ARK Investment Management LLC Makes New $1.86 Million Investment in TAT Technologies Ltd. (NASDAQ:TATT)

Key Points

• ARK Investment Management LLC acquired a new position in TAT Technologies Ltd., purchasing 68,805 shares valued at approximately $1.86 million, indicating increased institutional interest in the aerospace company.
• TAT Technologies reported an earnings per share (EPS) of $0.34 for the quarter, surpassing the consensus estimate of $0.30, along with a revenue of $42.14 million, which also exceeded analyst expectations.
• Several research firms have given TAT Technologies a buy rating, with price targets ranging from $35 to $37, reflecting positive sentiment towards the company's prospects in the aerospace sector.

ARK Investment Management LLC bought a new stake in TAT Technologies Ltd. (NASDAQ:TATT - Free Report) during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm bought 68,805 shares of the aerospace company's stock, valued at approximately $1,864,000. ARK Investment Management LLC owned approximately 0.63% of TAT Technologies at the end of the most recent reporting period.

Other large investors have also recently made changes to their positions in the company. Virtus Fund Advisers LLC purchased a new position in TAT Technologies during the 4th quarter valued at $29,000. Catalyst Capital Advisors LLC bought a new stake in shares of TAT Technologies during the 1st quarter valued at about $63,000. Jane Street Group LLC bought a new position in shares of TAT Technologies during the 4th quarter valued at approximately $368,000. JPMorgan Chase & Co. boosted its stake in TAT Technologies by 7.9% in the 4th quarter. JPMorgan Chase & Co. now owns 14,993 shares of the aerospace company's stock worth $385,000 after purchasing an additional 1,100 shares during the period. Finally, Marshall Wace LLP purchased a new stake in shares of TAT Technologies during the 4th quarter worth approximately $444,000. 15.13% of the stock is owned by hedge funds and other institutional investors.

TAT Technologies Price Performance

TAT Technologies stock traded up $1.53 during mid-day trading on Wednesday, hitting $35.75. 99,472 shares of the company were exchanged, compared to its average volume of 132,702. The company has a debt-to-equity ratio of 0.09, a current ratio of 2.87 and a quick ratio of 1.12. The business's 50 day simple moving average is $29.30 and its two-hundred day simple moving average is $28.67. The company has a market capitalization of $449.02 million, a P/E ratio of 30.55 and a beta of 0.72. TAT Technologies Ltd. has a 12-month low of $12.61 and a 12-month high of $36.49.

TAT Technologies (NASDAQ:TATT - Get Free Report) last issued its quarterly earnings data on Monday, May 19th. The aerospace company reported $0.34 EPS for the quarter, topping analysts' consensus estimates of $0.30 by $0.04. TAT Technologies had a return on equity of 11.90% and a net margin of 8.04%. The company had revenue of $42.14 million for the quarter, compared to analysts' expectations of $41.70 million.

Wall Street Analyst Weigh In

TATT has been the topic of a number of recent analyst reports. Wall Street Zen upgraded TAT Technologies from a "hold" rating to a "buy" rating in a research note on Friday, July 18th. Lake Street Capital started coverage on TAT Technologies in a research report on Wednesday, June 18th. They set a "buy" rating and a $37.00 price objective on the stock. Truist Financial started coverage on TAT Technologies in a report on Wednesday, June 4th. They issued a "buy" rating and a $35.00 price target for the company. Finally, Benchmark raised their price objective on TAT Technologies from $35.00 to $36.00 and gave the stock a "buy" rating in a research note on Wednesday, June 11th.

TAT Technologies Profile

TAT Technologies Ltd., together with its subsidiaries, provides solutions and services to the commercial and military aerospace, and ground defense industries in the United States, Israel, and internationally. The company operates through four segments: Original Equipment Manufacturing (OEM) of Heat Transfer Solutions and Aviation Accessories; Maintenance, Repair, and Overhaul (MRO) Services for Heat Transfer Components and OEM of Heat Transfer Solutions; MRO Services for Aviation Components; and Overhaul and Coating of Jet Engine Components.