AEVEX (NYSE:AVEX) Stock Falls 13.7% – Here’s Why

Shares of AEVEX Corp. (NYSE:AVEX) fell 13.7% on Wednesday. The stock traded as low as $10.22 and last traded at $10.30. 556,583 shares changed hands during trading, a decline of 75% from the average session volume of 2,183,282 shares. The stock had previously closed at $11.93.

Analysts Set New Price Targets

A number of analysts have recently weighed in on AVEX shares. Piper Sandler dropped their price objective on AEVEX from $20.00 to $13.00 and set a “neutral” rating for the company in a research note on Thursday, October 22nd. Oppenheimer started coverage on shares of AEVEX in a research report on Thursday, October 22nd. They set an “outperform” rating and a $21.00 price target for the company. Jefferies Financial Group reissued a “buy” rating on shares of AEVEX in a report on Thursday, October 22nd. Weiss Ratings started coverage on shares of AEVEX in a research note on Friday, August 14th. They set a “sell (d)” rating for the company. Finally, Needham & Company LLC reaffirmed a “buy” rating and set a $45.00 price target on shares of AEVEX in a research report on Thursday, August 13th. Eleven investment analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $28.73.

AEVEX Stock Performance

The stock’s 50-day moving average is $14.65. The company has a debt-to-equity ratio of 1.15, a current ratio of 5.66 and a quick ratio of 5.50. The stock has a market capitalization of $1.16 billion and a price-to-earnings ratio of 31.91.

AEVEX (NYSE:AVEX) last announced its earnings results on Wednesday, August 12th. The company reported $0.01 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.06 by ($0.05). The firm had revenue of $201.79 million during the quarter, compared to analysts’ expectations of $155.15 million. AEVEX’s revenue for the quarter was up 99.5% on a year-over-year basis. As a group, research analysts forecast that AEVEX Corp. will post 0.48 earnings per share for the current fiscal year.

Hedge Funds Weigh In On AEVEX

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Carret Asset Management LLC purchased a new position in AEVEX during the 3rd quarter valued at about $497,000. Verus Capital Partners LLC grew its holdings in AEVEX by 60.9% in the third quarter. Verus Capital Partners LLC now owns 98,500 shares of the company’s stock worth $1,491,000 after purchasing an additional 37,300 shares during the period. Mirae Asset Global Investments Co. Ltd. purchased a new stake in AEVEX in the third quarter worth about $130,000. Pilgrim Partners Asia Pte Ltd purchased a new stake in AEVEX in the third quarter worth about $30,000. Finally, SBI Securities Co. Ltd. increased its stake in shares of AEVEX by 157.2% during the third quarter. SBI Securities Co. Ltd. now owns 5,402 shares of the company’s stock valued at $82,000 after purchasing an additional 3,302 shares in the last quarter.

About AEVEX

AEVEX Aerospace, Inc is a defense technology company that develops and delivers advanced systems and mission solutions for national security customers. Its work focuses on intelligence, surveillance and reconnaissance (ISR), special operations, unmanned systems, electronic warfare, and other complex aerospace and defense missions.

The company provides missionized aircraft and unmanned aerial systems, payloads, sensors, communications equipment, data and intelligence capabilities, and related engineering and integration services.