Vertical Aerospace (NYSE:EVTL) Stock Price Up 1.1% – Here’s What Happened

Vertical Aerospace Ltd. (NYSE:EVTL)’s share price rose 1.1% during trading on Wednesday . The stock traded as high as $5.45 and last traded at $5.34. Approximately 1,119,025 shares were traded during trading, a decline of 7% from the average daily volume of 1,206,582 shares. The stock had previously closed at $5.28.

Analysts Set New Price Targets

Several equities analysts have issued reports on EVTL shares. Weiss Ratings reissued a “sell (d-)” rating on shares of Vertical Aerospace in a research note on Wednesday, October 8th. Canaccord Genuity Group reiterated a “buy” rating and set a $11.00 price target on shares of Vertical Aerospace in a research note on Monday, September 22nd. D. Boral Capital reissued a “buy” rating and set a $14.00 price target on shares of Vertical Aerospace in a report on Wednesday, December 3rd. Needham & Company LLC restated a “buy” rating and issued a $11.00 price objective (up previously from $9.00) on shares of Vertical Aerospace in a research report on Monday, December 15th. Finally, Cantor Fitzgerald reaffirmed an “overweight” rating on shares of Vertical Aerospace in a report on Monday, November 10th. Five analysts have rated the stock with a Buy rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, Vertical Aerospace presently has a consensus rating of “Moderate Buy” and an average price target of $11.80.

Vertical Aerospace Stock Performance

The stock’s fifty day moving average price is $4.96 and its 200-day moving average price is $5.35. The firm has a market cap of $532.88 million, a PE ratio of -0.11 and a beta of 1.21.

Vertical Aerospace (NYSE:EVTL) last issued its earnings results on Tuesday, November 4th. The company reported ($0.32) earnings per share for the quarter, missing the consensus estimate of ($0.23) by ($0.09). Sell-side analysts forecast that Vertical Aerospace Ltd. will post -3.95 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Vertical Aerospace

Several hedge funds and other institutional investors have recently bought and sold shares of EVTL. Millennium Management LLC boosted its position in Vertical Aerospace by 293.4% during the third quarter. Millennium Management LLC now owns 1,787,790 shares of the company’s stock worth $9,279,000 after purchasing an additional 1,333,312 shares in the last quarter. Marshall Wace LLP raised its stake in shares of Vertical Aerospace by 81.1% during the 3rd quarter. Marshall Wace LLP now owns 1,428,299 shares of the company’s stock worth $7,413,000 after buying an additional 639,404 shares during the last quarter. UBS Group AG boosted its position in shares of Vertical Aerospace by 459.1% in the 3rd quarter. UBS Group AG now owns 471,424 shares of the company’s stock worth $2,447,000 after buying an additional 387,104 shares in the last quarter. Verition Fund Management LLC grew its stake in Vertical Aerospace by 1,190.8% in the 3rd quarter. Verition Fund Management LLC now owns 195,151 shares of the company’s stock valued at $1,013,000 after acquiring an additional 180,032 shares during the last quarter. Finally, Tudor Investment Corp ET AL increased its holdings in Vertical Aerospace by 420.7% during the 3rd quarter. Tudor Investment Corp ET AL now owns 166,535 shares of the company’s stock valued at $864,000 after acquiring an additional 134,551 shares in the last quarter. 81.17% of the stock is owned by institutional investors and hedge funds.

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.