Short Interest in Astronics Corporation (NASDAQ:ATRO) Drops By 30.9%

Astronics Corporation (NASDAQ:ATRO) was the target of a large decline in short interest in the month of September. As of September 15th, there was short interest totaling 3,070,000 shares, a decline of 30.9% from the August 31st total of 4,440,000 shares. Based on an average daily volume of 774,200 shares, the days-to-cover ratio is presently 4.0 days. Based on an average daily volume of 774,200 shares, the days-to-cover ratio is presently 4.0 days.

Astronics Price Performance

Astronics stock opened at $48.25 on Tuesday. The stock has a market cap of $1.71 billion, a price-to-earnings ratio of -402.05 and a beta of 1.68. The firm has a 50-day moving average of $38.36 and a two-hundred day moving average of $32.28. Astronics has a 1 year low of $14.13 and a 1 year high of $48.34. The company has a debt-to-equity ratio of 0.59, a current ratio of 3.04 and a quick ratio of 1.63.

Astronics (NASDAQ:ATRO) last announced its quarterly earnings results on Wednesday, August 6th. The aerospace company reported $0.38 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.33 by $0.05. Astronics had a positive return on equity of 22.89% and a negative net margin of 0.45%.The firm had revenue of $204.68 million during the quarter, compared to analyst estimates of $208.29 million. On average, research analysts forecast that Astronics will post 0.82 earnings per share for the current year.

Insider Activity

In other news, insider James Mulato sold 1,129 shares of the company’s stock in a transaction dated Friday, September 5th. The shares were sold at an average price of $38.16, for a total transaction of $43,082.64. Following the completion of the sale, the insider owned 1,066 shares of the company’s stock, valued at $40,678.56. This represents a 51.44% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 10.83% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Astronics

A number of hedge funds have recently made changes to their positions in ATRO. EverSource Wealth Advisors LLC grew its stake in Astronics by 147.6% in the second quarter. EverSource Wealth Advisors LLC now owns 894 shares of the aerospace company’s stock valued at $30,000 after purchasing an additional 533 shares during the last quarter. Signaturefd LLC lifted its position in shares of Astronics by 88.5% during the first quarter. Signaturefd LLC now owns 1,446 shares of the aerospace company’s stock valued at $35,000 after buying an additional 679 shares during the last quarter. CWM LLC boosted its holdings in shares of Astronics by 192.2% in the 1st quarter. CWM LLC now owns 2,592 shares of the aerospace company’s stock valued at $63,000 after buying an additional 1,705 shares in the last quarter. Penserra Capital Management LLC purchased a new position in shares of Astronics in the 2nd quarter worth approximately $66,000. Finally, Osaic Holdings Inc. raised its stake in shares of Astronics by 30.0% during the 2nd quarter. Osaic Holdings Inc. now owns 2,294 shares of the aerospace company’s stock worth $77,000 after acquiring an additional 529 shares in the last quarter. 56.68% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of analysts have commented on ATRO shares. Wall Street Zen cut shares of Astronics from a “strong-buy” rating to a “hold” rating in a report on Saturday, August 9th. Weiss Ratings restated a “sell (d-)” rating on shares of Astronics in a research note on Saturday, September 27th. Truist Financial upgraded Astronics from a “hold” rating to a “buy” rating and set a $49.00 target price on the stock in a research report on Friday, July 11th. Finally, Zacks Research upgraded shares of Astronics to a “strong-buy” rating in a research note on Friday, August 8th. One analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $49.00.

Astronics Company Profile

Astronics Corporation, through its subsidiaries, designs and manufactures products for the aerospace, defense, and electronics industries in the United States, rest of North America, Asia, Europe, South America, and internationally. The company operates in two segments, Aerospace and Test Systems. The Aerospace segment offers lighting and safety systems, electrical power generation systems, distribution and seat motions systems, aircraft structures, avionics products, system certification, and other products.