AeroVironment (AVAV) Sees Strong Trading Volume Following Strong Earnings

Shares of AeroVironment, Inc. (NASDAQ:AVAV) saw unusually-high trading volume on Wednesday following a stronger than expected earnings report. Approximately 4,678,705 shares were traded during mid-day trading, an increase of 1,710% from the previous session’s volume of 258,451 shares.The stock last traded at $54.47 and had previously closed at $43.25.

The aerospace company reported $0.29 EPS for the quarter, beating the consensus estimate of ($0.01) by $0.30. The firm had revenue of $73.83 million during the quarter, compared to the consensus estimate of $63.53 million. AeroVironment had a net margin of 7.22% and a return on equity of 5.40%. The company’s quarterly revenue was up 47.3% compared to the same quarter last year. During the same period in the prior year, the firm posted ($0.18) earnings per share.

AVAV has been the subject of several recent analyst reports. Robert W. Baird reaffirmed a “hold” rating and set a $35.00 price objective on shares of AeroVironment in a research note on Monday, August 28th. ValuEngine downgraded shares of AeroVironment from a “buy” rating to a “hold” rating in a research note on Wednesday, November 15th. Canaccord Genuity upped their price objective on shares of AeroVironment from $35.00 to $40.00 and gave the company a “hold” rating in a research note on Wednesday, August 30th. Zacks Investment Research downgraded shares of AeroVironment from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, November 1st. Finally, Piper Jaffray Companies reaffirmed a “neutral” rating and set a $36.00 price objective on shares of AeroVironment in a research note on Thursday, August 31st. Seven equities research analysts have rated the stock with a hold rating, The stock has an average rating of “Hold” and an average target price of $39.00.

In related news, Chairman Timothy E. Conver sold 7,600 shares of the stock in a transaction dated Wednesday, November 22nd. The shares were sold at an average price of $44.85, for a total value of $340,860.00. Following the completion of the transaction, the chairman now directly owns 58,138 shares of the company’s stock, valued at $2,607,489.30. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, Chairman Timothy E. Conver sold 3,800 shares of the stock in a transaction dated Wednesday, November 8th. The stock was sold at an average price of $44.14, for a total transaction of $167,732.00. Following the completion of the transaction, the chairman now directly owns 58,138 shares of the company’s stock, valued at $2,566,211.32. The disclosure for this sale can be found here. Over the last three months, insiders sold 43,800 shares of company stock valued at $2,179,960. 11.00% of the stock is owned by insiders.

A number of institutional investors and hedge funds have recently made changes to their positions in AVAV. Janus Henderson Group PLC purchased a new stake in AeroVironment in the second quarter worth about $39,724,000. BlackRock Inc. grew its holdings in AeroVironment by 3.6% in the second quarter. BlackRock Inc. now owns 3,333,627 shares of the aerospace company’s stock worth $127,344,000 after purchasing an additional 116,654 shares during the period. Vident Investment Advisory LLC grew its holdings in AeroVironment by 31.1% in the third quarter. Vident Investment Advisory LLC now owns 474,428 shares of the aerospace company’s stock worth $25,676,000 after purchasing an additional 112,487 shares during the period. Pier Capital LLC purchased a new stake in AeroVironment in the third quarter worth about $6,015,000. Finally, Vanguard Group Inc. grew its holdings in AeroVironment by 5.9% in the first quarter. Vanguard Group Inc. now owns 1,861,593 shares of the aerospace company’s stock worth $52,180,000 after purchasing an additional 103,167 shares during the period. Institutional investors and hedge funds own 74.65% of the company’s stock.

The firm has a market capitalization of $1,048.97, a price-to-earnings ratio of 52.38, a price-to-earnings-growth ratio of 4.79 and a beta of 1.16.

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AeroVironment Company Profile

AeroVironment, Inc designs, develops, produces, supports and operates a portfolio of products and services for government agencies, businesses and consumers. The Company operates through two segments: Unmanned Aircraft Systems (UAS), which focuses primarily on the design, development, production, support and operation of UAS and tactical missile systems that provide situational awareness, multi-band communications, force protection and other mission effects, and Efficient Energy Systems (EES), which focuses primarily on the design, development, production, marketing, support and operation of electric energy systems.

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