Vertical Aerospace (NYSE:EVTL) Given New $5.00 Price Target at Needham & Company LLC

Key Points

• Needham cut Vertical Aerospace’s price target from $11.00 to $5.00 while maintaining a “buy” rating, implying roughly 498% upside from the stock’s prior close.
• Analyst sentiment is mixed: six analysts rate the stock Buy, one Hold and three Sell, resulting in a consensus “Hold” rating and average price target of $10.10.
• EVTL traded near $0.84, close to its 52-week low of $0.77, after reporting a quarterly loss of $0.42 per share versus the $0.40 consensus loss estimate; institutional investors own 81.17% of the company.

Vertical Aerospace (NYSE:EVTL - Get Free Report) had its price objective cut by Needham & Company LLC from $11.00 to $5.00 in a research note issued on Thursday,Benzinga reports. The firm presently has a "buy" rating on the stock. Needham & Company LLC's target price suggests a potential upside of 498.09% from the stock's previous close.

Several other analysts have also issued reports on the stock. Barclays upgraded shares of Vertical Aerospace to a "strong sell" rating in a research note on Wednesday, July 29th. Cantor Fitzgerald lowered shares of Vertical Aerospace from an "overweight" rating to a "neutral" rating in a research report on Thursday, May 7th. Weiss Ratings cut shares of Vertical Aerospace from a "sell (d)" rating to a "sell (e+)" rating in a report on Friday, May 22nd. Deutsche Bank Aktiengesellschaft reaffirmed a "buy" rating on shares of Vertical Aerospace in a research report on Monday, July 27th. Finally, Canaccord Genuity Group increased their price objective on shares of Vertical Aerospace from $9.50 to $10.50 and gave the company a "buy" rating in a research note on Monday, April 20th. Six investment analysts have rated the stock with a Buy rating, one has issued a Hold rating and three have assigned a Sell rating to the stock. Based on data from MarketBeat.com, the company has an average rating of "Hold" and an average target price of $10.10.

Vertical Aerospace Stock Performance

EVTL traded up $0.01 during midday trading on Thursday, reaching $0.84. 5,925,785 shares of the company were exchanged, compared to its average volume of 3,245,005. The company has a market cap of $106.45 million, a price-to-earnings ratio of -0.24 and a beta of 1.54. Vertical Aerospace has a one year low of $0.77 and a one year high of $7.33. The company's fifty day moving average price is $1.69 and its 200 day moving average price is $2.77.

Vertical Aerospace (NYSE:EVTL - Get Free Report) last posted its earnings results on Friday, August 14th. The company reported ($0.42) earnings per share for the quarter, missing analysts' consensus estimates of ($0.40) by ($0.02). As a group, sell-side analysts anticipate that Vertical Aerospace will post -1.4 earnings per share for the current fiscal year.

Institutional Trading of Vertical Aerospace

Several hedge funds have recently added to or reduced their stakes in the stock. EFG International AG bought a new position in shares of Vertical Aerospace during the 4th quarter valued at approximately $27,000. Barclays PLC raised its holdings in shares of Vertical Aerospace by 156.0% in the 4th quarter. Barclays PLC now owns 6,843 shares of the company's stock worth $36,000 after purchasing an additional 4,170 shares during the period. Quarry LP purchased a new position in Vertical Aerospace in the third quarter valued at approximately $49,000. Farther Finance Advisors LLC bought a new position in Vertical Aerospace during the fourth quarter valued at $54,000. Finally, Virtu Financial LLC purchased a new stake in Vertical Aerospace in the third quarter worth $53,000. Institutional investors own 81.17% of the company's stock.

Vertical Aerospace Company Profile

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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