Short Interest in Leonardo DRS, Inc. (NASDAQ:DRS) Drops By 11.9%

Leonardo DRS, Inc. (NASDAQ:DRS) saw a significant decrease in short interest in the month of November. As of November 30th, there was short interest totalling 1,550,000 shares, a decrease of 11.9% from the November 15th total of 1,760,000 shares. Based on an average daily trading volume, of 616,900 shares, the short-interest ratio is presently 2.5 days. Currently, 2.1% of the company’s stock are sold short.

Insider Buying and Selling

In other Leonardo DRS news, SVP Pamela Morrow sold 11,100 shares of Leonardo DRS stock in a transaction that occurred on Monday, December 2nd. The stock was sold at an average price of $34.81, for a total value of $386,391.00. Following the transaction, the senior vice president now directly owns 12,565 shares of the company’s stock, valued at $437,387.65. The trade was a 46.90 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO William Lynn III sold 45,000 shares of the business’s stock in a transaction dated Monday, December 2nd. The shares were sold at an average price of $34.07, for a total value of $1,533,150.00. Following the sale, the chief executive officer now owns 234,937 shares of the company’s stock, valued at approximately $8,004,303.59. This represents a 16.08 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 94,554 shares of company stock worth $3,236,679. 0.12% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Leonardo DRS

Several hedge funds and other institutional investors have recently made changes to their positions in DRS. Dimensional Fund Advisors LP bought a new position in Leonardo DRS during the second quarter worth $16,916,000. Van ECK Associates Corp bought a new stake in shares of Leonardo DRS during the 2nd quarter valued at about $11,093,000. Jacobs Levy Equity Management Inc. grew its holdings in shares of Leonardo DRS by 71.7% in the third quarter. Jacobs Levy Equity Management Inc. now owns 921,156 shares of the company’s stock valued at $25,995,000 after acquiring an additional 384,522 shares in the last quarter. Franklin Resources Inc. grew its position in Leonardo DRS by 16.6% during the third quarter. Franklin Resources Inc. now owns 1,239,569 shares of the company’s stock worth $35,371,000 after buying an additional 176,326 shares in the last quarter. Finally, Victory Capital Management Inc. boosted its position in Leonardo DRS by 1,133.6% during the 3rd quarter. Victory Capital Management Inc. now owns 116,438 shares of the company’s stock valued at $3,286,000 after buying an additional 106,999 shares during the period. Institutional investors and hedge funds own 18.76% of the company’s stock.

Leonardo DRS Price Performance

Shares of DRS traded down $0.13 during trading hours on Friday, reaching $34.09. 729,632 shares of the stock traded hands, compared to its average volume of 621,636. The company’s 50-day moving average price is $32.65 and its two-hundred day moving average price is $28.91. The company has a current ratio of 2.11, a quick ratio of 1.70 and a debt-to-equity ratio of 0.14. The company has a market cap of $9.01 billion, a P/E ratio of 46.07, a price-to-earnings-growth ratio of 1.81 and a beta of 0.97. Leonardo DRS has a 52-week low of $18.60 and a 52-week high of $37.99.

Leonardo DRS (NASDAQ:DRS) last posted its quarterly earnings data on Wednesday, October 30th. The company reported $0.24 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.20 by $0.04. Leonardo DRS had a return on equity of 9.71% and a net margin of 6.23%. The company had revenue of $812.00 million for the quarter, compared to analysts’ expectations of $775.44 million. During the same period in the previous year, the firm posted $0.20 EPS. Leonardo DRS’s revenue was up 15.5% compared to the same quarter last year. On average, analysts anticipate that Leonardo DRS will post 0.92 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several equities research analysts have commented on the company. JPMorgan Chase & Co. upped their price target on Leonardo DRS from $29.00 to $32.00 and gave the stock a “neutral” rating in a research note on Monday, November 4th. Bank of America cut shares of Leonardo DRS from a “buy” rating to a “neutral” rating and boosted their price objective for the stock from $26.00 to $30.00 in a research note on Tuesday, September 24th. Finally, Robert W. Baird lifted their target price on shares of Leonardo DRS from $30.00 to $40.00 and gave the company an “outperform” rating in a research note on Thursday, October 31st. Three analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $32.17.

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.