Applied Aerospace & Defense, Inc. (NYSE:AADX) Sees Large Increase in Short Interest

Key Points

• Short interest in Applied Aerospace & Defense surged 119.5% in June, reaching 2,663,604 shares by June 30. That amounts to about 1.6% of the float, with a days-to-cover ratio of 2.1 days.
• Several analysts recently initiated or reiterated coverage, and the stock now carries a consensus “Moderate Buy” rating. The average price target is $24.62, with individual targets ranging from $23 to $30.
• Insiders have been buying shares, including the CFO and a director, who both purchased stock at $20 per share. In the past three months, insiders acquired 58,500 shares worth $1.17 million.

Applied Aerospace & Defense, Inc. (NYSE:AADX - Get Free Report) was the target of a large growth in short interest in June. As of June 30th, there was short interest totaling 2,663,604 shares, a growth of 119.5% from the June 15th total of 1,213,308 shares. Currently, 1.6% of the company's stock are short sold. Based on an average trading volume of 1,296,722 shares, the days-to-cover ratio is currently 2.1 days.

Analyst Ratings Changes

A number of research analysts recently weighed in on AADX shares. UBS Group set a $24.00 price objective on shares of Applied Aerospace & Defense in a research report on Sunday, June 28th. Bank of America initiated coverage on Applied Aerospace & Defense in a research note on Monday, June 29th. They issued a "buy" rating and a $24.00 price target on the stock. Robert W. Baird started coverage on shares of Applied Aerospace & Defense in a report on Monday, June 29th. They set an "outperform" rating and a $30.00 target price for the company. Royal Bank Of Canada initiated coverage on Applied Aerospace & Defense in a research note on Monday, June 29th. They issued a "moderate buy" rating and a $24.00 price objective for the company. Finally, Wolfe Research started coverage on Applied Aerospace & Defense in a research report on Monday, June 29th. They set an "outperform" rating and a $23.00 target price on the stock. One equities research analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating and two have issued a Hold rating to the company's stock. According to data from MarketBeat.com, Applied Aerospace & Defense currently has a consensus rating of "Moderate Buy" and an average price target of $24.62.

Insider Buying and Selling at Applied Aerospace & Defense

In other Applied Aerospace & Defense news, CFO Jeffrey L. Mcrae purchased 25,000 shares of the stock in a transaction dated Thursday, June 4th. The shares were purchased at an average cost of $20.00 per share, with a total value of $500,000.00. Following the completion of the acquisition, the chief financial officer directly owned 25,000 shares in the company, valued at $500,000. This trade represents a ∞ increase in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Susan D. Lynch acquired 8,000 shares of the company's stock in a transaction that occurred on Thursday, June 4th. The shares were acquired at an average cost of $20.00 per share, for a total transaction of $160,000.00. Following the completion of the transaction, the director directly owned 8,000 shares of the company's stock, valued at $160,000. The trade was a ∞ increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. In the last three months, insiders have acquired 58,500 shares of company stock worth $1,170,000.

Applied Aerospace & Defense Price Performance

Applied Aerospace & Defense stock traded down $0.46 during midday trading on Wednesday, reaching $18.77. 113,619 shares of the stock traded hands, compared to its average volume of 1,553,877. Applied Aerospace & Defense has a 12 month low of $17.08 and a 12 month high of $24.24.

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