Applied Aerospace & Defense, Inc. (NYSE:AADX) Stock Short Interest Jumps 64.8%

Key Points

• Short interest surged 64.8% to 5.39 million shares as of September 30, representing about 3.1% of AADX’s shares and 2.3 days to cover.
• Analysts maintain a generally positive outlook, with a consensus rating of “Moderate Buy” and an average price target of $24.33, despite several firms recently lowering targets.
• The company reported a significant quarterly earnings miss, posting ($1.04) EPS versus the $0.01 consensus estimate, while generating $167.32 million in revenue.

Applied Aerospace & Defense, Inc. (NYSE:AADX - Get Free Report) was the target of a significant increase in short interest in the month of September. As of September 30th, there was short interest totaling 5,386,975 shares, an increase of 64.8% from the September 15th total of 3,268,914 shares. Based on an average trading volume of 2,362,895 shares, the days-to-cover ratio is currently 2.3 days. Approximately 3.1% of the company's shares are short sold.

Analysts Set New Price Targets

Several research firms have recently commented on AADX. UBS Group set a $24.00 price target on shares of Applied Aerospace & Defense in a report on Sunday, June 28th. Bank of America dropped their price objective on shares of Applied Aerospace & Defense from $24.00 to $23.00 and set a "buy" rating on the stock in a research note on Friday, August 14th. Royal Bank Of Canada cut their price objective on shares of Applied Aerospace & Defense from $24.00 to $21.00 and set an "outperform" rating on the stock in a report on Tuesday. Morgan Stanley boosted their price objective on shares of Applied Aerospace & Defense from $23.00 to $24.00 and gave the stock an "equal weight" rating in a research note on Thursday, August 13th. Finally, Stifel Nicolaus initiated coverage on shares of Applied Aerospace & Defense in a research note on Monday, June 29th. They issued a "buy" rating and a $24.00 price objective for the company. Two equities research analysts have rated the stock with a Strong Buy rating, five have assigned a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus target price of $24.33.

Applied Aerospace & Defense Trading Up 3.0%

NYSE AADX opened at $11.35 on Friday. Applied Aerospace & Defense has a 52 week low of $10.31 and a 52 week high of $24.24. The stock's 50 day moving average price is $13.70. The company has a debt-to-equity ratio of 0.51, a current ratio of 2.51 and a quick ratio of 2.08.

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

Hedge Funds Weigh In On Applied Aerospace & Defense

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Farther Finance Advisors LLC purchased a new position in shares of Applied Aerospace & Defense in the third quarter worth about $29,000. Fortitude Family Office LLC purchased a new stake in Applied Aerospace & Defense in the third quarter valued at approximately $29,000. Valeo Financial Advisors LLC acquired a new position in Applied Aerospace & Defense in the 3rd quarter worth approximately $120,000. Readystate Asset Management LP acquired a new position in Applied Aerospace & Defense in the 2nd quarter worth approximately $752,000. Finally, Squarepoint Ops LLC acquired a new position in Applied Aerospace & Defense in the 2nd quarter worth approximately $1,232,000.

Applied Aerospace & Defense Company Profile

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.

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