Why Is AeroVironment Stock Trading Higher Today?

AeroVironment AVAV shares are trading higher on Tuesday after the company reported better-than-expected Q3 revenues. Multiple analysts raised their price targets on the stock.

AeroVironment reported quarterly earnings of $0.33 per share which missed the analyst consensus estimate of $0.41. The company reported quarterly sales of $134.40 million which beat the analyst consensus estimate of $125.49 million.

"Our performance, reflects strong, growing demand for our broad portfolio of innovative unmanned robotics solutions, with results particularly driven by the significant rise in orders for our advanced Puma and Switchblade systems. AeroVironment's products and services are proving to be essential to Ukraine's defense efforts, of which we're very proud,” said Wahid Nawabi, AeroVironment chairman, president and CEO.

For the fiscal year 2023, the company now expects revenue of between $510 million and $525 million and Non-GAAP adjusted EBITDA of between $89 million and $95 million and non-GAAP earnings per diluted share of between $1.13 and $1.33.

Analyst Changes:

• Canaccord Genuity analyst Austin Moeller maintained AeroVironment with a Buy and raised the price target from $106 to $115.
• RBC Capital analyst Ken Herbert reiterated AeroVironment with a Outperform and maintained a $115 price target.

AeroVironment provides technology solutions at the intersection of robotics, sensors, software analytics and connectivity that deliver more actionable intelligence.

AVAV Price Action: AVAV has a 52-week high of $114.11 and a 52-week low of $69.68.

AVAV shares are up 4.18% at $91.23 at the time of writing, according to Benzinga Pro.