Vertical Aerospace (NYSE:EVTL) Stock Price Down 9.6% on Disappointing Earnings

Vertical Aerospace Ltd. (NYSE:EVTL)’s share price was down 9.6% during mid-day trading on Wednesday following a weaker than expected earnings announcement. The company traded as low as $5.53 and last traded at $5.56. Approximately 747,468 shares changed hands during mid-day trading, a decline of 11% from the average daily 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).

Wall Street Analysts Forecast Growth

A number of research firms recently weighed in 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 for the company in a research note on Monday, July 14th. HC Wainwright reissued a “buy” rating and set a $15.00 price target (up from $12.00) on shares of Vertical Aerospace in a research note on Monday, June 9th. Needham & Company LLC began coverage on shares of 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, D. Boral Capital reissued a “buy” rating and set a $15.00 price target on shares of Vertical Aerospace in a research note on Tuesday, July 22nd. 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 company. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $10.83.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of the company. Goldman Sachs Group Inc. acquired a new position in Vertical Aerospace during the first quarter valued at approximately $102,000. Inherent Management Corp. acquired a new position in Vertical Aerospace during the first quarter valued at approximately $1,109,000. XTX Topco Ltd acquired a new position in Vertical Aerospace during the first quarter valued at approximately $131,000. Connective Capital Management LLC acquired a new position in Vertical Aerospace during the fourth quarter valued at approximately $189,000. Finally, Bank of America Corp DE acquired a new position in Vertical Aerospace during the fourth quarter valued at approximately $264,000. Institutional investors and hedge funds own 81.17% of the company’s stock.

Vertical Aerospace Stock Down 11.1%

The stock has a market cap of $528.36 million, a price-to-earnings ratio of -0.11 and a beta of 1.25. The stock’s fifty day moving average is $5.94 and its 200-day moving average is $4.98.

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.