Short Interest in Astronics Co. (NASDAQ:ATRO) Increases By 26.3%

Astronics Co. (NASDAQ:ATRO - Get Free Report) saw a large increase in short interest in March. As of March 15th, there was short interest totalling 2,500,000 shares, an increase of 26.3% from the February 28th total of 1,980,000 shares. Currently, 8.0% of the company's stock are short sold. Based on an average daily trading volume, of 434,800 shares, the days-to-cover ratio is presently 5.7 days.

Astronics Stock Performance

ATRO traded down $0.87 during trading on Thursday, hitting $23.75. The stock had a trading volume of 358,660 shares, compared to its average volume of 267,647. The firm has a market cap of $837.64 million, a PE ratio of -124.99 and a beta of 1.74. The company has a current ratio of 2.83, a quick ratio of 1.46 and a debt-to-equity ratio of 0.72. Astronics has a 12 month low of $14.13 and a 12 month high of $26.63. The company has a 50 day simple moving average of $21.45 and a 200-day simple moving average of $18.96.

Astronics (NASDAQ:ATRO - Get Free Report) last issued its quarterly earnings results on Tuesday, March 4th. The aerospace company reported $0.48 EPS for the quarter, topping the consensus estimate of $0.21 by $0.27. Astronics had a positive return on equity of 6.94% and a negative net margin of 0.82%. The company had revenue of $208.54 million for the quarter, compared to the consensus estimate of $194.91 million. During the same period in the previous year, the business posted $0.35 EPS. Analysts expect that Astronics will post 0.82 EPS for the current year.

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Wall Street Analysts Forecast Growth

Several brokerages recently commented on ATRO. Truist Financial boosted their price target on Astronics from $17.00 to $23.00 and gave the company a "hold" rating in a research note on Wednesday, March 5th. StockNews.com upgraded Astronics from a "hold" rating to a "buy" rating in a report on Thursday, March 6th.

Insiders Place Their Bets

In related news, Director Robert S. Keane sold 77,099 shares of Astronics stock in a transaction on Friday, March 7th. The stock was sold at an average price of $24.55, for a total transaction of $1,892,780.45. Following the completion of the sale, the director now owns 6,346 shares of the company's stock, valued at approximately $155,794.30. This trade represents a 92.39 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 10.86% of the company's stock.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in the stock. AlphaQuest LLC increased its stake in Astronics by 355.5% during the fourth quarter. AlphaQuest LLC now owns 3,576 shares of the aerospace company's stock valued at $57,000 after acquiring an additional 2,791 shares during the period. Public Employees Retirement System of Ohio grew its holdings in shares of Astronics by 167.1% during the 4th quarter. Public Employees Retirement System of Ohio now owns 4,156 shares of the aerospace company's stock worth $66,000 after purchasing an additional 2,600 shares in the last quarter. KLP Kapitalforvaltning AS bought a new stake in shares of Astronics during the fourth quarter valued at approximately $73,000. Point72 Asset Management L.P. raised its stake in shares of Astronics by 337.9% in the 3rd quarter. Point72 Asset Management L.P. now owns 5,356 shares of the aerospace company's stock valued at $104,000 after buying an additional 4,133 shares in the last quarter. Finally, Point72 Asia Singapore Pte. Ltd. bought a new position in shares of Astronics during the 3rd quarter worth about $106,000. Institutional investors and hedge funds own 56.68% of the company's stock.

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.