AeroVironment Inc. (AVAV) Now Covered by Analysts at Canaccord Genuity
Equities researchers at Canaccord Genuity assumed coverage on shares of AeroVironment Inc. (NASDAQ:AVAV) in a note issued to investors on Thursday. The firm set a “hold” rating on the stock.
Other research analysts have also recently issued reports about the stock. Zacks Investment Research raised shares of AeroVironment from a “hold” rating to a “buy” rating and set a $31.00 price target for the company in a report on Tuesday, July 12th. Jefferies Group restated a “hold” rating and set a $27.00 target price on shares of AeroVironment in a research report on Friday, August 12th. Raymond James Financial Inc. restated a “hold” rating on shares of AeroVironment in a research report on Wednesday, August 31st. Stifel Nicolaus restated a “hold” rating on shares of AeroVironment in a research report on Thursday, September 1st. Finally, Robert W. Baird initiated coverage on shares of AeroVironment in a research report on Wednesday, October 5th. They set a “neutral” rating and a $24.00 target price on the stock. Seven research analysts have rated the stock with a hold rating and one has issued a buy rating to the company’s stock. The company has an average rating of “Hold” and an average price target of $28.80.
Shares of AeroVironment (NASDAQ:AVAV) opened at 22.88 on Thursday. AeroVironment has a 52-week low of $20.79 and a 52-week high of $32.44. The stock’s 50 day moving average is $24.89 and its 200 day moving average is $27.69. The stock has a market cap of $525.23 million, a price-to-earnings ratio of 125.71 and a beta of 1.34.
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AeroVironment (NASDAQ:AVAV) last posted its quarterly earnings results on Tuesday, August 30th. The company reported ($0.51) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.17) by $0.34. The firm had revenue of $36.20 million for the quarter, compared to analysts’ expectations of $37.81 million. AeroVironment had a return on equity of 1.22% and a net margin of 1.70%. The company’s revenue for the quarter was down 23.1% on a year-over-year basis. During the same period in the prior year, the company earned ($0.24) earnings per share. On average, equities analysts expect that AeroVironment will post $0.20 earnings per share for the current fiscal year.
In other news, Chairman Timothy E. Conver sold 8,500 shares of the stock in a transaction that occurred on Friday, August 5th. The shares were sold at an average price of $28.52, for a total value of $242,420.00. Following the sale, the chairman now directly owns 51,803 shares in the company, valued at $1,477,421.56. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Chairman Timothy E. Conver sold 11,700 shares of the stock in a transaction that occurred on Wednesday, July 20th. The shares were sold at an average price of $27.56, for a total transaction of $322,452.00. Following the completion of the sale, the chairman now owns 51,803 shares in the company, valued at $1,427,690.68. The disclosure for this sale can be found here. 12.50% of the stock is currently owned by insiders.
Several hedge funds have recently added to or reduced their stakes in AVAV. Vanguard Group Inc. raised its stake in AeroVironment by 6.1% in the second quarter. Vanguard Group Inc. now owns 1,608,751 shares of the company’s stock valued at $44,723,000 after buying an additional 92,400 shares in the last quarter. BlackRock Fund Advisors raised its stake in shares of AeroVironment by 5.7% in the second quarter. BlackRock Fund Advisors now owns 1,597,525 shares of the company’s stock worth $44,411,000 after buying an additional 85,516 shares during the period. Franklin Resources Inc. raised its stake in shares of AeroVironment by 36.3% in the first quarter. Franklin Resources Inc. now owns 171,771 shares of the company’s stock worth $4,865,000 after buying an additional 45,771 shares during the period. Emerald Acquisition Ltd. purchased a new stake in shares of AeroVironment during the second quarter worth about $879,000. Finally, Suffolk Capital Management LLC raised its stake in shares of AeroVironment by 44.1% in the second quarter. Suffolk Capital Management LLC now owns 90,574 shares of the company’s stock worth $2,518,000 after buying an additional 27,704 shares during the period. Institutional investors and hedge funds own 62.74% of the company’s stock.
AeroVironment Company Profile
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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