace Stock Performance

Shares of NYSE:EVTL opened at $1.41 on Tuesday. The business has a fifty day moving average of $2.04 and a 200-day moving average of $3.19. Vertical Aerospace Ltd. has a twelve month low of $1.34 and a twelve month high of $7.33. The firm has a market cap of $178.90 million, a PE ratio of -0.41 and a beta of 1.52.

Vertical Aerospace (NYSE:EVTL - Get Free Report) last announced its earnings results on Wednesday, May 6th. The company reported ($0.40) earnings per share for the quarter, topping analysts' consensus estimates of ($0.52) by $0.12. On average, analysts anticipate that Vertical Aerospace Ltd. will post -1.4 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several equities research analysts have recently commented on EVTL shares. D. Boral Capital restated a "buy" rating and issued a $12.00 target price on shares of Vertical Aerospace in a research note on Thursday, April 16th. Weiss Ratings cut shares of Vertical Aerospace from a "sell (d)" rating to a "sell (e+)" rating in a research report on Friday, May 22nd. Canaccord Genuity Group lifted their price target on shares of Vertical Aerospace from $9.50 to $10.50 and gave the company a "buy" rating in a report on Monday, April 20th. Cantor Fitzgerald lowered shares of Vertical Aerospace from an "overweight" rating to a "neutral" rating in a research report on Thursday, May 7th. Finally, Deutsche Bank Aktiengesellschaft restated a "buy" rating on shares of Vertical Aerospace in a research report on Monday. Six research analysts have rated the stock with a Buy rating, one has given a Hold rating and two have assigned a Sell rating to the company's stock. Based on data from MarketBeat, Vertical Aerospace currently has a consensus rating of "Hold" and a consensus target price of $11.30.

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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