Renaissance Technologies LLC Sells 64,880 Shares of AeroVironment, Inc. $AVAV

Key Points

• Renaissance Technologies cut its AeroVironment stake by 57.5% in the first quarter, selling 64,880 shares and retaining 47,976 shares valued at approximately $8.8 million. Institutional investors collectively own 86.38% of the company.
• Analysts remain broadly positive, with a consensus “Moderate Buy” rating and an average price target of $266.68, although several firms recently lowered their targets.
• AeroVironment’s latest quarterly results exceeded expectations: EPS was $1.84 versus the $1.47 consensus, while revenue rose 133.3% year over year to $641.62 million. Shares opened at $149.37, well below their 12-month high of $417.86.

Renaissance Technologies LLC trimmed its stake in AeroVironment, Inc. (NASDAQ:AVAV - Free Report) by 57.5% in the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 47,976 shares of the aerospace company's stock after selling 64,880 shares during the quarter. Renaissance Technologies LLC owned approximately 0.10% of AeroVironment worth $8,782,000 at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in AVAV. Hilton Head Capital Partners LLC bought a new position in shares of AeroVironment in the fourth quarter valued at $26,000. Whittier Trust Co. of Nevada Inc. bought a new stake in AeroVironment during the first quarter worth $28,000. Hazlett Burt & Watson Inc. lifted its stake in AeroVironment by 90.0% in the fourth quarter. Hazlett Burt & Watson Inc. now owns 133 shares of the aerospace company's stock valued at $32,000 after acquiring an additional 63 shares during the last quarter. TD Waterhouse Canada Inc. lifted its stake in AeroVironment by 73.8% in the fourth quarter. TD Waterhouse Canada Inc. now owns 139 shares of the aerospace company's stock valued at $34,000 after acquiring an additional 59 shares during the last quarter. Finally, National Bank of Canada FI grew its position in shares of AeroVironment by 230.3% in the 3rd quarter. National Bank of Canada FI now owns 109 shares of the aerospace company's stock valued at $34,000 after acquiring an additional 76 shares during the period. Institutional investors and hedge funds own 86.38% of the company's stock.

Insider Transactions at AeroVironment

In other news, Director Stephen F. Page sold 250 shares of the stock in a transaction dated Monday, June 15th. The shares were sold at an average price of $174.41, for a total transaction of $43,602.50. Following the transaction, the director owned 49,001 shares of the company's stock, valued at $8,546,264.41. This represents a 0.51% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 0.81% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

Several research analysts have recently weighed in on the stock. Citigroup restated a "market outperform" rating on shares of AeroVironment in a research note on Tuesday, July 28th. Wall Street Zen upgraded AeroVironment from a "sell" rating to a "hold" rating in a report on Sunday, July 5th. Jefferies Financial Group lowered their price target on AeroVironment from $305.00 to $229.00 and set a "buy" rating on the stock in a research report on Wednesday, July 1st. Needham & Company LLC restated a "buy" rating and issued a $225.00 price objective on shares of AeroVironment in a research note on Thursday, July 9th. Finally, Piper Sandler cut their price objective on AeroVironment from $248.00 to $235.00 and set an "overweight" rating for the company in a research report on Thursday, July 9th. Two equities research analysts have rated the stock with a Strong Buy rating, eighteen have given a Buy rating, three have assigned a Hold rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $266.68.

AeroVironment Stock Performance

Shares of AeroVironment stock opened at $149.37 on Monday. AeroVironment, Inc. has a twelve month low of $135.20 and a twelve month high of $417.86. The company has a quick ratio of 3.59, a current ratio of 4.30 and a debt-to-equity ratio of 0.17. The stock has a market cap of $7.56 billion, a price-to-earnings ratio of -40.59, a P/E/G ratio of 5.08 and a beta of 1.41. The company's fifty day moving average is $165.29 and its 200 day moving average is $206.04.

AeroVironment (NASDAQ:AVAV - Get Free Report) last issued its quarterly earnings results on Monday, June 29th. The aerospace company reported $1.84 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.47 by $0.37. AeroVironment had a negative net margin of 9.00% and a positive return on equity of 3.71%. The firm had revenue of $641.62 million for the quarter, compared to the consensus estimate of $555.97 million. During the same quarter in the previous year, the company earned $1.61 EPS. The company's revenue for the quarter was up 133.3% on a year-over-year basis. AeroVironment has set its FY 2027 guidance at 3.020-3.340 EPS. Sell-side analysts forecast that AeroVironment, Inc. will post 3.26 EPS for the current year.

About AeroVironment

AeroVironment, Inc NASDAQ: AVAV is a technology company specializing in unmanned aerial systems (UAS), tactical missiles and precision loitering munitions, electric vehicle charging and scalable energy systems. Headquartered in Monrovia, California, the company develops solutions for defense, public safety and commercial markets. Their offerings include small UAS for intelligence, surveillance and reconnaissance, as well as advanced weapons systems designed to meet the needs of modern military operations.

The company's unmanned aerial systems portfolio features platforms such as the Raven, Puma and Switchblade series, which are deployed by the U.S.

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