Canaccord Genuity Group Issues Pessimistic Forecast for Vertical Aerospace (NYSE:EVTL) Stock Price

Vertical Aerospace (NYSE:EVTL) had its target price cut by investment analysts at Canaccord Genuity Group from $13.50 to $11.00 in a research note issued to investors on Monday,Benzinga reports. The firm presently has a “buy” rating on the stock. Canaccord Genuity Group’s price target points to a potential upside of 120.88% from the company’s current price.

Other analysts have also recently issued research reports about the stock. HC Wainwright reissued a “buy” rating and set a $15.00 price objective (up previously from $12.00) on shares of Vertical Aerospace in a report on Monday, June 9th. D. Boral Capital reiterated a “buy” rating and issued a $15.00 price objective on shares of Vertical Aerospace in a research report on Thursday, July 10th. One research analyst has rated the stock with a sell rating, one has issued a hold rating and four have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $11.20.

Vertical Aerospace Price Performance

Shares of NYSE:EVTL opened at $4.98 on Monday. Vertical Aerospace has a 12-month low of $2.76 and a 12-month high of $15.99. The business has a 50-day moving average price of $5.59 and a 200 day moving average price of $5.38.

Vertical Aerospace (NYSE:EVTL) last released its earnings results on Tuesday, May 13th. The company reported $4.44 earnings per share for the quarter, beating the consensus estimate of ($0.40) by $4.84. Equities analysts predict that Vertical Aerospace will post -3.95 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Vertical Aerospace

Institutional investors and hedge funds have recently modified their holdings of the company. Mudrick Capital Management L.P. grew its holdings in 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. acquired a new stake in Vertical Aerospace during the 1st quarter worth approximately $1,109,000. Marshall Wace LLP purchased a new position in shares of Vertical Aerospace in the 4th quarter valued at $630,000. XTX Topco Ltd acquired a new stake in Vertical Aerospace in the 1st quarter valued at $131,000. Finally, Goldman Sachs Group Inc. purchased a new stake in shares of Vertical Aerospace during the 1st quarter valued at about $102,000. Institutional investors and hedge funds 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.