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AeroVironment (NASDAQ:AVAV) Issues FY 2023 Earnings Guidance

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AeroVironment (NASDAQ:AVAV – Get Rating) issued an update on its FY 2023 earnings guidance on Thursday morning. The company provided earnings per share (EPS) guidance of $1.35-$1.65 for the period, compared to the consensus estimate of $1.52. The company issued revenue guidance of $490.00 million-$520.00 million, compared to the consensus revenue estimate of $509.39 million.

AeroVironment Trading Down 5.6 %

NASDAQ:AVAV opened at $82.43 on Friday. AeroVironment has a 12 month low of $52.03 and a 12 month high of $114.11. The firm has a market cap of $2.06 billion, a price-to-earnings ratio of 1,648.93 and a beta of 0.50. 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 company's 50 day moving average is $91.73 and its 200-day moving average is $89.52.

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AeroVironment (NASDAQ:AVAV – Get Rating) last released its quarterly earnings results on Wednesday, September 7th. The aerospace company reported ($0.10) EPS for the quarter, missing analysts' consensus estimates of $0.09 by ($0.19). AeroVironment had a net margin of 0.31% and a return on equity of 5.39%. The firm had revenue of $108.52 million during the quarter, compared to the consensus estimate of $103.41 million. During the same period in the prior year, the business earned ($0.17) EPS. The company's revenue for the quarter was up 7.4% compared to the same quarter last year. Equities analysts anticipate that AeroVironment will post 1.56 EPS for the current year.

Analyst Ratings Changes

AVAV has been the topic of a number of research reports. Canaccord Genuity Group boosted their target price on shares of AeroVironment from $85.00 to $90.00 and gave the stock a buy rating in a research report on Wednesday, June 29th. Alembic Global Advisors raised shares of AeroVironment from a neutral rating to an overweight rating and set a $103.00 target price on the stock in a research report on Friday, July 1st. Royal Bank of Canada boosted their target price on shares of AeroVironment from $100.00 to $115.00 in a research report on Monday, August 22nd. StockNews.com raised shares of AeroVironment from a sell rating to a hold rating in a research report on Wednesday, August 31st. Finally, Canaccord Genuity Group boosted their price target on shares of AeroVironment from $85.00 to $90.00 and gave the company a buy rating in a report on Wednesday, June 29th. Four analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of Moderate Buy and a consensus price target of $89.00.

Insider Buying and Selling

In related news, Director Charles R. Holland sold 3,001 shares of the company's stock in a transaction dated Tuesday, July 5th. The shares were sold at an average price of $80.87, for a total transaction of $242,690.87. Following the transaction, the director now owns 63,000 shares in the company, valued at approximately $5,094,810. The sale was disclosed in a filing with the SEC, which can be accessed through this link. In other AeroVironment news, Director Charles R. Holland sold 4,001 shares of the company's stock in a transaction dated Thursday, July 7th. The shares were sold at an average price of $84.20, for a total transaction of $336,884.20. Following the transaction, the director now directly owns 56,998 shares in the company, valued at approximately $4,799,231.60. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Charles R. Holland sold 3,001 shares of the company's stock in a transaction dated Tuesday, July 5th. The shares were sold at an average price of $80.87, for a total transaction of $242,690.87. Following the transaction, the director now owns 63,000 shares in the company, valued at $5,094,810. The disclosure for this sale can be found here. Insiders have sold a total of 14,826 shares of company stock worth $1,323,206 in the last 90 days. Corporate insiders own 1.80% of the company's stock.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the business. State Street Corp increased its stake in AeroVironment by 24.6% during the 1st quarter. State Street Corp now owns 1,350,501 shares of the aerospace company's stock worth $127,136,000 after purchasing an additional 266,607 shares in the last quarter. BlackRock Inc. increased its stake in AeroVironment by 5.2% during the 1st quarter. BlackRock Inc. now owns 3,860,339 shares of the aerospace company's stock worth $363,412,000 after purchasing an additional 192,305 shares in the last quarter. Millennium Management LLC bought a new stake in AeroVironment during the 2nd quarter worth approximately $15,640,000. Renaissance Technologies LLC acquired a new position in AeroVironment during the 2nd quarter worth approximately $8,371,000. Finally, Invesco Ltd. boosted its position in AeroVironment by 53.5% during the 1st quarter. Invesco Ltd. now owns 162,948 shares of the aerospace company's stock worth $15,339,000 after acquiring an additional 56,792 shares during the last quarter. 88.40% of the stock is currently owned by institutional investors and hedge funds.

AeroVironment Company Profile

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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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