BETA Technologies (NYSE:BETA) Trading Down 6.6% - Here's Why

Key Points

• BETA Technologies shares fell 6.6% to approximately $22.73 in midday trading, with volume down 82% from its average.
• Analyst sentiment remains broadly positive: the stock has a “Moderate Buy” consensus rating and an average price target of $31.11, implying substantial upside.
• The company missed its latest quarterly earnings estimate, reporting a loss of $0.64 per share versus the expected $0.56 loss, while insiders sold approximately $5.6 million in stock over the past quarter.

BETA Technologies Inc (NYSE:BETA - Get Free Report) shares fell 6.6% during mid-day trading on Thursday . The company traded as low as $22.91 and last traded at $22.7250. Approximately 318,839 shares traded hands during mid-day trading, a decline of 82% from the average daily volume of 1,802,318 shares. The stock had previously closed at $24.34.

Analysts Set New Price Targets

Several analysts recently commented on BETA shares. Cantor Fitzgerald reiterated an "overweight" rating and issued a $31.00 price objective on shares of BETA Technologies in a research note on Thursday, August 13th. Citigroup restated a "buy" rating on shares of BETA Technologies in a research report on Thursday, August 13th. Needham & Company LLC reaffirmed a "buy" rating and issued a $34.00 target price on shares of BETA Technologies in a report on Wednesday, August 12th. BTIG Research reiterated a "buy" rating and set a $33.00 price target on shares of BETA Technologies in a research report on Thursday, August 13th. Finally, Weiss Ratings raised BETA Technologies from a "sell (e+)" rating to a "sell (d-)" rating in a research note on Monday, September 14th. Nine research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $31.11.

BETA Technologies Trading Down 6.6%

The firm has a market cap of $5.13 billion and a PE ratio of -1.74. The company has a debt-to-equity ratio of 0.11, a current ratio of 14.47 and a quick ratio of 14.47. The business has a 50-day moving average price of $21.46 and a two-hundred day moving average price of $18.38.

BETA Technologies (NYSE:BETA - Get Free Report) last released its quarterly earnings data on Wednesday, August 12th. The company reported ($0.64) EPS for the quarter, missing the consensus estimate of ($0.56) by ($0.08). BETA Technologies had a negative return on equity of 96.24% and a negative net margin of 1,913.91%.The business had revenue of $14.66 million during the quarter. Analysts forecast that BETA Technologies Inc will post -2.25 EPS for the current year.

Insider Activity at BETA Technologies

In related news, insider Kyle Clark sold 23,205 shares of BETA Technologies stock in a transaction that occurred on Friday, August 21st. The stock was sold at an average price of $25.22, for a total transaction of $585,230.10. Following the completion of 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 position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Michael Stone bought 13,125 shares of BETA Technologies stock in a transaction that occurred on Wednesday, September 2nd. The stock was bought at an average cost of $19.19 per share, for a total transaction of $251,868.75. Following the purchase, the director owned 1,792,994 shares in the company, valued at $34,407,554.86. This represents a 0.74% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. Insiders sold 238,901 shares of company stock worth $5,597,818 over the last quarter. Company insiders own 24.47% of the company's stock.

Hedge Funds Weigh In On BETA Technologies

Several hedge funds have recently bought and sold shares of BETA. Integrated Wealth Concepts LLC acquired a new position in shares of BETA Technologies in the second quarter worth $235,000. IFP Advisors Inc increased its position in BETA Technologies by 555.6% during the 2nd quarter. IFP Advisors Inc now owns 1,803 shares of the company's stock worth $30,000 after purchasing an additional 1,528 shares in the last quarter. Squarepoint Ops LLC acquired a new position in BETA Technologies in the 2nd quarter valued at about $2,045,000. Allworth Financial LP lifted its holdings in BETA Technologies by 257.2% in the 2nd quarter. Allworth Financial LP now owns 1,786 shares of the company's stock valued at $30,000 after purchasing an additional 1,286 shares in the last quarter. Finally, Arizona State Retirement System acquired a new stake in shares of BETA Technologies during the 2nd quarter worth about $251,000.

BETA Technologies Company Profile

BETA Technologies is an electric aerospace company based in South Burlington, Vermont. Founded in 2017 by Kyle Clark, the company develops electric aircraft and the supporting infrastructure intended to enable lower-emission regional air transportation.

BETA's aircraft portfolio includes the ALIA CTOL conventional takeoff and landing aircraft and the ALIA VTOL vertical takeoff and landing aircraft. The company is developing these platforms for applications including cargo transportation, passenger service, medical logistics, and defense operations.

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