Vertical Aerospace's (EVTL) "Buy" Rating Reiterated at Needham & Company LLC

Key Points

• Needham & Company LLC has reiterated a "buy" rating for Vertical Aerospace (NYSE:EVTL) with a target price of $9.00, indicating a potential upside of 88.68% from its previous closing price.
• While six analysts rate the stock as a Buy, it also has one Hold and one Sell rating, resulting in a consensus rating of "Moderate Buy" with an average price target of $10.43.
• Vertical Aerospace reported a loss of ($2.35) earnings per share for the last quarter, significantly missing analysts' expectations of ($0.43).

Vertical Aerospace (NYSE:EVTL - Get Free Report)'s stock had its "buy" rating reaffirmed by equities researchers at Needham & Company LLC in a research note issued on Thursday,Benzinga reports. They presently have a $9.00 price objective on the stock. Needham & Company LLC's target price suggests a potential upside of 47.30% from the company's previous close.

EVTL has been the topic of several other reports. D. Boral Capital reiterated a "buy" rating and set a $15.00 price objective on shares of Vertical Aerospace in a report on Thursday. Canaccord Genuity Group reduced their target price on Vertical Aerospace from $13.50 to $11.00 and set a "buy" rating for the company in a report on Monday, July 14th. HC Wainwright reaffirmed a "buy" rating and issued a $15.00 target price on shares of Vertical Aerospace in a research report on Thursday. Cantor Fitzgerald initiated coverage on Vertical Aerospace in a research report on Friday, August 22nd. They issued an "overweight" rating and a $8.00 target price on the stock. Finally, Wall Street Zen downgraded Vertical Aerospace from a "hold" rating to a "sell" rating in a research report on Saturday, August 9th. Six investment analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company's stock. According to MarketBeat.com, Vertical Aerospace currently has an average rating of "Moderate Buy" and an average price target of $10.43.

Vertical Aerospace Stock Up 6.6%

Shares of EVTL stock traded up $0.38 during mid-day trading on Thursday, hitting $6.11. 2,300,871 shares of the stock were exchanged, compared to its average volume of 909,074. The firm has a fifty day moving average of $5.43 and a 200 day moving average of $4.92. Vertical Aerospace has a 52-week low of $2.76 and a 52-week high of $15.99. The company has a market cap of $602.02 million, a PE ratio of -0.12 and a beta of 1.24.

Vertical Aerospace (NYSE:EVTL - Get Free Report) last issued its quarterly earnings results on Tuesday, August 5th. The company reported ($2.35) earnings per share for the quarter, missing analysts' consensus estimates of ($0.43) by ($1.92). Equities analysts predict that Vertical Aerospace will post -3.95 EPS for the current year.

Institutional Investors Weigh In On Vertical Aerospace

A number of large investors have recently added to or reduced their stakes in EVTL. Jane Street Group LLC bought a new stake in Vertical Aerospace in the 4th quarter worth $300,000. Bank of America Corp DE bought a new stake in Vertical Aerospace during the fourth quarter worth about $264,000. XTX Topco Ltd bought a new stake in Vertical Aerospace during the first quarter worth about $131,000. Inherent Management Corp. purchased a new stake in Vertical Aerospace during the 1st quarter valued at $1,109,000. Finally, Goldman Sachs Group Inc. purchased a new stake in Vertical Aerospace during the 1st quarter valued at $102,000. Institutional investors own 81.17% of the company's stock.

About Vertical Aerospace

Vertical Aerospace Ltd., an aerospace and technology company, engages in designing, manufacturing, and selling zero operating emission electric vertical takeoff and landing (eVTOL) aircraft for use in the advanced air mobility in the United Kingdom. It offers VX4, an eVTOL aircraft. Vertical Aerospace Ltd.