AeroVironment (NASDAQ:AVAV) Trading Down 1.6% - Here's What Happened

Key Points

• AeroVironment's stock dropped by 1.6%, trading between $240.50 and $245.79, with a significant decline in trading volume.
• Analysts maintain an overall positive outlook on AeroVironment, with 15 buy ratings and an average price target of $285.33 following recent upgrades.
• In the last quarter, AeroVironment exceeded earnings expectations, reporting $1.61 EPS, significantly above the consensus estimate of $1.41.

Shares of AeroVironment, Inc. (NASDAQ:AVAV - Get Free Report) dropped 1.6% during trading on Friday . The stock traded as low as $240.50 and last traded at $245.79. Approximately 196,352 shares were traded during mid-day trading, a decline of 76% from the average daily volume of 832,299 shares. The stock had previously closed at $249.73.

Analyst Upgrades and Downgrades

AVAV has been the topic of several research reports. The Goldman Sachs Group initiated coverage on shares of AeroVironment in a research report on Monday, June 30th. They issued a "buy" rating and a $301.00 price objective on the stock. Oppenheimer reissued an "outperform" rating on shares of AeroVironment in a research report on Sunday, June 29th. Jefferies Financial Group boosted their price target on shares of AeroVironment from $275.00 to $285.00 and gave the company a "buy" rating in a research report on Wednesday, July 2nd. KeyCorp initiated coverage on shares of AeroVironment in a research report on Sunday, June 29th. They issued an "overweight" rating on the stock. Finally, BTIG Research boosted their price target on shares of AeroVironment from $225.00 to $300.00 and gave the company a "buy" rating in a research report on Tuesday, June 24th. One equities research analyst has rated the stock with a hold rating, fifteen have issued a buy rating and three have assigned a strong buy rating to the stock. According to MarketBeat, AeroVironment presently has an average rating of "Buy" and an average price target of $285.33.

AeroVironment Stock Down 1.1%

The firm has a market cap of $12.19 billion, a PE ratio of 159.37 and a beta of 0.99. The company has a debt-to-equity ratio of 0.03, a quick ratio of 2.69 and a current ratio of 3.52. The company's 50-day simple moving average is $241.92 and its two-hundred day simple moving average is $182.63.

AeroVironment (NASDAQ:AVAV - Get Free Report) last posted its quarterly earnings data 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 company had revenue of $275.05 million for the quarter, compared to the consensus estimate of $242.69 million. AeroVironment had a net margin of 5.32% and a return on equity of 10.68%. The firm's revenue was up 39.6% compared to the same quarter last year. During the same quarter last year, the firm posted $0.43 earnings per share. On average, analysts predict that AeroVironment, Inc. will post 3.38 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other AeroVironment news, CEO Wahid Nawabi sold 17,300 shares of AeroVironment stock in a transaction that occurred on Wednesday, July 16th. The shares were sold at an average price of $263.05, for a total transaction of $4,550,765.00. Following the transaction, the chief executive officer owned 122,233 shares of the company's stock, valued at $32,153,390.65. The trade was a 12.40% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 1.27% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On AeroVironment

Hedge funds have recently modified their holdings of the stock. ORG Partners LLC lifted its holdings in shares of AeroVironment by 296.0% in 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 lifted its holdings in shares of AeroVironment by 120.2% in 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 shares of AeroVironment in the second quarter worth $28,000. MassMutual Private Wealth & Trust FSB increased its position in AeroVironment by 171.1% in the first quarter. MassMutual Private Wealth & Trust FSB now owns 244 shares of the aerospace company's stock worth $29,000 after purchasing an additional 154 shares during the last quarter. Finally, Accredited Wealth Management LLC bought a new stake in AeroVironment in the fourth quarter worth $31,000. Hedge funds and other institutional investors own 86.38% of the company's stock.

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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