Options traders have gone heavily bullish into BETA's June 4 earnings print — a sharp reversal from the deeply bearish positioning that dominated April.
The clearest signal is in the options market, where sentiment has flipped almost entirely. The put/call ratio has collapsed to 0.35, more than one standard deviation below its 20-day average of 0.77. Two months ago, the PCR was running above 1.68 — near a 52-week high — signalling heavy demand for downside protection. Now it is approaching its 52-week low. That is a dramatic rotation from fear to confidence in roughly six weeks, and it coincides with a 11% price gain over the past month, with BETA trading at $18.03.
The lending market tells a complementary story. Borrow availability has loosened sharply — from around 65–70% in late April to 247% today, meaning roughly two-and-a-half shares are available to lend for every share currently borrowed. That is the most relaxed the lending pool has been in months, well above the 52-week trough of 44%. Cost to borrow has more than halved over the same period, from above 1.1% in late April to 0.57%. Together, these conditions describe a market where short sellers are covering rather than adding to positions. Short interest has fallen 20% over the past month to just 2.3% of the free float — not a crowded trade by any measure.
Analysts remain broadly constructive but have been trimming targets through the pullback, which is the key debate heading in. In mid-May, BTIG cut from $40 to $33 while maintaining Buy, and Citigroup pared its target from $33 to $25. Cantor Fitzgerald and Goldman Sachs both lowered targets in the weeks prior. The direction of travel on price targets is downward, even as ratings hold. The consensus mean sits at $31.50 — still 75% above the current price — which reflects the fundamental bull case: a differentiated eVTOL and electric CTOL platform, Amazon and GE among anchor investors, and a certification-first strategy that offers a clearer path to revenue than most pure-play eVTOL names. The bear case centres on valuation relative to a pre-revenue business, escalating competition, and the weight of infrastructure and R&D spending on future margins.
The ownership structure is notable. Kyle Clark, the CEO, holds 7.2% of shares and added 349,865 shares in a recent filing — a meaningful vote of confidence. That sits alongside broader insider activity from May 7, when several C-suite executives, including Clark, executed modest sales at $18.12 per share. The cluster of executive sales is likely routine plan-based selling, but the CEO's net addition to his position in the same period adds a counterweight. Peers EVEX and ACHR have both rallied sharply on the week — up 17% and 11% respectively — suggesting a rising tide for electric aviation names heading into the print.
The June 4 report is less about whether BETA is building something real and more about whether the company can show a certification timeline and revenue backlog trajectory that narrows the gap between analyst targets and a stock still down sharply year-to-date.
See the live data behind this article on ORTEX.
Open BETA on ORTEX →ORTEX Market Intelligence content is generated by AI from a snapshot of ORTEX's proprietary data. Content is informational only and does not constitute investment advice.
