Innovative Solutions and Support, Inc. (NASDAQ:ISSC) Major Shareholder Christopher Harborne Sells 63,592 Shares

Innovative Solutions and Support, Inc. (NASDAQ:ISSC) major shareholder Christopher Harborne sold 63,592 shares of the company’s stock in a transaction on Monday, June 9th. The shares were sold at an average price of $11.78, for a total transaction of $749,113.76. Following the completion of the sale, the insider now directly owns 2,117,169 shares in the company, valued at approximately $24,940,250.82. This represents a 2.92% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Major shareholders that own 10% or more of a company’s stock are required to disclose their sales and purchases with the SEC.

Christopher Harborne also recently made the following trade(s):

• On Friday, June 6th, Christopher Harborne sold 35,437 shares of Innovative Solutions and Support stock. The shares were sold at an average price of $11.76, for a total transaction of $416,739.12.
• On Thursday, June 5th, Christopher Harborne sold 11,944 shares of Innovative Solutions and Support stock. The shares were sold at an average price of $11.79, for a total transaction of $140,819.76.
• On Wednesday, June 4th, Christopher Harborne sold 43,997 shares of Innovative Solutions and Support stock. The shares were sold at an average price of $11.67, for a total transaction of $513,444.99.
• On Tuesday, June 3rd, Christopher Harborne sold 6,766 shares of Innovative Solutions and Support stock. The shares were sold at an average price of $11.50, for a total transaction of $77,809.00.
• On Monday, June 2nd, Christopher Harborne sold 17,740 shares of Innovative Solutions and Support stock. The shares were sold at an average price of $11.51, for a total transaction of $204,187.40.

Innovative Solutions and Support Stock Down 0.9%

Shares of NASDAQ ISSC traded down $0.11 during trading on Tuesday, hitting $11.64. The stock had a trading volume of 117,916 shares, compared to its average volume of 118,149. Innovative Solutions and Support, Inc. has a 12 month low of $5.25 and a 12 month high of $12.17. The company has a debt-to-equity ratio of 0.55, a current ratio of 5.22 and a quick ratio of 3.02. The company has a market capitalization of $204.91 million, a PE ratio of 30.62 and a beta of 0.89. The firm has a fifty day moving average of $7.99 and a two-hundred day moving average of $8.25.

Innovative Solutions and Support (NASDAQ:ISSC) last posted its earnings results on Wednesday, May 14th. The aerospace company reported $0.30 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.12 by $0.18. The firm had revenue of $21.94 million during the quarter, compared to analyst estimates of $15.37 million. Innovative Solutions and Support had a net margin of 12.40% and a return on equity of 16.80%.

Analyst Ratings Changes

Several research firms have weighed in on ISSC. Wall Street Zen upgraded shares of Innovative Solutions and Support from a “hold” rating to a “buy” rating in a report on Wednesday, May 21st. Singular Research upgraded shares of Innovative Solutions and Support to a “strong-buy” rating in a report on Friday, May 16th.

Hedge Funds Weigh In On Innovative Solutions and Support

Several institutional investors have recently added to or reduced their stakes in the stock. Jane Street Group LLC grew its position in Innovative Solutions and Support by 53.5% during the first quarter. Jane Street Group LLC now owns 48,250 shares of the aerospace company’s stock valued at $303,000 after buying an additional 16,808 shares during the period. Punch & Associates Investment Management Inc. boosted its position in Innovative Solutions and Support by 68.0% during the first quarter. Punch & Associates Investment Management Inc. now owns 210,000 shares of the aerospace company’s stock worth $1,321,000 after purchasing an additional 85,000 shares during the period. OMERS ADMINISTRATION Corp bought a new position in Innovative Solutions and Support during the first quarter worth about $523,000. Teton Advisors Inc. boosted its position in Innovative Solutions and Support by 48.9% during the first quarter. Teton Advisors Inc. now owns 137,000 shares of the aerospace company’s stock worth $862,000 after purchasing an additional 45,000 shares during the period. Finally, Gabelli Funds LLC boosted its position in Innovative Solutions and Support by 39.0% during the first quarter. Gabelli Funds LLC now owns 87,000 shares of the aerospace company’s stock worth $547,000 after purchasing an additional 24,415 shares during the period. Institutional investors own 28.53% of the company’s stock.

Innovative Solutions and Support Company Profile

Innovative Solutions and Support, Inc, a systems integrator, designs, develops, manufactures, sells, and services flight guidance, autothrottles, and cockpit display systems in the United States and internationally. It offers flat panel display systems that replicate the display of analog or digital displays on one screen and replace existing displays in legacy aircraft, as well as used for security monitoring on-board aircraft and as tactical workstations on military aircraft; and flight deck management system, a navigation and performance computer that upgrade for commercial air transport aircraft.