Applied Aerospace & Defense (NYSE:AADX) Shares Gap Down After Earnings Miss

Key Points

• Applied Aerospace & Defense shares fell 6.5% after the company reported a quarterly loss of $0.25 per share, missing the analyst consensus of $0.01 by $0.26. The stock opened at $19.95 after previously closing at $20.59 and later traded near $19.07.
• Despite the earnings miss, analysts maintain a generally positive outlook, with a consensus rating of “Moderate Buy” and an average price target of $24.62. Recent coverage included buy or outperform ratings and price targets ranging from $23 to $30.
• Insiders have shown confidence in the company, with the CFO and a director each purchasing 25,000 shares at $20 per share. Total insider purchases over the past 90 days reached 58,500 shares valued at $1.17 million.

Applied Aerospace & Defense, Inc. (NYSE:AADX - Get Free Report)'s stock price gapped down before the market opened on Wednesday following a dissappointing earnings announcement. The stock had previously closed at $20.59, but opened at $19.95. Applied Aerospace & Defense shares last traded at $19.07, with a volume of 274,700 shares trading hands.

The company reported ($0.25) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.01 by ($0.26).

Analyst Ratings Changes

A number of equities research analysts recently commented on AADX shares. Stifel Nicolaus initiated coverage on Applied Aerospace & Defense in a research note on Monday, June 29th. They set a "buy" rating and a $24.00 price objective for the company. Zacks Research upgraded Applied Aerospace & Defense to a "hold" rating in a report on Tuesday, June 30th. UBS Group set a $24.00 price target on Applied Aerospace & Defense in a research note on Sunday, June 28th. Robert W. Baird started coverage on shares of Applied Aerospace & Defense in a research report on Monday, June 29th. They issued an "outperform" rating and a $30.00 price target on the stock. Finally, Wolfe Research started coverage on shares of Applied Aerospace & Defense in a research note on Monday, June 29th. They set an "outperform" rating and a $23.00 price objective on the stock. One research analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating and two have assigned a Hold rating to the company. According to MarketBeat, Applied Aerospace & Defense currently has a consensus rating of "Moderate Buy" and a consensus target price of $24.62.

Insider Activity

In other Applied Aerospace & Defense news, Director James C. Katzman acquired 25,000 shares of the firm's stock in a transaction that occurred on Thursday, June 4th. The stock was acquired at an average cost of $20.00 per share, for a total transaction of $500,000.00. Following the transaction, the director owned 29,250 shares of the company's stock, valued at $585,000. This trade represents a 588.24% increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Jeffrey L. Mcrae bought 25,000 shares of the stock in a transaction that occurred on Thursday, June 4th. The shares were acquired at an average cost of $20.00 per share, with a total value of $500,000.00. Following the completion of the purchase, the chief financial officer owned 25,000 shares in the company, valued at $500,000. This represents a ∞ increase in their position. The SEC filing for this purchase provides additional information. Insiders have acquired 58,500 shares of company stock worth $1,170,000 in the last 90 days.

Applied Aerospace & Defense Trading Down 6.5%

The business has a 50 day simple moving average of $19.76.

Applied Aerospace & Defense Company Profile

Applied Aerospace and Defense Inc specializes in providing advanced design, engineering and vertically integrated manufacturing solutions for next-generation space and defense technology companies. Its core service offerings include design and analysis, fabrication and assembly and inspection, qualification and testing. Applied Aerospace and Defense Inc is based in HUNTSVILLE, United States.

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