Bae Systems (OTCMKTS:BAESY) Shares Gap Down - Here's What Happened

Key Points

• BAE Systems shares gapped down from a previous close of $102.56 to open at $98.94, with the stock last trading near $98.96 on volume of 15,596 shares.
• Analyst sentiment is mixed but averages to a “Hold” rating: two analysts rate the stock a Buy and six rate it a Hold, with an average price target of $113.00.
• The stock is trading below its 50-day and 200-day moving averages of $110.84 and $108.87, respectively; hedge funds and institutional investors own approximately 0.21% of the shares.

Shares of Bae Systems PLC (OTCMKTS:BAESY - Get Free Report) gapped down before the market opened on Tuesday. The stock had previously closed at $102.56, but opened at $98.94. Bae Systems shares last traded at $98.96, with a volume of 15,596 shares traded.

Analyst Upgrades and Downgrades

BAESY has been the subject of several recent analyst reports. BNP Paribas Exane started coverage on Bae Systems in a report on Thursday, September 10th. They issued a "neutral" rating and a $113.00 price objective for the company. Kepler Capital Markets upgraded shares of Bae Systems from a "hold" rating to a "buy" rating in a research report on Wednesday, June 24th. Morgan Stanley reaffirmed an "overweight" rating on shares of Bae Systems in a research note on Thursday, June 25th. Royal Bank Of Canada started coverage on Bae Systems in a report on Tuesday, August 11th. They issued a "sector perform" rating on the stock. Finally, Deutsche Bank Aktiengesellschaft reiterated a "hold" rating on shares of Bae Systems in a research report on Tuesday, August 11th. Two investment analysts have rated the stock with a Buy rating and six have issued a Hold rating to the stock. According to data from MarketBeat, the stock presently has an average rating of "Hold" and an average price target of $113.00.

Bae Systems Stock Performance

The business has a 50 day moving average of $110.84 and a two-hundred day moving average of $108.87.

Hedge Funds Weigh In On Bae Systems

Several hedge funds have recently made changes to their positions in the stock. Riverbridge Partners LLC bought a new stake in Bae Systems in the 1st quarter worth $221,000. Pinnacle Wealth Management Advisory Group LLC purchased a new position in shares of Bae Systems during the first quarter valued at approximately $307,000. GAMMA Investing LLC lifted its position in Bae Systems by 2.5% during the second quarter. GAMMA Investing LLC now owns 3,969 shares of the aerospace company's stock valued at $389,000 after purchasing an additional 96 shares during the period. PNC Financial Services Group Inc. boosted its holdings in Bae Systems by 135.7% in the first quarter. PNC Financial Services Group Inc. now owns 3,983 shares of the aerospace company's stock worth $464,000 after purchasing an additional 2,293 shares during the last quarter. Finally, Collaborative Fund Advisors LLC bought a new stake in Bae Systems in the 1st quarter worth approximately $897,000. 0.21% of the stock is currently owned by hedge funds and other institutional investors.

Bae Systems Company Profile

BAE Systems plc is a multinational defense, aerospace and security company headquartered in the United Kingdom. The company develops and supports technology and equipment for governments, armed forces and commercial customers, with activities spanning air, land, sea, space and cyber domains.

Its products and services include combat aircraft and aircraft support, naval vessels and submarines, armored vehicles, artillery systems, electronic warfare and radar equipment, intelligence and cybersecurity solutions, precision weapons, and command-and-control systems.

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