AIRO Group (NASDAQ:AIRO) Shares Gap Up - Here's Why

Key Points

• AIRO Group's shares surged from a closing price of $19.51 to an opening price of $21.55, reflecting significant investor interest as it last traded at $20.64 with over 1.2 million shares exchanged.
• Wall Street analysts have mixed opinions on AIRO Group, with ratings ranging from "buy" to "sell," resulting in an average rating of "Moderate Buy" and a consensus price target of $30.67.
• Insider trading activity is notable, with COO and CEO both selling shares at around $17.39, indicating a 10% reduction in their holdings, while over the last quarter, insiders sold more than 1 million shares valued at approximately $19 million.

AIRO Group Holdings, Inc. (NASDAQ:AIRO - Get Free Report) shares gapped up before the market opened on Thursday . The stock had previously closed at $19.51, but opened at $21.55. AIRO Group shares last traded at $20.64, with a volume of 1,279,625 shares changing hands.

Wall Street Analyst Weigh In

Several research analysts have commented on the stock. Wall Street Zen raised shares of AIRO Group from a "sell" rating to a "hold" rating in a research note on Saturday, August 16th. Cantor Fitzgerald set a $35.00 target price on AIRO Group and gave the company an "overweight" rating in a report on Tuesday, July 15th. Weiss Ratings restated a "sell (e-)" rating on shares of AIRO Group in a report on Wednesday, October 8th. Mizuho assumed coverage on AIRO Group in a report on Tuesday, July 8th. They set an "outperform" rating and a $31.00 target price for the company. Finally, BTIG Research assumed coverage on AIRO Group in a report on Tuesday, July 8th. They set a "buy" rating and a $26.00 target price for the company. Three analysts have rated the stock with a Buy rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat.com, AIRO Group presently has an average rating of "Moderate Buy" and a consensus price target of $30.67.

AIRO Group Price Performance

The business's 50 day simple moving average is $20.78.

AIRO Group (NASDAQ:AIRO - Get Free Report) last issued its earnings results on Wednesday, August 13th. The company reported $0.30 EPS for the quarter. The business had revenue of $24.55 million for the quarter.

Insider Buying and Selling

In other AIRO Group news, COO John Uczekaj sold 2,225 shares of AIRO Group stock in a transaction that occurred on Friday, September 12th. The shares were sold at an average price of $17.39, for a total transaction of $38,692.75. Following the transaction, the chief operating officer owned 20,030 shares of the company's stock, valued at $348,321.70. The trade was a 10.00% 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. Also, CEO Joseph D. Burns sold 179,800 shares of the business's stock in a transaction on Friday, September 12th. The stock was sold at an average price of $17.39, for a total transaction of $3,126,722.00. Following the completion of the sale, the chief executive officer owned 1,618,202 shares in the company, valued at approximately $28,140,532.78. The trade was a 10.00% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 1,097,026 shares of company stock valued at $19,077,282.

Institutional Investors Weigh In On AIRO Group

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in AIRO. Geode Capital Management LLC purchased a new stake in AIRO Group in the second quarter worth $355,000. Creative Planning purchased a new position in shares of AIRO Group in the 2nd quarter valued at approximately $217,000. Telligent Fund LP purchased a new stake in AIRO Group during the 2nd quarter valued at about $963,000. Manchester Capital Management LLC purchased a new stake in AIRO Group during the 2nd quarter valued at about $86,000. Finally, Norges Bank purchased a new stake in AIRO Group during the 2nd quarter valued at about $481,000.

About AIRO Group

We are a technologically differentiated aerospace, autonomy, and air mobility platform targeting 21st century aerospace and defense opportunities. We leverage decades of industry expertise and connections across the drone, aviation, and avionics markets to provide leading solutions to the aerospace and defense market.

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.