Zacks Investment Research lowered shares of AeroVironment (NASDAQ:AVAV) from a strong-buy rating to a hold rating in a research note issued to investors on Tuesday morning.
According to Zacks, “AeroVironment, Inc. designs, develops, produces, operates a portfolio of products and services for government agencies, businesses and consumers. It operates through two segments: Unmanned Aircraft Systems, 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, which focuses primarily on the design, development, production, support and operation of electric energy systems. The Company supplies UAS, tactical missile systems and related services primarily to organizations within the United States Department of Defense. The Company also supplies charging systems and services for electric vehicles, and power cycling and test systems to commercial, consumer and government customers. It serves the U.S. Department of Defense, including the U.S. Army, Marine Corps, Special Operations Command, Air Force, and Navy. “
A number of other brokerages have also issued reports on AVAV. Piper Jaffray Companies reiterated a neutral rating and issued a $77.00 price target on shares of AeroVironment in a report on Thursday, September 6th. BidaskClub upgraded AeroVironment from a buy rating to a strong-buy rating in a report on Saturday, August 11th. Canaccord Genuity boosted their price target on AeroVironment from $60.00 to $80.00 and gave the company a hold rating in a report on Thursday, September 6th. Finally, Robert W. Baird boosted their price target on AeroVironment from $52.00 to $74.00 and gave the company a neutral rating in a report on Tuesday, August 28th. Six analysts have rated the stock with a hold rating, one has given a buy rating and one has given a strong buy rating to the company. AeroVironment presently has a consensus rating of Hold and an average price target of $83.20.
AeroVironment (NASDAQ:AVAV) last announced its earnings results on Wednesday, September 5th. The aerospace company reported $0.85 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.06 by $0.79. AeroVironment had a return on equity of 10.71% and a net margin of 15.56%. The business had revenue of $78.04 million during the quarter, compared to analyst estimates of $73.65 million. During the same quarter in the previous year, the business earned ($0.19) earnings per share. The company’s revenue for the quarter was up 127.1% compared to the same quarter last year. Analysts expect that AeroVironment will post 1.1 earnings per share for the current fiscal year.
Hedge funds and other institutional investors have recently made changes to their positions in the stock. Sei Investments Co. bought a new position in AeroVironment in the first quarter worth approximately $100,000. Point72 Hong Kong Ltd bought a new position in AeroVironment in the second quarter worth approximately $111,000. Tower Research Capital LLC TRC bought a new position in AeroVironment in the second quarter worth approximately $158,000. Steward Partners Investment Advisory LLC bought a new position in AeroVironment in the third quarter worth approximately $170,000. Finally, PNC Financial Services Group Inc. raised its stake in AeroVironment by 113.2% in the second quarter. PNC Financial Services Group Inc. now owns 2,527 shares of the aerospace company’s stock worth $181,000 after buying an additional 1,342 shares in the last quarter. Hedge funds and other institutional investors own 82.45% of the company’s stock.
AeroVironment, Inc designs, develops, produces, supports, and operates a portfolio of products and services for government agencies and businesses. The company offers unmanned aircraft systems (UAS) and related services primarily to organizations within the U.S. Department of Defense and to international allied governments; and tactical missile systems and related services to organizations within the U.S.
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