Canaccord Genuity Group Boosts AeroVironment (NASDAQ:AVAV) Price Target to $105.00

AeroVironment (NASDAQ:AVAVGet Rating) had its price objective boosted by equities research analysts at Canaccord Genuity Group from $100.00 to $105.00 in a research note issued on Friday, The Fly reports. The firm currently has a “buy” rating on the aerospace company’s stock. Canaccord Genuity Group’s price target points to a potential upside of 13.23% from the stock’s previous close.

A number of other research firms also recently commented on AVAV. StockNews.com started coverage on AeroVironment in a research note on Wednesday, October 12th. They issued a “hold” rating for the company. Raymond James raised AeroVironment from a “market perform” rating to an “outperform” rating and set a $100.00 price target on the stock in a report on Thursday, November 10th. Royal Bank of Canada lifted their price target on AeroVironment from $100.00 to $115.00 in a report on Monday, August 22nd. Finally, Canaccord Genuity Group boosted their target price on AeroVironment from $100.00 to $105.00 and gave the stock a “buy” rating in a report on Friday. Four research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $94.13.

AeroVironment Price Performance

AVAV stock opened at $92.73 on Friday. The company has a quick ratio of 2.70, a current ratio of 3.73 and a debt-to-equity ratio of 0.29. The stock has a market capitalization of $2.32 billion, a price-to-earnings ratio of 1,854.97 and a beta of 0.54. The stock’s fifty day simple moving average is $86.25 and its 200-day simple moving average is $86.92. AeroVironment has a 52-week low of $52.03 and a 52-week high of $114.11.

AeroVironment (NASDAQ:AVAVGet Rating) last released its quarterly earnings data on Wednesday, September 7th. The aerospace company reported ($0.10) EPS for the quarter, missing the consensus estimate of $0.09 by ($0.19). AeroVironment had a net margin of 0.31% and a return on equity of 5.39%. The company had revenue of $108.52 million during the quarter, compared to analysts’ expectations of $103.41 million. During the same period last year, the business earned ($0.17) earnings per share. The company’s revenue for the quarter was up 7.4% compared to the same quarter last year. Equities research analysts expect that AeroVironment will post 1.63 EPS for the current year.

Insider Activity at AeroVironment

In other AeroVironment news, Director Charles Thomas Burbage sold 7,324 shares of the company’s stock in a transaction dated Thursday, September 15th. The shares were sold at an average price of $94.68, for a total transaction of $693,436.32. Following the sale, the director now directly owns 47,602 shares of the company’s stock, valued at $4,506,957.36. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In related news, Director Charles Thomas Burbage sold 7,324 shares of the stock in a transaction that occurred on Thursday, September 15th. The shares were sold at an average price of $94.68, for a total value of $693,436.32. Following the transaction, the director now directly owns 47,602 shares in the company, valued at $4,506,957.36. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CAO Brian Charles Shackley sold 500 shares of the stock in a transaction that occurred on Monday, September 12th. The shares were sold at an average price of $100.39, for a total transaction of $50,195.00. Following the completion of the transaction, the chief accounting officer now owns 3,382 shares in the company, valued at $339,518.98. The disclosure for this sale can be found here. 1.80% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in the business. Lord Abbett & CO. LLC acquired a new position in shares of AeroVironment in the 1st quarter valued at approximately $44,279,000. FMR LLC boosted its stake in shares of AeroVironment by 37,687.0% in the 2nd quarter. FMR LLC now owns 389,962 shares of the aerospace company’s stock valued at $32,055,000 after purchasing an additional 388,930 shares during the last quarter. Stephens Investment Management Group LLC lifted its position in shares of AeroVironment by 111.0% during the 1st quarter. Stephens Investment Management Group LLC now owns 530,080 shares of the aerospace company’s stock valued at $49,902,000 after acquiring an additional 278,913 shares during the period. State Street Corp lifted its position in shares of AeroVironment by 24.6% during the 1st quarter. State Street Corp now owns 1,350,501 shares of the aerospace company’s stock valued at $127,136,000 after acquiring an additional 266,607 shares during the period. Finally, BlackRock Inc. raised its holdings in AeroVironment by 5.6% during the third quarter. BlackRock Inc. now owns 4,180,252 shares of the aerospace company’s stock worth $348,466,000 after buying an additional 221,652 shares during the last quarter. Institutional investors own 88.40% of the company’s stock.

About AeroVironment

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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 four segments: Unmanned Aircraft Systems (UAS), Tactical Missile System (TMS), Medium Unmanned Aircraft Systems (MUAS), and High Altitude Pseudo-Satellite Systems (HAPS).

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