Cubist Systematic Strategies LLC Boosts Stake in AeroVironment, Inc. (NASDAQ:AVAV)

Posted by Defense World Staff on Mar 7th, 2023

Cubist Systematic Strategies LLC increased its position in AeroVironment, Inc. (NASDAQ:AVAV – Get Rating) by 51.7% in the 3rd quarter, according to its most recent filing with the SEC. The fund owned 41,760 shares of the aerospace company’s stock after purchasing an additional 14,225 shares during the period. Cubist Systematic Strategies LLC owned 0.17% of AeroVironment worth $3,481,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also made changes to their positions in AVAV. FMR LLC lifted its holdings in shares of AeroVironment by 37,687.0% in the 2nd quarter. FMR LLC now owns 389,962 shares of the aerospace company’s stock valued at $32,055,000 after purchasing an additional 388,930 shares during the last quarter. State Street Corp raised 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 valued at $127,136,000 after acquiring an additional 266,607 shares during the last quarter. Massachusetts Financial Services Co. MA purchased a new stake in AeroVironment during the 3rd quarter valued at approximately $17,348,000. BlackRock Inc. raised 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 valued at $363,412,000 after acquiring an additional 192,305 shares during the last quarter. Finally, Millennium Management LLC purchased a new stake in AeroVironment during the 2nd quarter valued at approximately $15,640,000. 88.82% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several analysts have commented on AVAV shares. Raymond James raised AeroVironment from a “market perform” rating to an “outperform” rating and set a $100.00 price objective for the company in a research note on Thursday, November 10th. Canaccord Genuity Group increased their target price on AeroVironment from $105.00 to $106.00 and gave the stock a “buy” rating in a research note on Wednesday, December 7th. Finally, Canaccord Genuity Group increased their target price on AeroVironment from $100.00 to $105.00 and gave the stock a “buy” rating in a research note on Friday, November 18th. Two equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the company. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $104.00.

AeroVironment Stock Performance

AVAV opened at $87.57 on Tuesday. The stock has a market cap of $2.20 billion, a P/E ratio of -273.65 and a beta of 0.60. The company has a debt-to-equity ratio of 0.26, a current ratio of 3.44 and a quick ratio of 2.39. The stock’s 50 day simple moving average is $87.20 and its 200 day simple moving average is $87.54. AeroVironment, Inc. has a 1-year low of $70.08 and a 1-year high of $114.11.

Insider Buying and Selling

In related news, Director Stephen F. Page sold 5,089 shares of the company’s stock in a transaction that occurred on Thursday, January 12th. The stock was sold at an average price of $88.47, for a total value of $450,223.83. Following the sale, the director now owns 34,837 shares in the company, valued at approximately $3,082,029.39. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Insiders own 1.80% of the company’s stock.

About AeroVironment

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AeroVironment, Inc engages in the design, development, production, support and operation of unmanned aircraft systems and electric transportation solutions. The company was founded by Paul B. MacCready, Jr. in July 1971 and is headquartered in Arlington, VA.