Cathie Wood's ARK Invest purchased 9,037 additional shares of AeroVironment for its ARK Space Exploration & Innovation ETF (ARKX) on Tuesday. This transaction follows a larger acquisition on Monday. The firm has now purchased over 38,000 shares across two of its funds in two days.
AeroVironment recently reported record first-quarter revenue. The defense technology company also maintains a substantial order backlog. These results signal strong institutional confidence in the company's growth trajectory.
Jefferies recently lowered its price target for AeroVironment from $229 to $204. The firm maintained its Buy rating on the stock. Analysts attributed the adjustment to lower valuation multiples among industry peers.