Leonardo DRS (NASDAQ:DRS) Coverage Initiated by Analysts at Canaccord Genuity Group

Key Points

• Analysts at Canaccord Genuity Group have initiated coverage of Leonardo DRS with a "buy" rating and a price target of $50.00, indicating a potential upside of 20.51% from its previous close.
• Multiple brokerages, including Truist Financial and Goldman Sachs Group, have also rated the stock as a "buy," resulting in a consensus rating of "Moderate Buy" with an average target price of $46.75.
• Leonardo DRS reported earnings of $0.23 per share for the last quarter, exceeding analysts' estimates and reflecting a 10.1% increase in revenue year-over-year.

Research analysts at Canaccord Genuity Group began coverage on shares of Leonardo DRS (NASDAQ:DRS - Get Free Report) in a note issued to investors on Monday,Benzinga reports. The firm set a "buy" rating and a $50.00 price target on the stock. Canaccord Genuity Group's price target would suggest a potential upside of 20.51% from the company's previous close.

A number of other brokerages have also recently weighed in on DRS. Truist Financial increased their target price on shares of Leonardo DRS from $45.00 to $51.00 and gave the stock a "buy" rating in a report on Friday, July 11th. The Goldman Sachs Group began coverage on shares of Leonardo DRS in a report on Monday, June 30th. They set a "buy" rating and a $49.00 target price on the stock. Morgan Stanley increased their target price on shares of Leonardo DRS from $44.00 to $47.00 and gave the stock an "equal weight" rating in a report on Thursday, July 31st. Wall Street Zen cut shares of Leonardo DRS from a "buy" rating to a "hold" rating in a report on Friday, June 27th. Finally, BTIG Research set a $49.00 price objective on shares of Leonardo DRS and gave the stock a "buy" rating in a report on Monday, May 5th. Three equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, Leonardo DRS currently has a consensus rating of "Moderate Buy" and an average target price of $46.75.

Leonardo DRS Trading Up 0.6%

DRS opened at $41.49 on Monday. The stock has a market capitalization of $11.04 billion, a PE ratio of 44.61, a P/E/G ratio of 2.33 and a beta of 0.65. The firm's fifty day moving average price is $45.21 and its 200 day moving average price is $38.68. The company has a debt-to-equity ratio of 0.13, a current ratio of 2.11 and a quick ratio of 1.70. Leonardo DRS has a 12-month low of $26.00 and a 12-month high of $49.31.

Leonardo DRS (NASDAQ:DRS - Get Free Report) last issued its earnings results on Wednesday, July 30th. The company reported $0.23 earnings per share for the quarter, topping analysts' consensus estimates of $0.22 by $0.01. The company had revenue of $829.00 million for the quarter, compared to analysts' expectations of $824.50 million. Leonardo DRS had a net margin of 7.31% and a return on equity of 11.02%. The firm's revenue was up 10.1% compared to the same quarter last year. During the same period in the prior year, the company earned $0.18 earnings per share. As a group, research analysts expect that Leonardo DRS will post 1.04 EPS for the current fiscal year.

Insider Transactions at Leonardo DRS

In related news, Director David W. Carey sold 6,438 shares of the stock in a transaction dated Friday, June 13th. The shares were sold at an average price of $45.94, for a total value of $295,761.72. Following the completion of the transaction, the director owned 23,882 shares in the company, valued at $1,097,139.08. This represents a 21.23% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. 0.34% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Leonardo DRS

Institutional investors and hedge funds have recently bought and sold shares of the stock. Caitong International Asset Management Co. Ltd bought a new position in Leonardo DRS in the 2nd quarter valued at about $26,000. Nisa Investment Advisors LLC boosted its position in shares of Leonardo DRS by 92.3% during the 1st quarter. Nisa Investment Advisors LLC now owns 1,273 shares of the company's stock valued at $42,000 after purchasing an additional 611 shares in the last quarter. JTC Employer Solutions Trustee Ltd bought a new position in shares of Leonardo DRS during the 1st quarter valued at about $46,000. Atlantic Union Bankshares Corp bought a new position in shares of Leonardo DRS during the 2nd quarter valued at about $70,000. Finally, Penserra Capital Management LLC bought a new position in shares of Leonardo DRS during the 2nd quarter valued at about $69,000. Institutional investors own 18.76% of the company's stock.

About Leonardo DRS

Leonardo DRS, Inc, together with its subsidiaries, provides defense electronic products and systems, and military support services. It operates through Advanced Sensing and Computing (ASC) segment, and Integrated Mission Systems (IMS) segments. The ASC segment designs, develops, and manufacture sensing and network computing technology that enables real-time situational awareness required for enhanced operational decision making and execution; and offers sensing capabilities span applications, such as missions requiring advanced detection, precision targeting and surveillance sensing, long range electro-optic/infrared, signals intelligence, and other intelligence systems including electronic warfare, ground vehicle sensing, active electronically scanned array tactical radars, dismounted soldier, and space sensing.

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