AeroVironment (NASDAQ:AVAV) Price Target Cut to $248.00 by Analysts at Piper Sandler

Key Points

• Piper Sandler cut its price target on AeroVironment from $290 to $248, while keeping an overweight rating on the stock.
• Several other analysts also lowered their targets recently, and the broader consensus remains Moderate Buy with an average price target of $305.33.
• AeroVironment shares were down 3.9% and were trading near $136.68, close to their 52-week low of $135.20, amid recent negative headlines including an $89 million goodwill impairment and related class-action lawsuits.

AeroVironment (NASDAQ:AVAV - Get Free Report) had its price objective dropped by Piper Sandler from $290.00 to $248.00 in a research report issued to clients and investors on Friday,Benzinga reports. The firm presently has an "overweight" rating on the aerospace company's stock. Piper Sandler's target price would suggest a potential upside of 81.45% from the company's current price.

A number of other analysts also recently weighed in on the stock. UBS Group cut their price target on shares of AeroVironment from $259.00 to $236.00 and set a "neutral" rating for the company in a report on Wednesday, March 11th. Citizens Jmp lowered their price objective on shares of AeroVironment from $400.00 to $350.00 and set a "market outperform" rating for the company in a research report on Wednesday, March 11th. Royal Bank Of Canada cut their target price on AeroVironment from $325.00 to $250.00 and set an "outperform" rating for the company in a research note on Wednesday, March 11th. Jefferies Financial Group reduced their target price on AeroVironment from $390.00 to $305.00 and set a "buy" rating on the stock in a report on Thursday, March 12th. Finally, Canaccord Genuity Group dropped their price objective on AeroVironment from $330.00 to $300.00 and set a "buy" rating for the company in a research report on Thursday, March 12th. Two equities research analysts have rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating, three have issued a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average target price of $305.33.

AeroVironment Stock Down 3.9%

Shares of NASDAQ AVAV opened at $136.68 on Friday. The stock has a market capitalization of $6.82 billion, a P/E ratio of -31.49, a PEG ratio of 1.95 and a beta of 1.35. The stock's fifty day moving average is $179.12 and its 200 day moving average is $227.22. AeroVironment has a 52 week low of $135.20 and a 52 week high of $417.86. The company has a debt-to-equity ratio of 0.17, a quick ratio of 4.54 and a current ratio of 5.51.

Insiders Place Their Bets

In other AeroVironment news, Director Stephen F. Page sold 250 shares of the business's stock in a transaction on Monday, June 15th. The shares were sold at an average price of $174.41, for a total transaction of $43,602.50. Following the sale, the director owned 49,001 shares of the company's stock, valued at approximately $8,546,264.41. The trade was a 0.51% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 750 shares of company stock valued at $133,502 in the last quarter. Company insiders own 0.81% of the company's stock.

Institutional Investors Weigh In On AeroVironment

A number of hedge funds and other institutional investors have recently bought and sold shares of AVAV. Groupama Asset Managment bought a new stake in shares of AeroVironment during the third quarter worth about $314,890,000. Geode Capital Management LLC boosted its position in AeroVironment by 8.8% during the 4th quarter. Geode Capital Management LLC now owns 884,395 shares of the aerospace company's stock worth $213,956,000 after buying an additional 71,903 shares during the period. Heard Capital LLC grew its holdings in AeroVironment by 48.4% during the 4th quarter. Heard Capital LLC now owns 722,150 shares of the aerospace company's stock worth $174,681,000 after acquiring an additional 235,685 shares during the last quarter. Van ECK Associates Corp grew its holdings in AeroVironment by 17.4% during the 3rd quarter. Van ECK Associates Corp now owns 686,273 shares of the aerospace company's stock worth $216,101,000 after acquiring an additional 101,713 shares during the last quarter. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its position in AeroVironment by 15.7% in the 3rd quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 614,444 shares of the aerospace company's stock valued at $193,390,000 after acquiring an additional 83,322 shares during the period. Institutional investors own 86.38% of the company's stock.

AeroVironment News Summary

Here are the key news stories impacting AeroVironment this week:

• Positive Sentiment: AeroVironment appointed William J. Lynn III, former deputy defense secretary, to its board of directors, a move that could strengthen the company’s defense-industry credibility and governance. AV Appoints William J. Lynn III to Board of Directors
• Neutral Sentiment: Several articles highlighted AeroVironment’s role in the growing drone-defense market and noted that investors are looking ahead to upcoming earnings and backlog-to-revenue conversion trends. 2 Space and Defense Stocks Turning Backlogs Into Revenue Growth (AVAV)
• Neutral Sentiment: Analyst and preview pieces focused on AeroVironment’s upcoming quarterly results and valuation, with attention on revenue, profitability, and key operating metrics. Exploring Analyst Estimates for AeroVironment (AVAV) Q4 Earnings, Beyond Revenue and EPS
• Negative Sentiment: AeroVironment disclosed an $89 million goodwill impairment tied to its space unit and said it had weaknesses in internal controls, raising concerns about the reliability of prior financial reporting. AeroVironment (AVAV) Faces Lawsuits And Restates Earnings Over $89 Million Error
• Negative Sentiment: Multiple law firms announced or promoted class-action lawsuits and lead-plaintiff deadlines for AVAV investors, reinforcing the market’s concern that the stock may face further legal and reputational fallout. Pomerantz Law Firm Announces the Filing of a Class Action Against AeroVironment, Inc. and Certain Officers - AVAV
• Negative Sentiment: Recent reports also pointed to a sharp stock drop after the contract-related and accounting revelations, which appears to be the main driver behind the weakness in AeroVironment shares. AVAV Fraud Alert: AeroVironment Investors Sue for Recovery in Securities Fraud Class Action after 17% Stock Drop

About AeroVironment

AeroVironment, Inc NASDAQ: AVAV is a technology company specializing in unmanned aerial systems (UAS), tactical missiles and precision loitering munitions, electric vehicle charging and scalable energy systems. Headquartered in Monrovia, California, the company develops solutions for defense, public safety and commercial markets. Their offerings include small UAS for intelligence, surveillance and reconnaissance, as well as advanced weapons systems designed to meet the needs of modern military operations.

The company's unmanned aerial systems portfolio features platforms such as the Raven, Puma and Switchblade series, which are deployed by the U.S.

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