Zacks Investment Research downgraded shares of AeroVironment, Inc. (NASDAQ:AVAV) from a strong-buy rating to a hold rating in a report published on Wednesday.

According to Zacks, “AeroVironment, Inc. designs, develops, produces, operates a portfolio of products and services for government agencies, businesses and consumers. It operates through two segments: Unmanned Aircraft Systems, 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, which focuses primarily on the design, development, production, support and operation of electric energy systems. The Company supplies UAS, tactical missile systems and related services primarily to organizations within the United States Department of Defense. The Company also supplies charging systems and services for electric vehicles, and power cycling and test systems to commercial, consumer and government customers. It serves the U.S. Department of Defense, including the U.S. Army, Marine Corps, Special Operations Command, Air Force, and Navy. “

Several other brokerages also recently weighed in on AVAV. BidaskClub downgraded shares of AeroVironment from a buy rating to a hold rating in a research note on Wednesday, August 16th. Robert W. Baird reissued a hold rating and issued a $35.00 target price on shares of AeroVironment in a research note on Tuesday, October 24th. Canaccord Genuity reissued a hold rating and issued a $35.00 target price on shares of AeroVironment in a research note on Thursday, August 10th. Jefferies Group LLC increased their target price on shares of AeroVironment from $29.00 to $37.00 and gave the company a hold rating in a research note on Wednesday, August 30th. Finally, Piper Jaffray Companies reissued a neutral rating and issued a $36.00 target price on shares of AeroVironment in a research note on Thursday, August 31st. Seven investment analysts have rated the stock with a hold rating, The company currently has an average rating of Hold and a consensus price target of $39.00.

Shares of AeroVironment (AVAV) opened at $50.35 on Wednesday. The stock has a market cap of $1,200.34, a price-to-earnings ratio of 59.94, a P/E/G ratio of 5.50 and a beta of 1.24. AeroVironment has a 12 month low of $23.66 and a 12 month high of $55.75.

AeroVironment (NASDAQ:AVAV) last announced its earnings results on Tuesday, August 29th. The aerospace company reported ($0.19) earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.34) by $0.15. AeroVironment had a net margin of 7.22% and a return on equity of 5.40%. The business had revenue of $43.80 million for the quarter, compared to the consensus estimate of $42.44 million. During the same quarter in the prior year, the firm posted ($0.51) earnings per share. The business’s revenue for the quarter was up 21.0% on a year-over-year basis. analysts predict that AeroVironment will post 0.61 earnings per share for the current fiscal year.

COPYRIGHT VIOLATION WARNING: This report was reported by Watch List News and is the sole property of of Watch List News. If you are reading this report on another website, it was illegally copied and reposted in violation of US & international trademark and copyright laws. The original version of this report can be accessed at https://www.watchlistnews.com/aerovironment-inc-avav-cut-to-hold-at-zacks-investment-research/1679553.html.

In related news, Chairman Timothy E. Conver sold 2,000 shares of the firm’s stock in a transaction dated Thursday, October 5th. The shares were sold at an average price of $53.91, for a total value of $107,820.00. Following the transaction, the chairman now owns 58,138 shares of the company’s stock, valued at approximately $3,134,219.58. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, Chairman Timothy E. Conver sold 7,600 shares of the firm’s stock in a transaction dated Thursday, October 19th. The stock was sold at an average price of $51.12, for a total transaction of $388,512.00. Following the completion of the transaction, the chairman now directly owns 58,138 shares in the company, valued at approximately $2,972,014.56. The disclosure for this sale can be found here. Insiders sold a total of 47,600 shares of company stock worth $2,260,596 in the last ninety days. 11.00% of the stock is currently owned by insiders.

A number of hedge funds have recently bought and sold shares of the stock. BNP Paribas Arbitrage SA increased its stake in AeroVironment by 21.6% in the 3rd quarter. BNP Paribas Arbitrage SA now owns 14,980 shares of the aerospace company’s stock worth $811,000 after buying an additional 2,661 shares during the period. Global X MANAGEMENT CO LLC grew its holdings in AeroVironment by 160.7% during the 3rd quarter. Global X MANAGEMENT CO LLC now owns 114,123 shares of the aerospace company’s stock worth $6,176,000 after acquiring an additional 70,343 shares in the last quarter. Principal Financial Group Inc. grew its holdings in AeroVironment by 1.9% during the 3rd quarter. Principal Financial Group Inc. now owns 160,009 shares of the aerospace company’s stock worth $8,660,000 after acquiring an additional 3,016 shares in the last quarter. Baillie Gifford & Co. grew its holdings in AeroVironment by 4.1% during the 3rd quarter. Baillie Gifford & Co. now owns 359,014 shares of the aerospace company’s stock worth $19,430,000 after acquiring an additional 14,304 shares in the last quarter. Finally, First Manhattan Co. bought a new position in AeroVironment during the 3rd quarter worth about $270,000. 77.68% of the stock is currently owned by institutional investors.

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.

Get a free copy of the Zacks research report on AeroVironment (AVAV)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

Receive News & Ratings for AeroVironment Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for AeroVironment Inc. and related companies with Analyst Ratings Network's FREE daily email newsletter.