Short Interest in Leonardo DRS, Inc. (NASDAQ:DRS) Grows By 11.5%

Leonardo DRS, Inc. (NASDAQ:DRS) saw a large increase in short interest in the month of December. As of December 31st, there was short interest totalling 1,750,000 shares, an increase of 11.5% from the December 15th total of 1,570,000 shares. Based on an average daily volume of 631,900 shares, the days-to-cover ratio is currently 2.8 days. Currently, 2.4% of the company’s stock are short sold.

Insider Activity

In related news, COO John Baylouny sold 3,529 shares of the business’s stock in a transaction that occurred on Wednesday, January 8th. The shares were sold at an average price of $31.90, for a total transaction of $112,575.10. Following the transaction, the chief operating officer now directly owns 78,334 shares of the company’s stock, valued at approximately $2,498,854.60. The trade was a 4.31 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CEO William Lynn III sold 45,000 shares of the stock in a transaction that occurred on Monday, December 2nd. The stock was sold at an average price of $34.07, for a total transaction of $1,533,150.00. Following the completion of the sale, the chief executive officer now owns 234,937 shares of the company’s stock, valued at approximately $8,004,303.59. The trade was a 16.08 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 98,083 shares of company stock worth $3,349,255 over the last quarter. Corporate insiders own 0.12% of the company’s stock.

Hedge Funds Weigh In On Leonardo DRS

A number of institutional investors have recently made changes to their positions in the business. Driehaus Capital Management LLC boosted its holdings in Leonardo DRS by 4.7% in the 2nd quarter. Driehaus Capital Management LLC now owns 2,281,546 shares of the company’s stock valued at $58,202,000 after purchasing an additional 102,198 shares during the period. Geode Capital Management LLC lifted its stake in Leonardo DRS by 2.7% during the third quarter. Geode Capital Management LLC now owns 1,915,376 shares of the company’s stock worth $54,061,000 after purchasing an additional 51,014 shares during the period. Franklin Resources Inc. boosted its stake in Leonardo DRS by 16.6% in the 3rd quarter. Franklin Resources Inc. now owns 1,239,569 shares of the company’s stock valued at $35,371,000 after buying an additional 176,326 shares in the last quarter. Charles Schwab Investment Management Inc. grew its holdings in shares of Leonardo DRS by 8.8% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,012,370 shares of the company’s stock worth $28,569,000 after purchasing an additional 82,049 shares during the last quarter. Finally, Jacobs Levy Equity Management Inc. grew its stake in Leonardo DRS by 71.7% during the third quarter. Jacobs Levy Equity Management Inc. now owns 921,156 shares of the company’s stock worth $25,995,000 after buying an additional 384,522 shares during the last quarter. 18.76% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

DRS has been the topic of several research reports. Robert W. Baird upped their target price on Leonardo DRS from $30.00 to $40.00 and gave the stock an “outperform” rating in a research report on Thursday, October 31st. Bank of America downgraded Leonardo DRS from a “buy” rating to a “neutral” rating and increased their price objective for the stock from $26.00 to $30.00 in a report on Tuesday, September 24th. Truist Financial lifted their target price on shares of Leonardo DRS from $36.00 to $37.00 and gave the company a “buy” rating in a research note on Tuesday. Finally, JPMorgan Chase & Co. increased their price target on shares of Leonardo DRS from $29.00 to $32.00 and gave the stock a “neutral” rating in a research note on Monday, November 4th. Three investment analysts have rated the stock with a hold rating and three have given a buy rating to the stock. According to data from MarketBeat, Leonardo DRS has an average rating of “Moderate Buy” and a consensus target price of $33.00.

Leonardo DRS Stock Performance

Leonardo DRS stock traded up $0.76 during trading hours on Friday, reaching $35.61. 650,025 shares of the company were exchanged, compared to its average volume of 521,110. Leonardo DRS has a 12 month low of $18.73 and a 12 month high of $37.99. 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 stock has a 50-day moving average of $34.16 and a 200 day moving average of $30.35. The firm has a market cap of $9.42 billion, a price-to-earnings ratio of 48.12, a PEG ratio of 1.46 and a beta of 1.00.

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. The business had revenue of $812.00 million during the quarter, compared to the consensus estimate of $775.44 million. Leonardo DRS had a net margin of 6.23% and a return on equity of 9.71%. Leonardo DRS’s quarterly revenue was up 15.5% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.20 EPS. As a group, research analysts anticipate that Leonardo DRS will post 0.92 earnings per share for the current year.

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.