Canaccord Genuity Group Has Lowered Expectations for Vertical Aerospace (NYSE:EVTL) Stock Price

Vertical Aerospace (NYSE:EVTL) had its price objective dropped by analysts at Canaccord Genuity Group from $11.00 to $9.50 in a report issued on Thursday,Benzinga reports. The brokerage currently has a “buy” rating on the stock. Canaccord Genuity Group’s target price suggests a potential upside of 362.96% from the stock’s current price.

Several other research firms have also issued reports on EVTL. Raymond James Financial lowered Vertical Aerospace from a “market perform” rating to an “underperform” rating in a research report on Monday, February 23rd. William Blair initiated coverage on shares of Vertical Aerospace in a research note on Wednesday, January 7th. They set 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. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Vertical Aerospace in a research note on Wednesday, January 21st. Finally, Needham & Company LLC reiterated a “buy” rating and issued a $11.00 target price (up from $9.00) on shares of Vertical Aerospace in a report on Monday, December 15th. Six analysts have rated the stock with a Buy rating and two have given a Sell rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $11.10.

Vertical Aerospace Stock Performance

EVTL opened at $2.05 on Thursday. The company has a fifty day moving average price of $4.30 and a two-hundred day moving average price of $4.92. The firm has a market capitalization of $209.98 million, a PE ratio of -0.67 and a beta of 1.23. Vertical Aerospace has a 52 week low of $2.01 and a 52 week high of $7.60.

Vertical Aerospace (NYSE:EVTL) last posted its quarterly earnings results on Tuesday, March 24th. The company reported ($0.39) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.38) by ($0.01). Equities analysts forecast that Vertical Aerospace will post -3.95 EPS for the current year.

Institutional Investors Weigh In On Vertical Aerospace

Hedge funds and other institutional investors have recently made changes to their positions in the stock. EFG International AG bought a new position in Vertical Aerospace during the 4th quarter worth about $27,000. Barclays PLC boosted its position in shares of Vertical Aerospace by 156.0% during the fourth quarter. Barclays PLC now owns 6,843 shares of the company’s stock worth $36,000 after buying an additional 4,170 shares during the period. Jones Financial Companies Lllp grew its holdings in shares of Vertical Aerospace by 144.3% during the third quarter. Jones Financial Companies Lllp now owns 8,211 shares of the company’s stock worth $45,000 after buying an additional 4,850 shares in the last quarter. Quarry LP bought a new position in shares of Vertical Aerospace during the third quarter worth about $49,000. Finally, Oppenheimer & Co. Inc. acquired a new stake in Vertical Aerospace in the 3rd quarter valued at approximately $52,000. 81.17% of the stock is currently 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.