Envestnet Asset Management Inc. Has $4.09 Million Stock Position in AeroVironment, Inc. (NASDAQ:AVAV)

Key Points

• Envestnet Asset Management Inc. has decreased its stake in AeroVironment, Inc. by 16.0%, now holding 34,312 shares valued at approximately $4.09 million.
• Several hedge funds, including Alyeska Investment Group and JPMorgan Chase & Co., have significantly increased their positions in AeroVironment during the fourth quarter, boosting overall institutional ownership to 86.38%.
• AeroVironment's quarterly earnings report showed a strong performance with an EPS of $1.61, exceeding estimates and a year-over-year revenue increase of 39.6%.

Envestnet Asset Management Inc. lowered its holdings in AeroVironment, Inc. (NASDAQ:AVAV - Free Report) by 16.0% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 34,312 shares of the aerospace company's stock after selling 6,534 shares during the period. Envestnet Asset Management Inc. owned approximately 0.12% of AeroVironment worth $4,090,000 as of its most recent SEC filing.

Several other large investors also recently made changes to their positions in AVAV. Commonwealth Equity Services LLC increased its stake in AeroVironment by 41.7% during the 4th quarter. Commonwealth Equity Services LLC now owns 8,559 shares of the aerospace company's stock worth $1,317,000 after buying an additional 2,518 shares during the period. Envestnet Portfolio Solutions Inc. bought a new stake in AeroVironment in the fourth quarter valued at $204,000. Corient Private Wealth LLC increased its stake in shares of AeroVironment by 5.5% in the fourth quarter. Corient Private Wealth LLC now owns 4,466 shares of the aerospace company's stock valued at $687,000 after purchasing an additional 232 shares during the period. Xponance Inc. boosted its position in AeroVironment by 17.7% during the 4th quarter. Xponance Inc. now owns 1,998 shares of the aerospace company's stock worth $307,000 after acquiring an additional 301 shares during the period. Finally, Virtu Financial LLC bought a new stake in shares of AeroVironment during the 4th quarter worth about $282,000. Institutional investors and hedge funds own 86.38% of the company's stock.

Insiders Place Their Bets

In other news, CEO Wahid Nawabi sold 17,300 shares of AeroVironment stock in a transaction on Wednesday, July 16th. The shares were sold at an average price of $263.05, for a total transaction of $4,550,765.00. Following the transaction, the chief executive officer directly owned 122,233 shares of the company's stock, valued at $32,153,390.65. This trade represents a 12.40% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Insiders own 1.27% of the company's stock.

AeroVironment Price Performance

NASDAQ:AVAV traded up $1.68 on Friday, reaching $272.88. The stock had a trading volume of 722,298 shares, compared to its average volume of 2,330,022. The stock has a fifty day moving average price of $218.04 and a 200-day moving average price of $174.05. The company has a market capitalization of $13.46 billion, a P/E ratio of 176.05 and a beta of 0.96. The company has a quick ratio of 2.69, a current ratio of 3.52 and a debt-to-equity ratio of 0.03. AeroVironment, Inc. has a 1-year low of $102.25 and a 1-year high of $295.90.

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

Analyst Ratings Changes

A number of brokerages have weighed in on AVAV. KeyCorp started coverage on shares of AeroVironment in a report on Sunday, June 29th. They issued an "overweight" rating for the company. Stifel Nicolaus started coverage on AeroVironment in a report on Tuesday, June 24th. They set a "buy" rating and a $240.00 price target for the company. Wedbush upgraded shares of AeroVironment to an "outperform" rating in a report on Wednesday, June 25th. Robert W. Baird boosted their price objective on shares of AeroVironment from $146.00 to $210.00 and gave the stock an "outperform" rating in a research note on Friday, June 6th. Finally, Royal Bank Of Canada boosted their target price on shares of AeroVironment from $275.00 to $300.00 and gave the stock an "outperform" rating in a research report on Thursday, July 17th. One analyst has rated the stock with a hold rating, thirteen have given a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of "Buy" and a consensus price target of $268.00.

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.