BETA Technologies (NASDAQ:BETA) stock is surging Wednesday after Amazon.com Inc. (NASDAQ:AMZN) disclosed a new stake in the company during extended trading hours on Tuesday.
- BETA Technologies stock is among today’s top performers. What’s behind BETA gains?
Amazon Discloses 5.3% Stake In Beta
Beta Technologies, which is based in Vermont, makes all-electric aircraft and charging infrastructure for sustainable aviation. Amazon disclosed in a new SEC filing that it owns around 11.75 million shares of Beta, sparking buying interest.
Amazon’s investment in Beta Technologies is expected to enhance the company’s market position and potentially accelerate its growth trajectory. The investment could also lead to further collaborations and innovations in the sector.
BETA Remains Below Key Levels
In terms of technical performance, Beta Technologies has been facing challenges, with its stock price currently trading 16.6% below its 20-day simple moving average (SMA) and 29% below its 50-day SMA. This suggests a bearish trend in the short to medium term, despite the current price movement.
Shares have decreased 47.58% over the past 12 months, positioning the stock closer to its 52-week lows than highs. The 52-week range highlights this struggle, with a high of $39.50 and a low of $15.61.
The RSI is currently at 21.04, indicating that the stock is in oversold territory, which could suggest a potential for a rebound. Meanwhile, the MACD is below its signal line, reinforcing the bearish sentiment surrounding the stock.
The combination of an oversold RSI and bearish MACD indicates mixed momentum, suggesting that while there may be potential for recovery, the stock remains under pressure.
- Key Resistance: $22.50
- Key Support: $15.50
BETA Stock Moves Higher
BETA Price Action: Beta Technologies shares were up 12.94% at $18.94 at the time of publication on Wednesday, according to Benzinga Pro data.
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