BETA Technologies (NYSE:BETA) Hits New 12-Month Low After Analyst Downgrade

BETA Technologies Inc (NYSE:BETA) hit a new 52-week low during mid-day trading on Wednesday 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 $15.51 and last traded at $15.6450, with a volume of 160516 shares traded. The stock had previously closed at $15.76.

A number of other brokerages also recently commented on BETA. Wall Street Zen raised BETA Technologies from a “sell” rating to a “hold” rating in a research report on Saturday, January 17th. Morgan Stanley reduced their target price on BETA Technologies from $34.00 to $33.00 and set an “overweight” rating on the stock in a research report on Tuesday, March 10th. Weiss Ratings began coverage on BETA Technologies in a research note on Friday, January 30th. They issued a “sell (d-)” rating on the stock. Needham & Company LLC reaffirmed a “buy” rating and set a $34.00 price objective on shares of BETA Technologies in a research note on Monday, March 9th. Finally, Zacks Research upgraded shares of BETA Technologies to a “hold” rating in a report on Tuesday, December 2nd. Nine research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $34.89.

Hedge Funds Weigh In On BETA Technologies

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Sandia Investment Management LP purchased a new stake in BETA Technologies during the 4th quarter worth $26,000. Rockefeller Capital Management L.P. purchased a new position in BETA Technologies in the fourth quarter valued at about $35,000. Manchester Capital Management LLC acquired a new position in shares of BETA Technologies during the fourth quarter worth about $38,000. Wolff Wiese Magana LLC acquired a new position in shares of BETA Technologies during the fourth quarter worth about $42,000. Finally, Kestra Advisory Services LLC purchased a new stake in shares of BETA Technologies in the fourth quarter worth about $70,000.

BETA Technologies Stock Down 0.5%

The company has a market cap of $3.47 billion and a price-to-earnings ratio of -1.58. The company has a current ratio of 22.77, a quick ratio of 22.77 and a debt-to-equity ratio of 0.10. The firm’s 50 day moving average price is $21.21.

BETA Technologies (NYSE:BETA) last released its quarterly earnings results on Monday, March 9th. The company reported ($2.02) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.47) by ($1.55). The business had revenue of $11.13 million during the quarter, compared to analysts’ expectations of $6.69 million. BETA Technologies’s revenue was up 152.3% on a year-over-year basis.

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.