Applied Aerospace & Defense, Inc. (NYSE:AADX) Short Interest Update

Key Points

• Short interest nearly doubled to 3.17 million shares as of August 31, up 94.6% from mid-August; 1.8% of the company’s shares were sold short.
• Several institutional investors initiated positions during the second quarter, led by Wellington Management with an approximately $8.4 million stake.
• The stock traded at $12.20, while analysts maintained a “Moderate Buy” consensus with a $25.22 price target. However, the company missed quarterly earnings expectations, reporting a loss of $1.04 per share versus the $0.01 consensus estimate.

Applied Aerospace & Defense, Inc. (NYSE:AADX - Get Free Report) was the target of a significant growth in short interest in August. As of August 31st, there was short interest totaling 3,166,050 shares, a growth of 94.6% from the August 15th total of 1,626,788 shares. Based on an average trading volume of 1,658,819 shares, the short-interest ratio is currently 1.9 days. Currently, 1.8% of the company's stock are short sold.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the stock. Wellington Management Group LLP acquired a new stake in Applied Aerospace & Defense during the second quarter worth approximately $8,373,000. B. Metzler seel. Sohn & Co. AG acquired a new position in shares of Applied Aerospace & Defense in the second quarter valued at approximately $3,044,000. Squarepoint Ops LLC bought a new position in shares of Applied Aerospace & Defense during the second quarter worth approximately $1,232,000. Finally, Readystate Asset Management LP bought a new position in shares of Applied Aerospace & Defense during the second quarter worth approximately $752,000.

Applied Aerospace & Defense Price Performance

Applied Aerospace & Defense stock traded up $0.55 during mid-day trading on Tuesday, hitting $12.20. 2,854,055 shares of the company's stock traded hands, compared to its average volume of 1,482,430. The company has a 50 day moving average of $16.98. Applied Aerospace & Defense has a fifty-two week low of $11.39 and a fifty-two week high of $24.24.

Applied Aerospace & Defense (NYSE:AADX - Get Free Report) last released its quarterly earnings data on Wednesday, August 12th. The company reported ($1.04) EPS for the quarter, missing the consensus estimate of $0.01 by ($1.05). The business had revenue of $167.32 million for the quarter. As a group, equities analysts anticipate that Applied Aerospace & Defense will post -0.61 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several research firms have issued reports on AADX. Morgan Stanley upped their price target on shares of Applied Aerospace & Defense from $23.00 to $24.00 and gave the stock an "equal weight" rating in a research report on Thursday, August 13th. Guggenheim began coverage on shares of Applied Aerospace & Defense in a research report on Monday. They issued a "buy" rating and a $30.00 price objective for the company. Wolfe Research assumed coverage on shares of Applied Aerospace & Defense in a research note on Monday, June 29th. They set an "outperform" rating and a $23.00 price objective on the stock. Zacks Research raised shares of Applied Aerospace & Defense to a "hold" rating in a report on Tuesday, June 30th. Finally, Stifel Nicolaus began coverage on shares of Applied Aerospace & Defense in a research note on Monday, June 29th. They issued a "buy" rating and a $24.00 target price for the company. One research analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating, two have issued a Hold rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $25.22.

About Applied Aerospace & Defense

Applied Aerospace and Defense Inc specializes in providing advanced design, engineering and vertically integrated manufacturing solutions for next-generation space and defense technology companies. Its core service offerings include design and analysis, fabrication and assembly and inspection, qualification and testing. Applied Aerospace and Defense Inc is based in HUNTSVILLE, United States.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.