BETA Technologies' Rollercoaster February: Epstein Association Fallout Gives Way to Amazon Validation and Analyst Upgrade
On the day of the Amazon-driven price surge, Jefferies analyst Sheila Kahyaoglu upgraded BETA Technologies from Hold to Buy, bolstered by BETA’s contract with Eve Air Mobility, worth up to $1 billion.
Between early February and mid-February 2026, BETA Technologies, a South Burlington-based electric aviation company, experienced dramatic stock price swings that highlight the complex interaction between corporate governance, regulatory reporting, and market psychology.
The company’s shares fell to a 52-week low of $15.61 on February 5, then surged more than 15% to close at $19.39 on February 11. Understanding what drove these movements requires examining both the information that reached investors and the technical conditions that made the stock susceptible to sharp reactions.
The Governance Event That Started the Decline
On February 4, 2026, BETA Technologies announced the voluntary recusal of board member Dean Kamen, the acclaimed inventor who holds over 800,000 shares valued at approximately $13 million. The decision followed Kamen’s name appearing in newly released Department of Justice files associated with the Jeffrey Epstein investigation.
Kamen’s departure from the board was particularly significant because he serves as executive director of a government-funded biotechnology nonprofit with which BETA maintains a multimillion-dollar business agreement. The company appointed an external law firm to conduct an independent review to ensure leadership remained aligned with corporate values.
The immediate market response was severe. The stock plunged more than 12% following the announcement, accelerating a decline that had already reduced the company’s value by approximately 41% since its November 2025 debut at $34.00 per share.
The Amazon Filing and Market Reaction
On February 10, 2026, after the market closed, Amazon filed a Schedule 13G with the Securities and Exchange Commission disclosing beneficial ownership of 11,753,896 shares of BETA’s Class A common stock, representing a 5.3% stake. In after-hours trading, shares rose over 17%, and during the regular session on February 11, the stock rallied more than 15%.
Trading volume reached 4.34 million shares—more than four times the average daily volume—as automated news systems and retail trading platforms reported the disclosure.
What the Filing Actually Represented
The Schedule 13G is a form that passive investors must file when their ownership exceeds 5% of a company’s outstanding shares. The filing listed a “Date of Event” of December 31, 2025, meaning it represented a year-end snapshot of Amazon’s holdings, not a new purchase in February 2026.
Amazon has been a strategic backer of BETA Technologies since 2021, investing through its Climate Pledge Fund well before the company’s public offering. Amazon was already listed as a major shareholder in BETA’s initial public offering prospectus in November 2025.
The filing was a regulatory reporting requirement, not an indication of new investment activity or a change in Amazon’s strategic relationship with the company.
Technical Market Conditions
Prior to the February 11 surge, the stock exhibited technical characteristics that made it highly reactive to any perceived positive news. Technical analysts noted the stock was in oversold territory, with the Relative Strength Index indicating extreme selling pressure. This created conditions where short-sellers covering their positions and momentum traders responding to headlines could amplify price movements significantly.
The sharp decline following the Kamen announcement had nearly doubled trading volume as the stock searched for a price floor, setting the stage for a technical rebound if any catalyst emerged.
The Fundamental Development
On the same day as the Amazon-driven price surge, Jefferies analyst Sheila Kahyaoglu upgraded BETA Technologies from Hold to Buy, establishing a $30.00 price target. The upgrade was based on the company’s operational progress rather than the Amazon filing.
Specifically, the upgrade followed BETA’s 10-year contract with Eve Air Mobility, an Embraer-backed entity, estimated to be worth up to $1 billion. BETA secured this contract at the end of 2025 to supply pusher motors for Eve’s future aircraft. Analysts view this as a critical “de-risking” factor because it establishes BETA as a Tier 1 supplier to other aircraft manufacturers, providing a revenue stream independent of the company’s own aircraft certification timeline.
BETA’s Operational Progress
BETA Technologies is pursuing a dual-track certification strategy that differentiates it from competitors. The company is working toward Federal Aviation Administration approval for both the ALIA-250, an electric vertical takeoff and landing aircraft designed for urban air mobility, and the CX300, a fixed-wing variant designed for conventional takeoff and landing.
For the quarter ended September 30, 2025, the company reported $8.9 million in revenue, exceeding analyst expectations of $7.5 million. This revenue consisted of $2.9 million from product sales (early delivery of electric motors) and $6.0 million from service revenue (government and defense contracts).
The company maintains contracts with UPS, United Therapeutics, and the U.S. Air Force through the Agility Prime program. BETA’s manufacturing and research operations are headquartered in South Burlington, where the company continues to expand its workforce.
Information Context
While media coverage emphasized Amazon’s disclosure, General Electric Aerospace holds a significantly larger 10.37% stake with 22.86 million shares. GE is also a primary technical collaborator on hybrid propulsion systems.
Additionally, reports on February 9 suggested UBS had initiated coverage with a Buy rating, but TipRanks later issued a correction stating that this initiation did not actually take place on that date.
The analyst community maintains a consensus rating of Moderate Buy, with price targets ranging from $24.00 to $47.00 across major investment banks, reflecting the high-uncertainty environment of the electric aviation sector.
What Happens Next
Several developments in coming months will provide clarity on BETA’s trajectory beyond the February volatility.
In March 2026, the Department of Transportation and Federal Aviation Administration are expected to award selections for the electric vehicle Integration Pilot Program. BETA has applied to participate in this program to demonstrate the feasibility of medical flights between Vermont and northern New York, which would provide the company with regulatory access and a federally funded platform to prove operational reliability.
The company’s pusher motors remain on schedule for certification in the first half of 2026, a timeline critical to fulfilling the Eve Air Mobility contract. Early 2027 is viewed as a pivotal waypoint for conventional takeoff certification.
BETA’s expansion of its interoperable charging network, including international locations, represents another avenue for generating recurring revenue independent of aircraft sales.
For Vermont residents and investors evaluating BETA Technologies, the February events illustrate how corporate governance issues, regulatory filing requirements, technical trading conditions, and fundamental business progress can simultaneously influence a company’s stock price. While the Amazon disclosure brought renewed attention to the company’s strategic partnerships, BETA’s long-term valuation depends on meeting certification timelines and converting its $1 billion backlog into delivered products.