AeroVironment (NASDAQ:AVAV) Issues Quarterly Earnings Results

Key Points

• AeroVironment reported quarterly earnings of $0.32 per share, falling short of the consensus estimate of $0.34 by $0.02.
• The company's stock price decreased by 2.5% during trading, closing at $230.99, with a market capitalization of $11.53 billion.
• Analysts have a consensus rating of "Buy" for AeroVironment, with an average price target set at $292.33, while some analysts have issued "strong-buy" ratings with targets as high as $325.00.

AeroVironment (NASDAQ:AVAV - Get Free Report) posted its quarterly earnings results on Tuesday. The aerospace company reported $0.32 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.34 by ($0.02), Zacks reports. AeroVironment had a net margin of 5.32% and a return on equity of 10.68%.

AeroVironment Trading Down 2.5%

AVAV stock traded down $5.92 during trading on Tuesday, reaching $230.99. The company had a trading volume of 1,622,989 shares, compared to its average volume of 831,826. AeroVironment has a 52 week low of $102.25 and a 52 week high of $295.90. The company has a market cap of $11.53 billion, a P/E ratio of 149.03 and a beta of 1.03. The business has a 50 day moving average of $252.31 and a 200 day moving average of $191.05. The company has a debt-to-equity ratio of 0.03, a current ratio of 3.52 and a quick ratio of 2.69.

Insiders Place Their Bets

In other AeroVironment news, CEO Wahid Nawabi sold 17,300 shares of the company's stock in a transaction dated Wednesday, July 16th. The shares were sold at an average price of $263.05, for a total value of $4,550,765.00. Following the sale, the chief executive officer owned 122,233 shares in the company, valued at approximately $32,153,390.65. This represents a 12.40% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 0.81% of the company's stock.

Institutional Investors Weigh In On AeroVironment

Hedge funds and other institutional investors have recently bought and sold shares of the business. EverSource Wealth Advisors LLC grew its holdings in AeroVironment by 5,200.0% in the second quarter. EverSource Wealth Advisors LLC now owns 159 shares of the aerospace company's stock worth $45,000 after purchasing an additional 156 shares during the period. Canada Pension Plan Investment Board purchased a new stake in AeroVironment in the second quarter worth about $171,000. Tidal Investments LLC purchased a new stake in AeroVironment in the second quarter worth about $235,000. Quantinno Capital Management LP purchased a new stake in AeroVironment in the second quarter worth about $322,000. Finally, Brevan Howard Capital Management LP purchased a new stake in AeroVironment in the second quarter worth about $405,000. Hedge funds and other institutional investors own 86.38% of the company's stock.

Analysts Set New Price Targets

Several analysts have issued reports on the stock. Oppenheimer restated an "outperform" rating on shares of AeroVironment in a research report on Sunday, June 29th. Stifel Nicolaus assumed coverage on shares of AeroVironment in a research report on Tuesday, June 24th. They set a "buy" rating and a $240.00 price target for the company. Citizens Jmp assumed coverage on shares of AeroVironment in a research report on Monday, August 4th. They set a "strong-buy" rating and a $325.00 price target for the company. JMP Securities restated a "market outperform" rating and set a $325.00 price target on shares of AeroVironment in a research report on Monday, August 18th. Finally, Zacks Research upgraded shares of AeroVironment from a "strong sell" rating to a "strong-buy" rating in a research report on Monday, August 25th. Three investment analysts have rated the stock with a Strong Buy rating and fifteen have issued a Buy rating to the company's stock. Based on data from MarketBeat, the stock currently has an average rating of "Buy" and a consensus target price of $292.33.

About AeroVironment

AeroVironment, Inc designs, develops, produces, delivers, and supports a portfolio of robotic systems and related services for government agencies and businesses in the United States and internationally. It operates through Small Unmanned Aircraft Systems (SUAS), Tactical Missile System (TMS), Medium Unmanned Aircraft Systems (MUAS), and High Altitude Pseudo-Satellite Systems (HAPS) segments.

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