ARK Investment Management LLC Has $33.53 Million Stock Position in AeroVironment, Inc. (NASDAQ:AVAV)

Key Points

• ARK Investment Management LLC increased its position in AeroVironment, Inc. by 6.7%, owning 281,323 shares valued at approximately $33.53 million as of its latest SEC filing.
• AeroVironment reported a 39.6% year-over-year revenue increase with earnings per share of $1.61 for the recent quarter, surpassing analysts' expectations.
• Major banks have raised their target prices for AeroVironment stock, with BTIG Research increasing it from $225 to $300, indicating strong growth prospects for the company.

ARK Investment Management LLC lifted its stake in shares of AeroVironment, Inc. (NASDAQ:AVAV - Free Report) by 6.7% during the 1st quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 281,323 shares of the aerospace company's stock after purchasing an additional 17,696 shares during the quarter. ARK Investment Management LLC owned 1.00% of AeroVironment worth $33,531,000 as of its most recent SEC filing.

Several other large investors also recently modified their holdings of the stock. Vanguard Group Inc. grew its holdings in shares of AeroVironment by 1.2% during the 4th quarter. Vanguard Group Inc. now owns 3,098,822 shares of the aerospace company's stock worth $476,878,000 after purchasing an additional 35,543 shares in the last quarter. Stephens Investment Management Group LLC grew its holdings in shares of AeroVironment by 41.0% during the 1st quarter. Stephens Investment Management Group LLC now owns 763,489 shares of the aerospace company's stock worth $91,000,000 after purchasing an additional 221,948 shares in the last quarter. Geode Capital Management LLC grew its holdings in shares of AeroVironment by 3.1% during the 4th quarter. Geode Capital Management LLC now owns 654,024 shares of the aerospace company's stock worth $100,670,000 after purchasing an additional 19,835 shares in the last quarter. Alyeska Investment Group L.P. acquired a new stake in shares of AeroVironment during the 4th quarter worth $93,759,000. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its holdings in shares of AeroVironment by 2.6% during the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 423,317 shares of the aerospace company's stock worth $65,144,000 after purchasing an additional 10,693 shares in the last quarter. 86.38% of the stock is owned by institutional investors and hedge funds.

AeroVironment Price Performance

AeroVironment stock opened at $272.88 on Friday. The company has a current ratio of 3.52, a quick ratio of 2.69 and a debt-to-equity ratio of 0.03. The company has a market capitalization of $13.46 billion, a PE ratio of 176.05 and a beta of 0.96. AeroVironment, Inc. has a 12 month low of $102.25 and a 12 month high of $295.90. The stock has a 50-day moving average price of $218.04 and a two-hundred day moving average price of $173.98.

AeroVironment (NASDAQ:AVAV - Get Free Report) last posted its earnings results on Tuesday, June 24th. The aerospace company reported $1.61 EPS for the quarter, beating the consensus estimate of $1.41 by $0.20. The firm had revenue of $275.05 million during the quarter, compared to the consensus estimate of $242.69 million. AeroVironment had a return on equity of 10.68% and a net margin of 5.32%. The business's quarterly revenue was up 39.6% on a year-over-year basis. During the same period last year, the company earned $0.43 earnings per share. Analysts expect that AeroVironment, Inc. will post 3.38 EPS for the current year.

Wall Street Analysts Forecast Growth

Several analysts have recently issued reports on the company. BTIG Research increased their target price on AeroVironment from $225.00 to $300.00 and gave the stock a "buy" rating in a report on Tuesday, June 24th. KeyCorp began coverage on AeroVironment in a research note on Sunday, June 29th. They issued an "overweight" rating on the stock. Royal Bank Of Canada raised their price objective on AeroVironment from $275.00 to $300.00 and gave the company an "outperform" rating in a research note on Thursday, July 17th. Robert W. Baird raised their price objective on AeroVironment from $146.00 to $210.00 and gave the company an "outperform" rating in a research note on Friday, June 6th. Finally, Wall Street Zen raised AeroVironment from a "sell" rating to a "hold" rating in a research note on Sunday, June 22nd. One investment analyst has rated the stock with a hold rating, thirteen have assigned a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of "Buy" and a consensus target price of $268.00.

Insider Buying and Selling

In other AeroVironment news, CEO Wahid Nawabi sold 17,300 shares of the stock in a transaction dated Wednesday, July 16th. The stock was sold at an average price of $263.05, for a total value of $4,550,765.00. Following the completion of the transaction, the chief executive officer directly owned 122,233 shares in the company, valued at approximately $32,153,390.65. This trade represents a 12.40% decrease 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. Corporate insiders own 1.27% 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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