Vertical Aerospace (NYSE:EVTL) Shares Gap Down - Here's Why

Shares of Vertical Aerospace Ltd. (NYSE:EVTL - Get Free Report) gapped down before the market opened on Tuesday . The stock had previously closed at $6.80, but opened at $6.53. Vertical Aerospace shares last traded at $6.00, with a volume of 1,171,378 shares.

Analyst Ratings Changes

Several research firms recently commented on EVTL. D. Boral Capital reiterated a "buy" rating and issued a $15.00 price objective on shares of Vertical Aerospace in a research note on Tuesday. Canaccord Genuity Group lowered their target price on Vertical Aerospace from $13.50 to $11.00 and set a "buy" rating on the stock in a research note on Monday, July 14th. Needham & Company LLC initiated coverage on Vertical Aerospace in a research note on Thursday, July 17th. They set a "buy" rating and a $9.00 price target for the company. Finally, HC Wainwright reissued a "buy" rating and issued a $15.00 price objective (up previously from $12.00) on shares of Vertical Aerospace in a report on Monday, June 9th. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating and five have issued a buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $10.83.

Vertical Aerospace Stock Performance

The company has a 50 day moving average of $5.84 and a 200-day moving average of $5.14.

Vertical Aerospace (NYSE:EVTL - Get Free Report) last released its earnings results on Tuesday, May 13th. The company reported $4.44 EPS for the quarter, beating analysts' consensus estimates of ($0.40) by $4.84. On average, equities analysts expect that Vertical Aerospace Ltd. will post -3.95 EPS for the current fiscal year.

Institutional Trading of Vertical Aerospace

Large investors have recently added to or reduced their stakes in the stock. Mudrick Capital Management L.P. lifted its position in Vertical Aerospace by 11,735.9% during the fourth quarter. Mudrick Capital Management L.P. now owns 47,343,585 shares of the company's stock valued at $595,582,000 after buying an additional 46,943,585 shares during the period. Jane Street Group LLC bought a new position in shares of Vertical Aerospace in the 4th quarter worth about $300,000. Renaissance Technologies LLC purchased a new position in Vertical Aerospace during the 4th quarter valued at about $237,000. Bank of America Corp DE bought a new stake in Vertical Aerospace during the fourth quarter worth about $264,000. Finally, Connective Capital Management LLC bought a new stake in Vertical Aerospace during the fourth quarter worth about $189,000. Institutional investors own 81.17% of the company's stock.

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.