AeroVironment (NASDAQ:AVAV) Stock Price Down 2.1% - Here's What Happened

Key Points

• AeroVironment's stock price declined by 2.1%, trading as low as $248.00, with a significant reduction in trading volume, falling 82% from its average.
• Research analysts remain positive about the stock, with multiple firms raising their price targets, including Jefferies raising it to $285.00 and Cantor Fitzgerald setting a target of $335.00.
• The company reported earnings per share of $1.61 for the last quarter, surpassing estimates and showing a year-over-year revenue increase of 39.6%.

AeroVironment, Inc. (NASDAQ:AVAV - Get Free Report) shares were down 2.1% during trading on Thursday . The stock traded as low as $248.00 and last traded at $249.48. Approximately 146,371 shares changed hands during trading, a decline of 82% from the average daily volume of 833,411 shares. The stock had previously closed at $254.81.

Wall Street Analyst Weigh In

Several research analysts recently commented on AVAV shares. Jefferies Financial Group boosted their target price on AeroVironment from $275.00 to $285.00 and gave the stock a "buy" rating in a research note on Wednesday, July 2nd. Cantor Fitzgerald started coverage on AeroVironment in a research note on Tuesday, July 8th. They set an "overweight" rating and a $335.00 target price for the company. Wedbush raised AeroVironment to an "outperform" rating in a research note on Wednesday, June 25th. Wall Street Zen raised AeroVironment from a "sell" rating to a "hold" rating in a research note on Sunday, June 22nd. Finally, BTIG Research increased their price objective on AeroVironment from $225.00 to $300.00 and gave the company a "buy" rating in a report on Tuesday, June 24th. One analyst has rated the stock with a hold rating, fifteen have assigned a buy rating and three have given a strong buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of "Buy" and a consensus price target of $285.33.

AeroVironment Trading Down 2.1%

The firm has a market capitalization of $12.31 billion, a PE ratio of 160.75 and a beta of 0.99. The business has a 50 day moving average price of $240.66 and a 200-day moving average price of $182.12. The company has a current ratio of 3.52, a quick ratio of 2.69 and a debt-to-equity ratio of 0.03.

AeroVironment (NASDAQ:AVAV - Get Free Report) last issued its earnings results on Tuesday, June 24th. The aerospace company reported $1.61 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.41 by $0.20. The business had revenue of $275.05 million during the quarter, compared to the consensus estimate of $242.69 million. AeroVironment had a return on equity of 10.68% and a net margin of 5.32%. The company's revenue for the quarter was up 39.6% on a year-over-year basis. During the same period in the prior year, the business posted $0.43 EPS. Analysts expect that AeroVironment, Inc. will post 3.38 earnings per share for the current year.

Insiders Place Their Bets

In related news, CEO Wahid Nawabi sold 17,300 shares of the firm's stock in a transaction that occurred on Wednesday, July 16th. The stock was sold at an average price of $263.05, for a total value of $4,550,765.00. Following the completion of the transaction, the chief executive officer directly owned 122,233 shares of the company's stock, valued at $32,153,390.65. This trade represents a 12.40% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 1.27% of the stock is owned by insiders.

Hedge Funds Weigh In On AeroVironment

Hedge funds have recently bought and sold shares of the company. ORG Partners LLC increased its position in AeroVironment by 296.0% during the second quarter. ORG Partners LLC now owns 99 shares of the aerospace company's stock worth $27,000 after buying an additional 74 shares in the last quarter. CoreCap Advisors LLC increased its position in AeroVironment by 120.2% during the fourth quarter. CoreCap Advisors LLC now owns 185 shares of the aerospace company's stock worth $28,000 after buying an additional 101 shares in the last quarter. RMG Wealth Management LLC purchased a new position in AeroVironment during the second quarter worth $28,000. MassMutual Private Wealth & Trust FSB increased its position in AeroVironment by 171.1% during the first quarter. MassMutual Private Wealth & Trust FSB now owns 244 shares of the aerospace company's stock worth $29,000 after buying an additional 154 shares in the last quarter. Finally, Accredited Wealth Management LLC purchased a new position in AeroVironment during the fourth quarter worth $31,000. 86.38% of the stock is owned by hedge funds and other institutional investors.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.