Short Interest in Leonardo DRS, Inc. (NASDAQ:DRS) Declines By 8.4%

Leonardo DRS, Inc. (NASDAQ:DRS) was the target of a significant drop in short interest during the month of July. As of July 31st, there was short interest totalling 1,960,000 shares, a drop of 8.4% from the July 15th total of 2,140,000 shares. Approximately 2.7% of the shares of the stock are sold short. Based on an average trading volume of 642,500 shares, the short-interest ratio is presently 3.1 days.

Analysts Set New Price Targets

A number of research firms have recently commented on DRS. BTIG Research boosted their target price on shares of Leonardo DRS from $30.00 to $33.00 and gave the stock a “buy” rating in a research report on Thursday, August 1st. Truist Financial lifted their target price on Leonardo DRS from $30.00 to $32.00 and gave the company a “buy” rating in a research note on Wednesday, July 31st. Morgan Stanley assumed coverage on Leonardo DRS in a report on Friday, May 24th. They set an “equal weight” rating and a $26.00 price target on the stock. Finally, Robert W. Baird lifted 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. Two analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. According to data from MarketBeat.com, Leonardo DRS has a consensus rating of “Moderate Buy” and an average target price of $28.50.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in DRS. Nisa Investment Advisors LLC boosted its holdings 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 period. PNC Financial Services Group Inc. bought a new position in Leonardo DRS in the 4th quarter valued at approximately $35,000. EntryPoint Capital LLC increased its position in Leonardo DRS by 165.8% during 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 period. Harel Insurance Investments & Financial Services Ltd. bought a new position in shares of Leonardo DRS during the 1st quarter worth approximately $50,000. Finally, Comerica Bank increased 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 buying an additional 527 shares in the last quarter. 18.76% of the stock is currently owned by institutional investors.

Leonardo DRS Price Performance

NASDAQ:DRS traded up $0.06 during mid-day trading on Monday, hitting $27.81. The company’s stock had a trading volume of 510,079 shares, compared to its average volume of 642,743. The stock has a fifty day moving average of $26.62 and a 200-day moving average of $23.58. The company has a current ratio of 2.01, a quick ratio of 1.60 and a debt-to-equity ratio of 0.15. Leonardo DRS has a fifty-two week low of $15.81 and a fifty-two week high of $29.85. The company has a market capitalization of $7.32 billion, a price-to-earnings ratio of 39.49, a P/E/G ratio of 1.98 and a beta of 0.89.

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

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.