Vertical Aerospace (NYSE:EVTL) Stock Price Down 9.6% Following Weak Earnings

Key Points

• Vertical Aerospace's shares fell 9.6% after reporting a quarterly earnings miss of ($2.35) per share, significantly worse than analysts' expectations of ($0.43).
• Brokerages have shown mixed reactions, with Canaccord Genuity lowering their price target to $11 while HC Wainwright and D. Boral Capital maintained a "buy" rating with targets at $15.
• Institutional investors hold 81.17% of Vertical Aerospace's stock, highlighting the company's significant investor backing despite recent stock performance issues.

Vertical Aerospace Ltd. (NYSE:EVTL - Get Free Report)'s share price traded down 9.6% during trading on Wednesday following a weaker than expected earnings announcement. The stock traded as low as $5.53 and last traded at $5.56. 747,468 shares were traded during mid-day trading, a decline of 11% from the average session volume of 838,359 shares. The stock had previously closed at $6.15.

The company reported ($2.35) EPS for the quarter, missing the consensus estimate of ($0.43) by ($1.92).

Analyst Upgrades and Downgrades

A number of brokerages have recently commented on EVTL. D. Boral Capital reiterated a "buy" rating and set a $15.00 price objective on shares of Vertical Aerospace in a research report on Tuesday, July 22nd. Canaccord Genuity Group reduced their price objective on Vertical Aerospace from $13.50 to $11.00 and set a "buy" rating for the company in a research note on Monday, July 14th. Needham & Company LLC began coverage on Vertical Aerospace in a research report on Thursday, July 17th. They set a "buy" rating and a $9.00 price objective for the company. HC Wainwright restated a "buy" rating and set a $15.00 price target (up from $12.00) on shares of Vertical Aerospace in a report on Monday, June 9th. Finally, Wall Street Zen downgraded shares of Vertical Aerospace from a "hold" rating to a "sell" rating in a research report on Saturday. Two equities research analysts have rated the stock with a sell rating, one has assigned a hold rating and five have assigned a buy rating to the company's stock. According to data from MarketBeat, the company currently has an average rating of "Hold" and a consensus price target of $10.83.

Institutional Investors Weigh In On Vertical Aerospace

Several institutional investors have recently made changes to their positions in EVTL. Inherent Management Corp. acquired a new stake in shares of Vertical Aerospace during the 1st quarter valued at about $1,109,000. Rathbones Group PLC acquired a new position in Vertical Aerospace during the second quarter worth $356,000. Marshall Wace LLP acquired a new position in Vertical Aerospace during the fourth quarter worth $630,000. XTX Topco Ltd acquired a new position in Vertical Aerospace during the first quarter worth $131,000. Finally, Goldman Sachs Group Inc. acquired a new position in Vertical Aerospace during the first quarter worth $102,000. 81.17% of the stock is currently owned by institutional investors and hedge funds.

Vertical Aerospace Trading Up 0.8%

The company's 50-day simple moving average is $5.94 and its 200 day simple moving average is $4.89.

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.