AIRO Group Holdings, Inc. $AIRO Shares Newly Purchased by Bank of America Corp DE

Key Points

• Bank of America acquired 199,985 shares of AIRO Group Holdings during the second quarter, worth approximately $1.48 million and representing about 0.64% of the company.
• AIRO shares opened at $6.54, down 1.1%, and remain well below their 52-week high of $22.47. The company reported a quarterly loss of $0.06 per share on $43.18 million in revenue and continues to post negative profitability metrics.
• Analyst sentiment is mixed, with an overall “Hold” rating and an average price target of $17.33. Recent insider sales by the COO and CFO were made to cover tax obligations related to vested equity awards.

Bank of America Corp DE bought a new stake in AIRO Group Holdings, Inc. (NASDAQ:AIRO - Free Report) during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor bought 199,985 shares of the company's stock, valued at approximately $1,478,000. Bank of America Corp DE owned about 0.64% of AIRO Group at the end of the most recent reporting period.

Several other hedge funds also recently bought and sold shares of the stock. First Trust Advisors LP raised its stake in shares of AIRO Group by 6.2% in the 1st quarter. First Trust Advisors LP now owns 59,580 shares of the company's stock valued at $453,000 after acquiring an additional 3,493 shares during the period. Caitong International Asset Management Co. Ltd acquired a new stake in AIRO Group in the 4th quarter valued at approximately $30,000. AXQ Capital LP purchased a new stake in AIRO Group in the fourth quarter valued at approximately $96,000. Private Advisor Group LLC acquired a new position in AIRO Group during the first quarter worth $139,000. Finally, Ieq Capital LLC acquired a new position in AIRO Group during the second quarter worth $147,000.

AIRO Group Stock Down 1.1%

NASDAQ:AIRO opened at $6.54 on Friday. The company has a fifty day simple moving average of $7.59 and a two-hundred day simple moving average of $7.77. The company has a market cap of $206.40 million, a price-to-earnings ratio of -7.88 and a beta of 2.06. AIRO Group Holdings, Inc. has a 52 week low of $5.71 and a 52 week high of $22.47.

AIRO Group (NASDAQ:AIRO - Get Free Report) last announced its quarterly earnings data on Thursday, August 13th. The company reported ($0.06) earnings per share (EPS) for the quarter. The company had revenue of $43.18 million during the quarter. AIRO Group had a negative net margin of 23.86% and a negative return on equity of 3.48%. On average, analysts expect that AIRO Group Holdings, Inc. will post -1.04 EPS for the current year.

Insider Activity

In other news, COO John Uczekaj sold 7,230 shares of AIRO Group stock in a transaction dated Wednesday, September 2nd. The stock was sold at an average price of $7.10, for a total value of $51,333.00. Following the completion of the transaction, the chief operating officer owned 214,342 shares in the company, valued at approximately $1,521,828.20. This trade represents a 3.26% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CFO Mariya Pylypiv sold 8,697 shares of the business's stock in a transaction dated Wednesday, September 2nd. The stock was sold at an average price of $7.08, for a total value of $61,574.76. Following the transaction, the chief financial officer directly owned 267,333 shares of the company's stock, valued at approximately $1,892,717.64. This represents a 3.15% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last 90 days, insiders have sold 32,968 shares of company stock worth $278,244. 22.90% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently weighed in on the company. Mizuho dropped their price objective on AIRO Group from $16.00 to $13.00 and set an "outperform" rating for the company in a research note on Tuesday, July 21st. Weiss Ratings reissued a "sell (e+)" rating on shares of AIRO Group in a research note on Wednesday, August 26th. Finally, Wall Street Zen upgraded AIRO Group from a "strong sell" rating to a "sell" rating in a report on Saturday, August 15th. Two research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the company's stock. According to data from MarketBeat, the company currently has an average rating of "Hold" and an average target price of $17.33.

AIRO Group Company Profile

AIRO Group Holdings, Inc is an aerospace and defense company focused on developing and delivering advanced aviation, unmanned systems and defense technologies. Its business activities span electric vertical takeoff and landing (eVTOL) aircraft, drones and robotic systems, avionics, electronic warfare and related aerospace solutions.

Through its operating businesses, AIRO Group supports applications including urban and regional air mobility, unmanned aerial operations, military and homeland-security missions, and pilot or operator training.

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