The Texas Permanent School Fund announced on May 14, 2023, that during the fourth fiscal quarter, its holdings of AeroVironment, Inc. (NASDAQ: AVAV) had decreased by 6.5%. The fund decreased its holdings by selling 1,177 shares, according to Securities and Exchange Commission (SEC) disclosures, retaining only 16,800 shares overall.
Leading manufacturers of unmanned aircraft systems and electric transportation systems include AeroVironment. Paul B. MacCready Jr. founded AeroVironment in July 1971, and the company is based in Arlington, Virginia.
These events have taken place amidst major market changes related to AeroVironment’s current stock price on NASDAQ. AVAV began trading on Friday, May 14th at $106.62 per share, trading between a 12-month low of $70.08 and a 12-month high of $109.22.
Additionally, AeroVironment’s quick ratio is 2.28 and its current ratio is 3.36, both of which are suggestive of sound liquidity management procedures from the organization’s management, according to publicly available financial data from the company’s most recent SEC filing report.
Another important finding from these reports on AVAV’s debt metrics is that the company has successfully managed its finances, as evidenced by its adoption of low-leverage policies and maintenance of a debt-to-equity ratio of only about 0.25, which is an impressive feat for a business providing smart mobility solutions.
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Concerns about the California-based company’s price-to-earnings ratio, which is currently -304.63, and beta value, which is roughly 0.59, which makes it more volatile than other players in this industry, may have contributed to Texas Permanent School Fund reducing its holdings in AVAV. The company also reported having a market capitalization of around $2.69 billion.
The fact that a significant education fund declined to work with a very well-known firm in the smart mobility sector does raise some concerns about AeroVironment’s future prospects, which the business must address to continue growing and maintaining a competitive edge.
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