AeroVironment (NASDAQ:AVAV) Shares Gap Up After Earnings Beat

AeroVironment, Inc. (NASDAQ:AVAV)’s stock price gapped up before the market opened on Wednesday following a stronger than expected earnings report. The stock had previously closed at $193.28, but opened at $223.84. AeroVironment shares last traded at $244.86, with a volume of 1,496,247 shares traded.

The aerospace company reported $1.61 earnings per share for the quarter, beating analysts’ consensus estimates of $1.41 by $0.20. AeroVironment had a return on equity of 10.77% and a net margin of 5.32%. The company had revenue of $275.05 million during the quarter, compared to analyst estimates of $242.69 million. During the same quarter last year, the company earned $0.43 EPS. The firm’s revenue for the quarter was up 39.6% on a year-over-year basis.

Wall Street Analyst Weigh In

A number of research analysts have issued reports on AVAV shares. Stifel Nicolaus started coverage on AeroVironment in a research note on Tuesday. They set a “buy” rating and a $240.00 price objective for the company. BTIG Research reiterated a “buy” rating on shares of AeroVironment in a research note on Tuesday. Wall Street Zen upgraded AeroVironment from a “sell” rating to a “hold” rating in a research note on Sunday. Robert W. Baird lifted their price objective on AeroVironment from $146.00 to $210.00 and gave the company an “outperform” rating in a research note on Friday, June 6th. Finally, Jefferies Financial Group lowered their price objective on AeroVironment from $230.00 to $190.00 and set a “buy” rating for the company in a research note on Wednesday, March 5th. One equities research analyst has rated the stock with a hold rating, eight have assigned a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat, the company has a consensus rating of “Buy” and a consensus price target of $216.57.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of the business. Redwood Investments LLC raised its stake in shares of AeroVironment by 0.7% in the fourth quarter. Redwood Investments LLC now owns 9,273 shares of the aerospace company’s stock worth $1,427,000 after purchasing an additional 66 shares during the last quarter. Arizona State Retirement System raised its stake in shares of AeroVironment by 0.8% in the fourth quarter. Arizona State Retirement System now owns 8,170 shares of the aerospace company’s stock worth $1,257,000 after purchasing an additional 68 shares during the last quarter. Portside Wealth Group LLC raised its stake in shares of AeroVironment by 4.3% in the first quarter. Portside Wealth Group LLC now owns 1,741 shares of the aerospace company’s stock worth $208,000 after purchasing an additional 71 shares during the last quarter. Mackenzie Financial Corp raised its stake in shares of AeroVironment by 5.5% in the fourth quarter. Mackenzie Financial Corp now owns 1,601 shares of the aerospace company’s stock worth $246,000 after purchasing an additional 83 shares during the last quarter. Finally, Kestra Private Wealth Services LLC raised its stake in shares of AeroVironment by 2.7% in the first quarter. Kestra Private Wealth Services LLC now owns 3,199 shares of the aerospace company’s stock worth $381,000 after purchasing an additional 83 shares during the last quarter. Hedge funds and other institutional investors own 86.38% of the company’s stock.

AeroVironment Stock Up 21.6%

The stock has a market cap of $6.63 billion, a PE ratio of 151.58 and a beta of 0.81. The company has a debt-to-equity ratio of 0.03, a current ratio of 4.22 and a quick ratio of 3.07. The company has a 50 day moving average price of $172.05 and a two-hundred day moving average price of $158.51.

About AeroVironment

AeroVironment, Inc designs, develops, produces, delivers, and supports a portfolio of robotic systems and related services for government agencies and businesses in the United States and internationally. It operates through Small Unmanned Aircraft Systems (SUAS), Tactical Missile System (TMS), Medium Unmanned Aircraft Systems (MUAS), and High Altitude Pseudo-Satellite Systems (HAPS) segments.