Karman (NYSE:KRMN) Shares Down 4.5% – Here’s Why

Karman Holdings Inc. (NYSE:KRMN)’s stock price dropped 4.5% on Tuesday . The stock traded as low as $44.59 and last traded at $44.59. Approximately 245,605 shares traded hands during mid-day trading, a decline of 72% from the average daily volume of 881,111 shares. The stock had previously closed at $46.68.

Wall Street Analyst Weigh In

A number of equities analysts recently commented on KRMN shares. Robert W. Baird lifted their price objective on Karman from $40.00 to $50.00 and gave the stock an “outperform” rating in a research report on Wednesday, May 14th. Royal Bank of Canada increased their price target on Karman from $38.00 to $44.00 and gave the company an “outperform” rating in a research report on Wednesday, May 14th. William Blair initiated coverage on shares of Karman in a research note on Monday, March 10th. They issued an “outperform” rating on the stock. Evercore ISI initiated coverage on Karman in a research note on Monday, March 10th. They issued an “outperform” rating and a $38.00 price objective for the company. Finally, Citigroup boosted their price target on Karman from $46.50 to $58.00 and gave the company a “buy” rating in a research report on Monday. Five equities research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, Karman has a consensus rating of “Buy” and an average target price of $47.50.

Karman Stock Down 4.8%

The stock has a 50-day moving average of $37.89.

Karman (NYSE:KRMN) last posted its quarterly earnings results on Tuesday, May 13th. The company reported $0.05 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.02 by $0.03. The business had revenue of $100.12 million during the quarter, compared to the consensus estimate of $95.40 million. The business’s quarterly revenue was up 20.6% on a year-over-year basis.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in the company. SBI Securities Co. Ltd. bought a new stake in shares of Karman in the 1st quarter valued at approximately $107,000. US Bancorp DE acquired a new position in shares of Karman during the first quarter worth approximately $124,000. Hollencrest Capital Management bought a new position in shares of Karman during the 1st quarter worth about $155,000. Caitong International Asset Management Co. Ltd acquired a new stake in shares of Karman during the 1st quarter worth approximately $170,000. Finally, Phoenix Financial Ltd. acquired a new stake in shares of Karman during the 1st quarter valued at about $435,000.

About Karman

We specialize in the upfront design, testing, manufacturing, and sale of mission-critical systems for existing and emerging missile and defense, and space programs. Our integrated payload protection, propulsion, and interstage system solutions are deployed across a wide variety of existing and emerging programs supporting important Department of Defense (“DoD”) and space sector initiatives.