AeroVironment (NASDAQ:AVAV) Shares Down 5.6% – Here’s What Happened

AeroVironment, Inc. (NASDAQ:AVAV) was down 5.6% on Wednesday . The stock traded as low as $168.80 and last traded at $169.35. Approximately 223,255 shares changed hands during trading, a decline of 33% from the average daily volume of 333,794 shares. The stock had previously closed at $179.35.

Wall Street Analysts Forecast Growth

A number of equities research analysts have weighed in on AVAV shares. Jefferies Financial Group upgraded AeroVironment from a “hold” rating to a “buy” rating and reduced their price objective for the company from $240.00 to $230.00 in a research note on Wednesday, November 20th. William Blair reiterated an “outperform” rating on shares of AeroVironment in a research report on Thursday, December 5th. One analyst has rated the stock with a hold rating, six have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, AeroVironment presently has a consensus rating of “Buy” and an average price target of $225.20.

AeroVironment Stock Down 6.5 %

The firm has a market capitalization of $4.73 billion, a PE ratio of 96.41 and a beta of 0.52. The firm’s 50-day moving average is $167.42 and its 200 day moving average is $186.68. The company has a debt-to-equity ratio of 0.02, a quick ratio of 3.36 and a current ratio of 4.61.

AeroVironment (NASDAQ:AVAV) last released its quarterly earnings results on Wednesday, December 4th. The aerospace company reported $0.47 earnings per share for the quarter, missing the consensus estimate of $0.76 by ($0.29). AeroVironment had a return on equity of 8.12% and a net margin of 6.39%. The company had revenue of $188.46 million for the quarter, compared to analysts’ expectations of $181.80 million. During the same period in the previous year, the business posted $0.97 EPS. The business’s quarterly revenue was up 4.2% on a year-over-year basis. As a group, research analysts forecast that AeroVironment, Inc. will post 3.38 earnings per share for the current fiscal year.

Insider Buying and Selling at AeroVironment

In related news, CFO Kevin Patrick Mcdonnell sold 396 shares of AeroVironment stock in a transaction on Monday, December 2nd. The stock was sold at an average price of $198.73, for a total value of $78,697.08. Following the transaction, the chief financial officer now owns 16,472 shares in the company, valued at approximately $3,273,480.56. This trade represents a 2.35 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 1.27% of the stock is owned by company insiders.

Institutional Trading of AeroVironment

A number of institutional investors have recently added to or reduced their stakes in AVAV. Ritholtz Wealth Management purchased a new position in AeroVironment in the 3rd quarter valued at about $248,000. Exchange Traded Concepts LLC lifted its stake in shares of AeroVironment by 4.2% in the third quarter. Exchange Traded Concepts LLC now owns 4,065 shares of the aerospace company’s stock worth $815,000 after acquiring an additional 162 shares in the last quarter. NBC Securities Inc. lifted its stake in shares of AeroVironment by 47.4% in the third quarter. NBC Securities Inc. now owns 432 shares of the aerospace company’s stock worth $86,000 after acquiring an additional 139 shares in the last quarter. Magnus Financial Group LLC boosted its holdings in AeroVironment by 47.7% in the third quarter. Magnus Financial Group LLC now owns 2,633 shares of the aerospace company’s stock valued at $528,000 after purchasing an additional 850 shares during the last quarter. Finally, Asset Dedication LLC acquired a new stake in AeroVironment during the 3rd quarter valued at approximately $241,000. 86.38% of the stock is owned by hedge funds and other institutional investors.

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.