Vertical Aerospace (NYSE:EVTL) Shares Gap Up - Time to Buy?

Vertical Aerospace Ltd. (NYSE:EVTL - Get Free Report)'s stock price gapped up prior to trading on Thursday . The stock had previously closed at $5.69, but opened at $6.10. Vertical Aerospace shares last traded at $6.51, with a volume of 2,597,248 shares trading hands.

Analysts Set New Price Targets

A number of analysts recently weighed in on the stock. Needham & Company LLC assumed coverage on shares of Vertical Aerospace in a research report on Thursday. They issued a "buy" rating and a $9.00 price target on the stock. Canaccord Genuity Group cut 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 report on Monday. D. Boral Capital reiterated a "buy" rating and issued a $15.00 price target on shares of Vertical Aerospace in a research report on Thursday, July 10th. Finally, HC Wainwright reissued a "buy" rating and set a $15.00 target price (up from $12.00) on shares of Vertical Aerospace in a research note on Monday, June 9th. One investment analyst has 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.com, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $10.83.

Vertical Aerospace Stock Performance

The firm's 50 day moving average price is $5.66 and its two-hundred day moving average price is $5.34.

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

Hedge Funds Weigh In On Vertical Aerospace

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Mudrick Capital Management L.P. lifted its position in shares of Vertical Aerospace by 11,735.9% during the 4th 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 last quarter. Inherent Management Corp. bought a new position in Vertical Aerospace during the 1st quarter worth approximately $1,109,000. Marshall Wace LLP bought a new stake in shares of Vertical Aerospace in the 4th quarter worth approximately $630,000. XTX Topco Ltd purchased a new position in shares of Vertical Aerospace in the 1st quarter valued at approximately $131,000. Finally, Goldman Sachs Group Inc. purchased a new position in Vertical Aerospace during the first quarter valued at $102,000. 81.17% of the stock is owned by institutional investors and hedge funds.

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.