Vertical Aerospace (NYSE:EVTL) Shares Down 9.6% After Earnings Miss

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.

Shares of Vertical Aerospace Ltd. (NYSE:EVTL - Get Free Report) fell 9.6% during trading on Wednesday following a weaker than expected earnings announcement. The company traded as low as $5.53 and last traded at $5.56. 747,468 shares changed hands during 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) earnings per share for the quarter, missing analysts' consensus estimates of ($0.43) by ($1.92).

Analyst Ratings Changes

A number of brokerages recently commented on EVTL. Canaccord Genuity Group dropped their price target on shares of Vertical Aerospace from $13.50 to $11.00 and set a "buy" rating on the stock in a research note on Monday, July 14th. HC Wainwright reiterated a "buy" rating and issued a $15.00 target price (up from $12.00) on shares of Vertical Aerospace in a research note on Monday, June 9th. D. Boral Capital reiterated a "buy" rating and issued a $15.00 target price on shares of Vertical Aerospace in a research note on Tuesday, July 22nd. Finally, Needham & Company LLC assumed coverage on shares of Vertical Aerospace in a research note on Thursday, July 17th. They issued a "buy" rating and a $9.00 target price on the stock. One research analyst has rated the stock with a sell rating, one has given a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average target price of $10.83.

Institutional Inflows and Outflows

A number of large investors have recently bought and sold shares of the business. Inherent Management Corp. purchased a new position in Vertical Aerospace in the first quarter worth about $1,109,000. Marshall Wace LLP bought a new stake in Vertical Aerospace during the fourth quarter valued at approximately $630,000. XTX Topco Ltd bought a new position in shares of Vertical Aerospace in the first quarter worth approximately $131,000. Goldman Sachs Group Inc. bought a new position in shares of Vertical Aerospace in the first quarter worth approximately $102,000. Finally, Jane Street Group LLC purchased a new position in shares of Vertical Aerospace in the fourth quarter worth $300,000. 81.17% of the stock is owned by hedge funds and other institutional investors.

Vertical Aerospace Price Performance

The firm's fifty day moving average price is $5.95 and its 200 day moving average price is $4.98.

Vertical Aerospace Company Profile

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.

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