Arotech Corporation (ARTX) Cut to “Sell” at Zacks Investment Research
Arotech Corporation (NASDAQ:ARTX) was downgraded by Zacks Investment Research from a “buy” rating to a “sell” rating in a research note issued to investors on Tuesday.
According to Zacks, “Arotech Corporation operates two business divisions: Electric Fuel Batteries — developing and manufacturing zinc-air batteries for military and homeland security applications and developing electric vehicle batteries for zero emission public transportation; and Arotech Defense — consisting of IES Interactive, which provides advanced high-tech multimedia training systems for law enforcement and paramilitary organizations, MDT Armor, which provides vehicle armoring for the military, industrial and private sectors, and Arcon Security. “
Separately, B. Riley restated a “buy” rating and set a $4.50 target price on shares of Arotech Corporation in a report on Monday, August 7th.
Arotech Corporation (NASDAQ:ARTX) last issued its earnings results on Wednesday, November 8th. The aerospace company reported $0.06 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.10 by ($0.04). The company had revenue of $25.93 million for the quarter, compared to analyst estimates of $24.48 million. Arotech Corporation had a positive return on equity of 3.27% and a negative net margin of 2.87%. research analysts forecast that Arotech Corporation will post 0.18 earnings per share for the current fiscal year.
Several hedge funds have recently added to or reduced their stakes in the company. Vanguard Group Inc. raised its position in shares of Arotech Corporation by 1.9% during the 2nd quarter. Vanguard Group Inc. now owns 1,038,240 shares of the aerospace company’s stock valued at $3,686,000 after buying an additional 19,082 shares during the period. Goldman Sachs Group Inc. raised its position in shares of Arotech Corporation by 73.5% during the 1st quarter. Goldman Sachs Group Inc. now owns 48,311 shares of the aerospace company’s stock valued at $143,000 after buying an additional 20,461 shares during the period. Zacks Investment Management purchased a new stake in shares of Arotech Corporation during the 2nd quarter valued at approximately $149,000. GSA Capital Partners LLP raised its position in shares of Arotech Corporation by 105.1% during the 2nd quarter. GSA Capital Partners LLP now owns 166,100 shares of the aerospace company’s stock valued at $590,000 after buying an additional 85,100 shares during the period. Finally, Essex Investment Management Co. LLC raised its position in shares of Arotech Corporation by 35.9% during the 2nd quarter. Essex Investment Management Co. LLC now owns 436,266 shares of the aerospace company’s stock valued at $1,549,000 after buying an additional 115,254 shares during the period. 21.56% of the stock is currently owned by hedge funds and other institutional investors.
About Arotech Corporation
Arotech Corporation is a defense and security products and services company, engaged in providing interactive simulation for military, law enforcement and commercial markets, and batteries and charging systems for the military, commercial and medical markets. The Company operates through two segments: Training and Simulation Division, and Power Systems Division.
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