Short Interest in Astronics Co. (NASDAQ:ATRO) Expands By 14.3%

Astronics Co. (NASDAQ:ATRO) was the recipient of a significant increase in short interest in the month of September. As of September 15th, there was short interest totalling 355,700 shares, an increase of 14.3% from the August 31st total of 311,300 shares. Based on an average trading volume of 170,300 shares, the days-to-cover ratio is currently 2.1 days.

Institutional Trading of Astronics

Hedge funds and other institutional investors have recently modified their holdings of the company. Point72 Asset Management L.P. bought a new stake in Astronics during the second quarter worth approximately $25,000. nVerses Capital LLC bought a new position in shares of Astronics in the second quarter valued at $28,000. Public Employees Retirement System of Ohio acquired a new stake in shares of Astronics during the 1st quarter valued at $31,000. Clear Rock Advisors LLC bought a new stake in shares of Astronics during the 4th quarter worth $204,000. Finally, Allspring Global Investments Holdings LLC grew its holdings in shares of Astronics by 4,973.1% in the 2nd quarter. Allspring Global Investments Holdings LLC now owns 10,958 shares of the aerospace company’s stock worth $219,000 after acquiring an additional 10,742 shares during the last quarter. Institutional investors own 56.68% of the company’s stock.

Astronics Stock Performance

Shares of ATRO stock traded up $0.13 during trading hours on Friday, reaching $20.05. The stock had a trading volume of 78,753 shares, compared to its average volume of 148,028. The firm has a 50-day simple moving average of $20.30 and a 200-day simple moving average of $19.41. The company has a debt-to-equity ratio of 0.67, a current ratio of 2.92 and a quick ratio of 1.50. The firm has a market capitalization of $698.58 million, a PE ratio of -26.04 and a beta of 1.83. Astronics has a twelve month low of $14.11 and a twelve month high of $23.74.

Astronics (NASDAQ:ATRO) last released its earnings results on Thursday, August 1st. The aerospace company reported $0.04 EPS for the quarter, missing the consensus estimate of $0.17 by ($0.13). The company had revenue of $198.11 million for the quarter, compared to analyst estimates of $191.19 million. Astronics had a negative net margin of 1.57% and a negative return on equity of 0.31%. During the same period in the previous year, the business posted ($0.37) EPS. As a group, equities analysts forecast that Astronics will post 0.36 earnings per share for the current year.

Wall Street Analyst Weigh In

Separately, Truist Financial lifted their target price on Astronics from $20.00 to $22.00 and gave the company a “hold” rating in a research note on Friday, August 2nd.

About Astronics

Astronics Corporation, through its subsidiaries, designs and manufactures products for the aerospace, defense, and electronics industries in the United States, rest of North America, Asia, Europe, South America, and internationally. The company operates in two segments, Aerospace and Test Systems. The Aerospace segment offers lighting and safety systems, electrical power generation systems, distribution and seat motions systems, aircraft structures, avionics products, system certification, and other products.