Astronics (NASDAQ:ATRO) Shares Gap Up – What’s Next?

Astronics Corporation (NASDAQ:ATRO) gapped up before the market opened on Friday . The stock had previously closed at $31.09, but opened at $32.85. Astronics shares last traded at $34.66, with a volume of 365,787 shares.

Analyst Upgrades and Downgrades

Several analysts recently weighed in on the stock. Truist Financial upgraded shares of Astronics from a “hold” rating to a “buy” rating and set a $49.00 target price for the company in a report on Friday. Wall Street Zen downgraded shares of Astronics from a “strong-buy” rating to a “buy” rating in a research note on Wednesday, May 21st.

Astronics Trading Up 16.1%

The stock has a market capitalization of $1.28 billion, a PE ratio of -300.89 and a beta of 1.55. The company has a quick ratio of 1.49, a current ratio of 2.74 and a debt-to-equity ratio of 0.60. The business’s 50-day moving average is $31.65 and its two-hundred day moving average is $24.34.

Astronics (NASDAQ:ATRO) last announced its quarterly earnings results on Tuesday, May 6th. The aerospace company reported $0.44 earnings per share for the quarter, beating analysts’ consensus estimates of $0.25 by $0.19. Astronics had a negative net margin of 0.43% and a positive return on equity of 18.45%. The firm had revenue of $205.94 million during the quarter, compared to analysts’ expectations of $192.53 million. On average, analysts anticipate that Astronics Corporation will post 0.82 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Astronics

A number of institutional investors and hedge funds have recently made changes to their positions in the business. Bank of New York Mellon Corp increased its stake in shares of Astronics by 16.4% during the fourth quarter. Bank of New York Mellon Corp now owns 108,231 shares of the aerospace company’s stock worth $1,727,000 after acquiring an additional 15,242 shares during the period. Victory Capital Management Inc. purchased a new stake in shares of Astronics in the fourth quarter valued at about $178,000. AlphaQuest LLC lifted its holdings in shares of Astronics by 355.5% in the fourth quarter. AlphaQuest LLC now owns 3,576 shares of the aerospace company’s stock valued at $57,000 after purchasing an additional 2,791 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. purchased a new position in shares of Astronics during the fourth quarter valued at approximately $776,000. Finally, Swiss National Bank lifted its stake in shares of Astronics by 2.2% during the fourth quarter. Swiss National Bank now owns 54,800 shares of the aerospace company’s stock valued at $875,000 after buying an additional 1,200 shares during the period. 56.68% of the stock is owned by hedge funds and other institutional investors.

About Astronics

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.