Applied Aerospace & Defense (NYSE:AADX) Shares Gap Down After Earnings Miss

Applied Aerospace & Defense, Inc. (NYSE:AADX)’s share price gapped down before the market opened on Wednesday after the company announced weaker than expected quarterly earnings. The stock had previously closed at $20.59, but opened at $19.95. Applied Aerospace & Defense shares last traded at $19.07, with a volume of 274,700 shares traded.

The company reported ($0.25) earnings per share for the quarter, missing the consensus estimate of $0.01 by ($0.26).

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on the stock. Zacks Research raised shares of Applied Aerospace & Defense to a “hold” rating in a research note on Tuesday, June 30th. Morgan Stanley started coverage on shares of Applied Aerospace & Defense in a research report on Monday, June 29th. They issued an “equal weight” rating and a $23.00 target price for the company. Wall Street Zen upgraded shares of Applied Aerospace & Defense from a “sell” rating to a “hold” rating in a research note on Saturday, June 27th. Royal Bank Of Canada assumed coverage on shares of Applied Aerospace & Defense in a research report on Monday, June 29th. They set a “moderate buy” rating and a $24.00 price target on the stock. Finally, Jefferies Financial Group upgraded Applied Aerospace & Defense to a “strong-buy” rating in a report on Monday, June 29th. One equities research analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating and two have assigned a Hold rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $24.62.

Insider Transactions at Applied Aerospace & Defense

In related news, Director James C. Katzman acquired 25,000 shares of the company’s stock in a transaction dated Thursday, June 4th. The shares were bought at an average price of $20.00 per share, for a total transaction of $500,000.00. Following the purchase, the director directly owned 29,250 shares in the company, valued at approximately $585,000. This trade represents a 588.24% increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Jeffrey L. Mcrae acquired 25,000 shares of the business’s stock in a transaction dated Thursday, June 4th. The stock was bought at an average cost of $20.00 per share, with a total value of $500,000.00. Following the acquisition, the chief financial officer owned 25,000 shares in the company, valued at $500,000. The trade was a ∞ increase in their position. The disclosure for this purchase is available in the SEC filing. Insiders have purchased a total of 58,500 shares of company stock worth $1,170,000 in the last 90 days.

Applied Aerospace & Defense Trading Down 6.5%

The stock’s 50 day moving average price is $19.76.

Applied Aerospace & Defense Company Profile

Applied Aerospace and Defense Inc specializes in providing advanced design, engineering and vertically integrated manufacturing solutions for next-generation space and defense technology companies. Its core service offerings include design and analysis, fabrication and assembly and inspection, qualification and testing. Applied Aerospace and Defense Inc is based in HUNTSVILLE, United States.