York Space Systems (NYSE:YSS) Stock Falls 6.7% - Here's Why

Key Points

• York Space Systems shares fell 6.7% to about $8.38, with trading volume roughly 89% below the stock’s average daily volume.
• Analysts have recently reduced their price targets, including Wells Fargo and JPMorgan, while the consensus rating remains “Hold” with a $17.59 target.
• The decline follows a quarterly earnings miss, with EPS of negative $0.31 versus estimates of negative $0.19; insiders also sold approximately $8.4 million of shares over the past three months.

York Space Systems Inc. (NYSE:YSS - Get Free Report) shares traded down 6.7% during trading on Monday. The stock traded as low as $8.43 and last traded at $8.3760. 249,210 shares were traded during trading, a decline of 89% from the average daily volume of 2,336,151 shares. The stock had previously closed at $8.98.

Wall Street Analysts Forecast Growth

Several research analysts recently weighed in on YSS shares. Wells Fargo & Company dropped their target price on York Space Systems from $35.00 to $17.00 and set an "overweight" rating on the stock in a research note on Monday, August 31st. JPMorgan Chase & Co. reissued a "neutral" rating and issued a $17.00 price target (down from $38.00) on shares of York Space Systems in a report on Monday, August 17th. Craig Hallum started coverage on York Space Systems in a research note on Wednesday, August 26th. They set a "hold" rating and a $11.00 price target on the stock. Wall Street Zen downgraded shares of York Space Systems from a "hold" rating to a "sell" rating in a report on Wednesday, August 5th. Finally, Raymond James Financial lowered shares of York Space Systems from an "outperform" rating to a "market perform" rating in a research report on Wednesday, July 29th. Five research analysts have rated the stock with a Buy rating, eight have given a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, York Space Systems currently has an average rating of "Hold" and a consensus price target of $17.59.

York Space Systems Stock Down 9.0%

The company has a debt-to-equity ratio of 0.08, a current ratio of 5.34 and a quick ratio of 5.05. The business's fifty day moving average price is $10.32 and its two-hundred day moving average price is $21.54. The stock has a market capitalization of $1.12 billion and a PE ratio of -13.89.

York Space Systems (NYSE:YSS - Get Free Report) last issued its earnings results on Thursday, August 13th. The company reported ($0.31) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.19) by ($0.12). The company had revenue of $92.55 million during the quarter. On average, equities research analysts forecast that York Space Systems Inc. will post -1.73 EPS for the current fiscal year.

Insider Activity

In related news, major shareholder Blackrock Portfolio Management sold 201,504 shares of York Space Systems stock in a transaction dated Thursday, August 6th. The stock was sold at an average price of $11.60, for a total transaction of $2,337,446.40. Following the completion of the sale, the insider owned 16,717,285 shares of the company's stock, valued at $193,920,506. The trade was a 1.19% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Insiders sold 655,215 shares of company stock valued at $8,390,822 in the last three months.

Hedge Funds Weigh In On York Space Systems

Several hedge funds and other institutional investors have recently bought and sold shares of the business. Tidal Investments LLC acquired a new stake in York Space Systems during the 2nd quarter valued at approximately $45,381,000. Nissay Asset Management Corp Japan acquired a new stake in shares of York Space Systems in the second quarter worth $8,497,000. Bank of America Corp DE increased its stake in shares of York Space Systems by 234.2% in the second quarter. Bank of America Corp DE now owns 370,425 shares of the company's stock worth $9,120,000 after acquiring an additional 259,577 shares during the period. BlackRock Inc. raised its holdings in shares of York Space Systems by 1.1% during the second quarter. BlackRock Inc. now owns 19,212,689 shares of the company's stock worth $473,016,000 after purchasing an additional 200,250 shares during the last quarter. Finally, Wellington Management Group LLP acquired a new position in York Space Systems during the second quarter valued at $4,231,000.

About York Space Systems

York Space Systems is a U.S. aerospace company that designs, manufactures and operates spacecraft for low Earth orbit (LEO) missions. Founded in 2012 and headquartered in Denver, Colorado, the company develops standardized, scalable satellite platforms intended to support communications, Earth observation, remote sensing and other space-based applications.

Its product portfolio includes the S-class spacecraft platform and related satellite systems, ground infrastructure and mission-operations capabilities.

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.