AeroVironment, Inc. (AVAV) Sees Strong Trading Volume on Analyst Upgrade
AeroVironment, Inc. (NASDAQ:AVAV) saw strong trading volume on Thursday after Canaccord Genuity raised their price target on the stock from $35.00 to $40.00. Canaccord Genuity currently has a hold rating on the stock. 584,296 shares were traded during mid-day trading, an increase of 129% from the previous session’s volume of 254,969 shares.The stock last traded at $48.72 and had previously closed at $46.52.
Other research analysts have also recently issued research reports about the company. BidaskClub cut AeroVironment from a “buy” rating to a “hold” rating in a research report on Wednesday, August 16th. Zacks Investment Research raised AeroVironment from a “hold” rating to a “strong-buy” rating and set a $42.00 price objective on the stock in a research report on Friday, June 30th. Jefferies Group LLC boosted their price objective on AeroVironment from $27.00 to $29.00 and gave the stock a “hold” rating in a research report on Wednesday, June 28th. ValuEngine raised AeroVironment from a “sell” rating to a “hold” rating in a research report on Friday, June 2nd. Finally, Robert W. Baird reissued a “hold” rating and issued a $35.00 price objective on shares of AeroVironment in a research report on Monday. Seven research analysts have rated the stock with a hold rating and one has assigned a strong buy rating to the company. AeroVironment currently has a consensus rating of “Hold” and a consensus price target of $38.00.
In other AeroVironment news, VP Kenneth D. Karklin sold 735 shares of the business’s stock in a transaction on Friday, July 14th. The stock was sold at an average price of $39.57, for a total value of $29,083.95. Following the sale, the vice president now directly owns 9,437 shares in the company, valued at $373,422.09. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, Chairman Timothy E. Conver sold 4,000 shares of the business’s stock in a transaction on Tuesday, June 6th. The shares were sold at an average price of $31.74, for a total value of $126,960.00. Following the completion of the sale, the chairman now owns 66,621 shares in the company, valued at $2,114,550.54. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 79,497 shares of company stock worth $3,034,461. Corporate insiders own 11.00% of the company’s stock.
Hedge funds have recently modified their holdings of the stock. Mason Street Advisors LLC raised its stake in shares of AeroVironment by 7.0% in the first quarter. Mason Street Advisors LLC now owns 4,813 shares of the aerospace company’s stock valued at $135,000 after buying an additional 316 shares during the last quarter. State of Tennessee Treasury Department raised its stake in shares of AeroVironment by 17.8% in the first quarter. State of Tennessee Treasury Department now owns 18,937 shares of the aerospace company’s stock valued at $531,000 after buying an additional 2,858 shares during the last quarter. Parametric Portfolio Associates LLC raised its stake in shares of AeroVironment by 9.5% in the first quarter. Parametric Portfolio Associates LLC now owns 23,879 shares of the aerospace company’s stock valued at $669,000 after buying an additional 2,078 shares during the last quarter. Ameriprise Financial Inc. raised its stake in shares of AeroVironment by 4.8% in the first quarter. Ameriprise Financial Inc. now owns 107,565 shares of the aerospace company’s stock valued at $3,015,000 after buying an additional 4,933 shares during the last quarter. Finally, Karp Capital Management Corp purchased a new stake in shares of AeroVironment during the first quarter valued at about $453,000. Hedge funds and other institutional investors own 77.55% of the company’s stock.
The stock has a market cap of $1.14 billion, a PE ratio of 57.74 and a beta of 1.31. The stock’s 50 day moving average is $38.74 and its 200 day moving average is $32.16.
AeroVironment (NASDAQ:AVAV) last released its quarterly earnings results on Tuesday, August 29th. The aerospace company reported ($0.19) earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of ($0.34) by $0.15. The firm had revenue of $43.80 million for the quarter, compared to the consensus estimate of $42.44 million. AeroVironment had a return on equity of 3.49% and a net margin of 4.71%. The company’s revenue for the quarter was up 21.0% on a year-over-year basis. During the same period last year, the business posted ($0.51) EPS. Equities research analysts predict that AeroVironment, Inc. will post $0.59 EPS for the current year.
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AeroVironment, Inc designs, develops, produces, supports and operates a portfolio of products and services for government agencies, businesses and consumers. The Company operates through two segments: Unmanned Aircraft Systems (UAS), which focuses primarily on the design, development, production, support and operation of UAS and tactical missile systems that provide situational awareness, multi-band communications, force protection and other mission effects, and Efficient Energy Systems (EES), which focuses primarily on the design, development, production, marketing, support and operation of electric energy systems.
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