AeroVironment Trading 14.2% Higher on Strong Earnings (AVAV)
AeroVironment (NASDAQ:AVAV)’s share price traded up 14.2% during mid-day trading on Wednesday following a better than expected earnings announcement, AnalystRatingsNetwork reports. The company traded as high as $36.45 and last traded at $35.36, with a volume of 2,082,724 shares trading hands. The stock had previously closed at $30.96.
The company reported $0.27 EPS for the quarter, beating the Thomson Reuters consensus estimate of $0.22 by $0.05. The company had revenue of $73.50 million for the quarter, compared to the consensus estimate of $69.62 million. During the same quarter in the prior year, the company posted ($0.04) earnings per share. The company’s quarterly revenue was up 35.9% on a year-over-year basis.
A number of research firms have recently commented on AVAV. Analysts at Jefferies Group reiterated a “hold” rating on shares of AeroVironment in a research note on Wednesday. They now have a $30.00 price target on the stock, up previously from $29.00. Analysts at Benchmark Co. downgraded shares of AeroVironment from a “buy” rating to a “hold” rating in a research note on Tuesday, June 17th. Five equities research analysts have rated the stock with a hold rating and one has assigned a buy rating to the stock. The company has a consensus rating of “Hold” and a consensus price target of $30.41.
The stock’s 50-day moving average is $32.43 and its 200-day moving average is $32.98. The company has a market cap of $777.2 million and a P/E ratio of 141.37.
AeroVironment, Inc designs, develops, produces and supports a portfolio of products and services. The Company operates in two segments: Unmanned Aircraft Systems (NASDAQ:AVAV) and Efficient Energy Systems (EES).
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