Leonardo DRS (NASDAQ:DRS) Sets New 52-Week High Following Strong Earnings

Leonardo DRS, Inc. (NASDAQ:DRS)’s stock price hit a new 52-week high on Tuesday following a better than expected earnings announcement. The stock traded as high as $29.85 and last traded at $29.44, with a volume of 78089 shares changing hands. The stock had previously closed at $28.20.

The company reported $0.18 earnings per share for the quarter, beating analysts’ consensus estimates of $0.14 by $0.04. The company had revenue of $753.00 million during the quarter, compared to analysts’ expectations of $680.38 million. Leonardo DRS had a net margin of 6.12% and a return on equity of 9.58%. The firm’s revenue for the quarter was up 19.9% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.15 earnings per share.

Wall Street Analysts Forecast Growth

A number of research analysts have recently issued reports on the company. Robert W. Baird increased their target price on Leonardo DRS from $26.00 to $30.00 and gave the company an “outperform” rating in a research report on Wednesday. Truist Financial lifted their target price on shares of Leonardo DRS from $30.00 to $32.00 and gave the company a “buy” rating in a research report on Wednesday. BTIG Research started coverage on shares of Leonardo DRS in a research report on Wednesday, June 26th. They set a “buy” rating and a $30.00 price target for the company. Finally, Morgan Stanley began coverage on Leonardo DRS in a report on Friday, May 24th. They issued an “equal weight” rating and a $26.00 price objective on the stock. Two research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $28.00.

Hedge Funds Weigh In On Leonardo DRS

Several hedge funds and other institutional investors have recently modified their holdings of DRS. Nisa Investment Advisors LLC lifted its position in Leonardo DRS by 1,325.9% during the second quarter. Nisa Investment Advisors LLC now owns 1,155 shares of the company’s stock worth $29,000 after buying an additional 1,074 shares in the last quarter. EntryPoint Capital LLC raised its holdings in shares of Leonardo DRS by 165.8% during the 1st quarter. EntryPoint Capital LLC now owns 1,656 shares of the company’s stock worth $37,000 after acquiring an additional 1,033 shares during the period. PNC Financial Services Group Inc. acquired a new position in shares of Leonardo DRS during the 4th quarter valued at about $35,000. Harel Insurance Investments & Financial Services Ltd. purchased a new stake in shares of Leonardo DRS in the first quarter valued at about $50,000. Finally, Comerica Bank increased its position in Leonardo DRS by 23.7% during the first quarter. Comerica Bank now owns 2,750 shares of the company’s stock worth $61,000 after purchasing an additional 527 shares during the last quarter. 18.76% of the stock is owned by hedge funds and other institutional investors.

Leonardo DRS Stock Up 0.7 %

The business’s 50 day simple moving average is $25.80 and its 200 day simple moving average is $22.89. The company has a debt-to-equity ratio of 0.15, a current ratio of 1.96 and a quick ratio of 1.59. The company has a market capitalization of $7.42 billion, a PE ratio of 40.29, a P/E/G ratio of 2.06 and a beta of 0.89.

About Leonardo DRS

Leonardo DRS, Inc, together with its subsidiaries, provides defense electronic products and systems, and military support services. It operates through Advanced Sensing and Computing (ASC) segment, and Integrated Mission Systems (IMS) segments. The ASC segment designs, develops, and manufacture sensing and network computing technology that enables real-time situational awareness required for enhanced operational decision making and execution; and offers sensing capabilities span applications, such as missions requiring advanced detection, precision targeting and surveillance sensing, long range electro-optic/infrared, signals intelligence, and other intelligence systems including electronic warfare, ground vehicle sensing, active electronically scanned array tactical radars, dismounted soldier, and space sensing.