Why AeroVironment Stock Is Soaring Today
Drone maker (NASDAQ: AVAV) reported quarterly results that easily topped expectations and showed impressive growth to its backlog. Investors are excited about what is to come, sending shares up as much as 30% on Wednesday.
AeroVironment makes a range of small to midsize unmanned aerial vehicles (UAVs) for military and commercial customers. The company's products have been a key part of the U.S. government aid package to Ukraine, and the war has arguably improved AeroVironment's standing as a defense contractor by proving the effectiveness of its products.
Late Tuesday, the company reported adjusted earnings of $1 per share on revenue of $152.3 million for its fiscal first quarter, which ended July 29. The results easily topped Wall Street expectations for a $0.26-per-share profit on sales of $128.5 million.
Source Fool.com
Aerovironment Stock
Aerovironment is currently one of the favorites of our community with 11 Buy predictions and no Sell predictions.
With a target price of 153 € there is a slightly positive potential of 5.48% for Aerovironment compared to the current price of 145.05 €.
