Short Interest in Leonardo DRS, Inc. (NASDAQ:DRS) Expands By 12.2%

Leonardo DRS, Inc. (NASDAQ:DRS) was the recipient of a significant growth in short interest in August. As of August 15th, there was short interest totalling 2,200,000 shares, a growth of 12.2% from the July 31st total of 1,960,000 shares. Based on an average daily volume of 655,100 shares, the days-to-cover ratio is currently 3.4 days. Approximately 3.0% of the shares of the stock are sold short.

Analysts Set New Price Targets

Several equities analysts have weighed in on DRS shares. Morgan Stanley started coverage on Leonardo DRS in a report on Friday, May 24th. They set an “equal weight” rating and a $26.00 price target for the company. Truist Financial raised their price target on Leonardo DRS from $30.00 to $32.00 and gave the company a “buy” rating in a report on Wednesday, July 31st. Robert W. Baird raised their price target on Leonardo DRS from $26.00 to $30.00 and gave the company an “outperform” rating in a report on Wednesday, July 31st. Finally, BTIG Research raised their price target on Leonardo DRS from $30.00 to $33.00 and gave the company a “buy” rating in a report on Thursday, August 1st. Two research analysts have rated the stock with a hold rating and four have given a buy rating to the company. According to MarketBeat, Leonardo DRS presently has an average rating of “Moderate Buy” and a consensus target price of $28.50.

Leonardo DRS Stock Down 3.5 %

NASDAQ DRS traded down $0.99 on Tuesday, reaching $27.55. 157,081 shares of the stock traded hands, compared to its average volume of 630,378. The company has a debt-to-equity ratio of 0.15, a quick ratio of 1.60 and a current ratio of 2.01. The company has a fifty day moving average price of $27.25 and a 200-day moving average price of $24.22. The company has a market cap of $7.25 billion, a price-to-earnings ratio of 40.77, a PEG ratio of 2.04 and a beta of 0.89. Leonardo DRS has a 12 month low of $15.81 and a 12 month high of $29.85.

Leonardo DRS (NASDAQ:DRS) last issued its earnings results on Tuesday, July 30th. The company reported $0.18 earnings per share for the quarter, beating analysts’ consensus estimates of $0.14 by $0.04. The business had revenue of $753.00 million during the quarter, compared to analyst estimates of $680.38 million. Leonardo DRS had a return on equity of 9.48% and a net margin of 6.12%. Leonardo DRS’s revenue was up 19.9% on a year-over-year basis. During the same period in the previous year, the company posted $0.15 EPS. As a group, research analysts forecast that Leonardo DRS will post 0.86 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Nisa Investment Advisors LLC grew its stake in Leonardo DRS by 1,325.9% during the 2nd 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 during the last quarter. EntryPoint Capital LLC grew its stake in 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 buying an additional 1,033 shares during the last quarter. PNC Financial Services Group Inc. purchased a new position in Leonardo DRS during the 4th quarter worth $35,000. Harel Insurance Investments & Financial Services Ltd. purchased a new position in Leonardo DRS during the 1st quarter worth $50,000. Finally, Comerica Bank grew its stake in Leonardo DRS by 23.7% during the 1st quarter. Comerica Bank now owns 2,750 shares of the company’s stock worth $61,000 after buying an additional 527 shares during the last quarter. 18.76% of the stock is currently owned by hedge funds and other institutional investors.

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.