Astronics (NASDAQ:ATRO) Shares Gap Down – Here’s Why

Astronics Corporation (NASDAQ:ATRO)’s stock price gapped down before the market opened on Wednesday . The stock had previously closed at $78.26, but opened at $73.00. Astronics shares last traded at $74.3340, with a volume of 302,305 shares changing hands.

Analyst Ratings Changes

ATRO has been the subject of a number of research reports. Weiss Ratings reiterated a “sell (d-)” rating on shares of Astronics in a research report on Monday, April 20th. Zacks Research upgraded Astronics from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, February 3rd. Wall Street Zen upgraded Astronics from a “buy” rating to a “strong-buy” rating in a research report on Saturday, February 28th. Finally, Truist Financial upgraded Astronics to a “strong-buy” rating in a research report on Monday, May 4th. Three research analysts have rated the stock with a Strong Buy rating, two have issued a Buy rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Buy” and an average target price of $77.33.

Astronics Price Performance

The company has a 50 day moving average price of $72.28 and a 200 day moving average price of $65.68. The company has a market capitalization of $2.95 billion, a price-to-earnings ratio of 70.09 and a beta of 1.10. The company has a current ratio of 3.10, a quick ratio of 1.71 and a debt-to-equity ratio of 2.39.

Astronics (NASDAQ:ATRO) last released its earnings results on Tuesday, May 12th. The aerospace company reported $0.59 EPS for the quarter, beating the consensus estimate of $0.55 by $0.04. The company had revenue of $230.62 million during the quarter, compared to analysts’ expectations of $225.52 million. Astronics had a return on equity of 48.50% and a net margin of 5.12%.The business’s revenue for the quarter was up 12.0% on a year-over-year basis. During the same period last year, the firm earned $0.44 EPS. As a group, equities research analysts forecast that Astronics Corporation will post 2.62 earnings per share for the current year.

Institutional Investors Weigh In On Astronics

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Renaissance Technologies LLC increased its stake in shares of Astronics by 320.4% in the 1st quarter. Renaissance Technologies LLC now owns 222,920 shares of the aerospace company’s stock valued at $14,875,000 after buying an additional 169,900 shares during the period. Gabelli Funds LLC boosted its position in shares of Astronics by 8.6% in the 1st quarter. Gabelli Funds LLC now owns 36,980 shares of the aerospace company’s stock worth $2,468,000 after purchasing an additional 2,915 shares during the last quarter. Public Employees Retirement System of Ohio bought a new position in shares of Astronics in the 1st quarter worth $175,000. Caxton Associates LLP boosted its position in shares of Astronics by 2.8% in the 1st quarter. Caxton Associates LLP now owns 55,334 shares of the aerospace company’s stock worth $3,692,000 after purchasing an additional 1,499 shares during the last quarter. Finally, Sei Investments Co. lifted its holdings in Astronics by 153.4% during the first quarter. Sei Investments Co. now owns 71,039 shares of the aerospace company’s stock worth $4,740,000 after acquiring an additional 43,007 shares in the last quarter. 56.68% of the stock is owned by institutional investors and hedge funds.

About Astronics

Astronics Corporation (NASDAQ: ATRO) is a global leader in the design and manufacture of advanced technologies primarily for the aerospace, defense and semiconductor industries. Headquartered in East Aurora, New York, the company was founded in 1968 and has grown through a combination of internal development and strategic acquisitions. Astronics operates multiple business units focused on power conversion, distribution and control; cabin electronics and connectivity; aircraft lighting and safety solutions; and automated test systems.

The company’s aerospace products include onboard power generation and management systems, in-flight entertainment and connectivity hardware, LED and fluorescent lighting for aircraft cabins and cockpits, and safety equipment such as escape slide power units.