Leonardo DRS (NASDAQ:DRS) Reaches New 12-Month High on Better-Than-Expected Earnings

Leonardo DRS, Inc. (NASDAQ:DRS)’s share price hit a new 52-week high during mid-day trading on Wednesday after the company announced better than expected quarterly earnings. The stock traded as high as $32.06 and last traded at $32.06, with a volume of 100157 shares changing hands. The stock had previously closed at $28.40.

The company reported $0.24 earnings per share for the quarter, beating analysts’ consensus estimates of $0.20 by $0.04. The firm had revenue of $812.00 million during the quarter, compared to analysts’ expectations of $775.44 million. Leonardo DRS had a net margin of 6.23% and a return on equity of 9.82%. The business’s quarterly revenue was up 15.5% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.20 earnings per share.

Analyst Upgrades and Downgrades

A number of brokerages recently weighed in on DRS. Robert W. Baird lifted their price objective on shares of Leonardo DRS from $30.00 to $40.00 and gave the company an “outperform” rating in a report on Thursday. Truist Financial lifted their price objective on shares of Leonardo DRS from $30.00 to $32.00 and gave the company a “buy” rating in a report on Wednesday, July 31st. BTIG Research boosted their price target on shares of Leonardo DRS from $30.00 to $33.00 and gave the stock a “buy” rating in a report on Thursday, August 1st. Finally, Bank of America cut shares of Leonardo DRS from a “buy” rating to a “neutral” rating and boosted their price target for the stock from $26.00 to $30.00 in a report on Tuesday, September 24th. Three analysts have rated the stock with a hold rating and three have given a buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $30.83.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Nisa Investment Advisors LLC lifted its position in shares of 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 raised its position in Leonardo DRS by 165.8% in the 1st quarter. EntryPoint Capital LLC now owns 1,656 shares of the company’s stock valued at $37,000 after purchasing an additional 1,033 shares during the last quarter. PNC Financial Services Group Inc. purchased a new stake in Leonardo DRS in the 4th quarter valued at $35,000. Comerica Bank raised its position in Leonardo DRS by 23.7% in the 1st quarter. Comerica Bank now owns 2,750 shares of the company’s stock valued at $61,000 after purchasing an additional 527 shares during the last quarter. Finally, New York State Teachers Retirement System raised its position in Leonardo DRS by 6.9% in the 3rd quarter. New York State Teachers Retirement System now owns 6,722 shares of the company’s stock valued at $190,000 after purchasing an additional 432 shares during the last quarter. Institutional investors and hedge funds own 18.76% of the company’s stock.

Leonardo DRS Stock Performance

The firm’s 50-day moving average is $28.44 and its 200 day moving average is $26.16. The stock has a market cap of $7.93 billion, a PE ratio of 40.64, a P/E/G ratio of 2.05 and a beta of 0.96. The company has a debt-to-equity ratio of 0.15, a quick ratio of 1.60 and a current ratio of 2.01.

Leonardo DRS Company Profile

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.