BETA Technologies (NYSE:BETA) Shares Down 5.8% Following Analyst Downgrade

Shares of BETA Technologies Inc (NYSE:BETA) were down 5.8% on Tuesday after The Goldman Sachs Group lowered their price target on the stock from $43.00 to $38.00. The Goldman Sachs Group currently has a buy rating on the stock. BETA Technologies traded as low as $16.14 and last traded at $15.88. Approximately 462,173 shares changed hands during mid-day trading, a decline of 60% from the average daily volume of 1,161,622 shares. The stock had previously closed at $16.85.

A number of other equities analysts also recently commented on BETA. Morgan Stanley decreased their target price on BETA Technologies from $34.00 to $33.00 and set an “overweight” rating for the company in a report on Tuesday, March 10th. Zacks Research raised shares of BETA Technologies to a “hold” rating in a research report on Tuesday, December 2nd. Bank of America raised their target price on shares of BETA Technologies from $35.00 to $37.00 and gave the stock a “buy” rating in a research report on Wednesday, December 17th. Weiss Ratings started coverage on shares of BETA Technologies in a research note on Friday, January 30th. They set a “sell (d-)” rating on the stock. Finally, Citigroup assumed coverage on shares of BETA Technologies in a research report on Monday, December 1st. They set a “buy” rating and a $41.00 price target on the stock. Nine investment analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $34.89.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of BETA. Rockefeller Capital Management L.P. bought a new position in shares of BETA Technologies during the fourth quarter valued at $35,000. T. Rowe Price Investment Management Inc. bought a new stake in BETA Technologies in the 4th quarter worth about $35,347,000. Zimmer Partners LP purchased a new position in BETA Technologies in the 4th quarter worth about $2,116,000. Symmetry Investments LP purchased a new position in BETA Technologies in the 4th quarter worth about $1,269,000. Finally, Quadrature Capital Ltd bought a new position in BETA Technologies during the 4th quarter valued at about $246,000.

BETA Technologies Trading Down 6.8%

The stock’s 50 day moving average price is $21.21. The company has a debt-to-equity ratio of 0.10, a quick ratio of 22.77 and a current ratio of 22.77. The company has a market cap of $3.48 billion and a price-to-earnings ratio of -1.60.

BETA Technologies (NYSE:BETA) last announced its quarterly earnings results on Monday, March 9th. The company reported ($2.02) EPS for the quarter, missing analysts’ consensus estimates of ($0.47) by ($1.55). The firm had revenue of $11.13 million for the quarter, compared to analysts’ expectations of $6.69 million. BETA Technologies’s revenue for the quarter was up 152.3% compared to the same quarter last year.

About BETA Technologies

BETA Technologies is an American aerospace company that develops electric vertical takeoff and landing (eVTOL) aircraft and supporting infrastructure. The company focuses on designing aircraft and propulsion systems intended for short-range cargo, logistics and regional passenger movement, emphasizing electric propulsion, battery systems and integrated charging solutions to support distributed operations.

Its product and service set includes aircraft design and development, electric motor and battery integration, charging hardware and software, and flight testing aimed at meeting certification requirements.