Why AeroVironment Stock Is Trading Lower Today

AeroVironment Inc AVAV is trading significantly lower Wednesday morning after the company announced worse-than-expected financial results.

What Happened: AeroVironment reported quarterly earnings of $1.04 per share, which beat the estimate of 81 cents per share. The company reported quarterly revenue of $136 million, which came in below the estimate of $147.18 million.

“In addition to producing solid financial and operational results despite the continued macroeconomic challenges our industry and economy are experiencing, we expanded our total addressable markets with the strategic acquisitions of Arcturus UAV, Progeny Systems ISG and Telerob," said Wahid Nawabi, president and CEO of AeroVironment.

Cathie Wood, the founder, CIO and CEO of Ark Invest holds shares of AeroVironment in the ARK Autonomous Technology & Robotics ETF ARKQ. Wood sold shares of the unmanned aircraft systems company multiple times at the end of May.

Price Action: AeroVironment has traded as high as $143.71 and as low as $59.13 over a 52-week period. At last check Wednesday, the stock was down 9.51% at $99.42.