Vertical Aerospace (NYSE:EVTL) Price Target Lowered to $9.50 at Canaccord Genuity Group

Vertical Aerospace (NYSE:EVTL) had its price objective cut by Canaccord Genuity Group from $11.00 to $9.50 in a report released on Thursday,Benzinga reports. They currently have a buy rating on the stock.

EVTL has been the topic of a number of other research reports. Raymond James Financial lowered shares of Vertical Aerospace from a “market perform” rating to an “underperform” rating in a research report on Monday, February 23rd. Needham & Company LLC reissued a “buy” rating and issued a $11.00 price target (up from $9.00) on shares of Vertical Aerospace in a report on Monday, December 15th. William Blair began coverage on shares of Vertical Aerospace in a research report on Wednesday, January 7th. They issued an “outperform” rating on the stock. D. Boral Capital restated a “buy” rating and set a $12.00 price objective on shares of Vertical Aerospace in a report on Tuesday. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Vertical Aerospace in a research report on Wednesday, January 21st. Six equities research analysts have rated the stock with a Buy rating and two have given a Sell rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $11.10.

Vertical Aerospace Stock Down 10.0%

Shares of NYSE:EVTL opened at $2.39 on Thursday. The company has a market cap of $244.06 million, a price-to-earnings ratio of -0.78 and a beta of 1.23. The business has a 50 day moving average price of $4.38 and a 200 day moving average price of $4.94. Vertical Aerospace has a twelve month low of $2.32 and a twelve month high of $7.60.

Vertical Aerospace (NYSE:EVTL) last issued its quarterly earnings results on Tuesday, March 24th. The company reported ($0.39) EPS for the quarter, missing the consensus estimate of ($0.38) by ($0.01). Analysts anticipate that Vertical Aerospace will post -3.95 EPS for the current year.

Institutional Trading of Vertical Aerospace

Several institutional investors have recently bought and sold shares of EVTL. Millennium Management LLC grew its position in Vertical Aerospace by 293.4% in the third quarter. Millennium Management LLC now owns 1,787,790 shares of the company’s stock valued at $9,279,000 after acquiring an additional 1,333,312 shares during the period. Kotler Kevin bought a new position in shares of Vertical Aerospace during the fourth quarter valued at $5,009,000. Inherent Management Corp. boosted its stake in shares of Vertical Aerospace by 151.3% in the 4th quarter. Inherent Management Corp. now owns 1,331,883 shares of the company’s stock valued at $7,099,000 after purchasing an additional 801,883 shares in the last quarter. Marshall Wace LLP boosted its stake in shares of Vertical Aerospace by 81.1% in the 3rd quarter. Marshall Wace LLP now owns 1,428,299 shares of the company’s stock valued at $7,413,000 after purchasing an additional 639,404 shares in the last quarter. Finally, Adage Capital Partners GP L.L.C. grew its holdings in shares of Vertical Aerospace by 152.5% in the 4th quarter. Adage Capital Partners GP L.L.C. now owns 1,010,101 shares of the company’s stock worth $5,384,000 after purchasing an additional 610,101 shares during the last quarter. Institutional investors and hedge funds own 81.17% of the company’s stock.

About Vertical Aerospace

Vertical Aerospace is a United Kingdom–based aerospace manufacturer specializing in the development of electric vertical takeoff and landing (eVTOL) aircraft for urban air mobility. Founded in 2016 by entrepreneur Stephen Fitzpatrick, the company is publicly listed on the New York Stock Exchange under the ticker EVTL. Vertical Aerospace’s mission is to deliver zero-emission, high-speed electric aircraft designed to transform short-haul journeys in densely populated areas.

The company’s flagship model, the VA-X4, is a piloted, five-seat eVTOL craft engineered for quiet operation, low running costs and minimal environmental impact.