Applied Aerospace & Defense (NYSE:AADX) Hits New 52-Week Low - Here's What Happened

Key Points

• Applied Aerospace & Defense fell to a new 52-week low, trading as low as $11.77 and ending near $11.89, down 4% from its prior close.
• The company reported a significant quarterly earnings miss, posting a loss of $1.04 per share versus analysts’ expectation of $0.01 in earnings, on revenue of $167.32 million.
• Despite the selloff, analysts maintain a consensus “Moderate Buy” rating with an average price target of $24.62, while several institutional investors recently initiated positions.

Applied Aerospace & Defense, Inc. (NYSE:AADX - Get Free Report) reached a new 52-week low during mid-day trading on Wednesday . The stock traded as low as $11.77 and last traded at $11.89, with a volume of 2304360 shares. The stock had previously closed at $12.39.

Wall Street Analysts Forecast Growth

AADX has been the topic of a number of recent analyst reports. Wall Street Zen raised Applied Aerospace & Defense from a "sell" rating to a "hold" rating in a research report on Saturday, June 27th. Royal Bank Of Canada initiated coverage on Applied Aerospace & Defense in a research note on Monday, June 29th. They set a "moderate buy" rating and a $24.00 target price on the stock. Zacks Research raised Applied Aerospace & Defense to a "hold" rating in a research report on Tuesday, June 30th. Bank of America decreased their price target on Applied Aerospace & Defense from $24.00 to $23.00 and set a "buy" rating for the company in a research note on Friday, August 14th. Finally, UBS Group set a $24.00 price target on Applied Aerospace & Defense in a report on Sunday, June 28th. One investment analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average price target of $24.62.

Applied Aerospace & Defense Trading Down 4.0%

The company has a fifty day simple moving average of $17.90.

Applied Aerospace & Defense (NYSE:AADX - Get Free Report) last released its earnings results on Wednesday, August 12th. The company reported ($1.04) EPS for the quarter, missing analysts' consensus estimates of $0.01 by ($1.05). The company had revenue of $167.32 million during the quarter. Analysts predict that Applied Aerospace & Defense, Inc. will post -0.61 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Applied Aerospace & Defense

Several institutional investors and hedge funds have recently modified their holdings of the stock. B. Metzler seel. Sohn & Co. AG acquired a new stake in Applied Aerospace & Defense during the second quarter worth about $3,044,000. Wellington Management Group LLP acquired a new position in Applied Aerospace & Defense in the second quarter valued at approximately $8,373,000. Squarepoint Ops LLC purchased a new stake in Applied Aerospace & Defense in the 2nd quarter worth approximately $1,232,000. Finally, Readystate Asset Management LP purchased a new stake in Applied Aerospace & Defense in the 2nd quarter worth approximately $752,000.

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.

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