CPI Aerostructures (NYSE:CVU) Trading Down 2.9% – Here’s Why

CPI Aerostructures, Inc. (NYSE:CVU)’s share price traded down 2.9% during mid-day trading on Wednesday . The stock traded as low as $2.35 and last traded at $2.36. 33,118 shares were traded during trading, a decline of 36% from the average session volume of 51,508 shares. The stock had previously closed at $2.43.

CPI Aerostructures Price Performance

The company has a market capitalization of $30.75 million, a price-to-earnings ratio of 1.72 and a beta of 1.34. The company’s 50 day simple moving average is $2.50 and its 200-day simple moving average is $2.98. The company has a current ratio of 1.60, a quick ratio of 1.56 and a debt-to-equity ratio of 0.62.

Institutional Investors Weigh In On CPI Aerostructures

Hedge funds have recently modified their holdings of the stock. Charles Schwab Investment Management Inc. acquired a new stake in shares of CPI Aerostructures in the first quarter worth approximately $39,000. Thompson Davis & CO. Inc. acquired a new stake in shares of CPI Aerostructures in the second quarter worth approximately $45,000. Evergreen Capital Management LLC acquired a new stake in shares of CPI Aerostructures in the second quarter worth approximately $63,000. Goldman Sachs Group Inc. acquired a new stake in shares of CPI Aerostructures in the first quarter worth approximately $115,000. Finally, Informed Momentum Co LLC acquired a new stake in shares of CPI Aerostructures in the first quarter worth approximately $497,000. 25.98% of the stock is owned by institutional investors and hedge funds.

About CPI Aerostructures

CPI Aerostructures, Inc engages in the contract production of structural aircraft parts for fixed wing aircraft and helicopters in the commercial and defense markets. The company offers aerostructure and aerosystem assemblies, including new production and repair/overhaul of fielded wing structures and other control surfaces, rudder island, engine inlets/nacelles, engine exhaust manifolds, aircraft doors and windows, aircraft steps and racks, other aircraft secondary structures, airborne pod structures and integration of internal systems, radar housing structures, panel assemblies, and mechanical door locking and canopy lifting systems.