AIRO Group Holdings, Inc. (NASDAQ:AIRO) will see its lock-up period expire on December 10, 2023. This follows the company’s initial public offering (IPO) on June 13, 2023, during which it issued 6,000,000 shares at an initial share price of $10.00, raising a total of $60 million. Once the lock-up period concludes, shares held by company insiders and major shareholders will become available for trading, potentially impacting the stock’s market performance.
Analysts Revise Price Targets for AIRO Group
Recent analyst evaluations have led to a range of price target adjustments for AIRO Group’s stock. On November 17, Mizuho lowered its price target from $31.00 to $25.00 but maintained an “outperform” rating. Similarly, Cantor Fitzgerald revised its target from $35.00 to $20.00 while continuing to rate the stock as “overweight.” Weiss Ratings reaffirmed a “sell (e-)” rating on October 8, indicating a cautious outlook. Additionally, Wall Street Zen downgraded AIRO Group from a “hold” to a “sell” rating on November 22. BTIG Research also adjusted its target from $26.00 to $19.00, describing the stock as a “buy.”
Currently, three analysts classify AIRO Group as a Buy, while one recommends a Sell. According to MarketBeat data, the average rating for the stock is “Moderate Buy,” with an average price target set at $21.33.
Financial Performance and Insider Trading Activity
AIRO Group recently reported its quarterly earnings on November 14, revealing a loss of ($0.28) earnings per share (EPS) alongside revenue of $6.28 million for the quarter. This performance raises questions about the company’s trajectory as it navigates the post-IPO landscape.
In related news, significant insider trading activity has occurred. Major shareholder New Generation Aerospace, LLC sold 405,634 shares of AIRO Group stock on September 12 for an average price of $17.39, totaling approximately $7,053,975.26. Following this transaction, New Generation Aerospace retained 3,650,710 shares, valued at about $63,485,846.90, marking a 10% decrease in their ownership.
Chairman Chirinjeev Kathuria engaged in a similar transaction, selling 405,634 shares on the same date and at the same price, resulting in the same ownership reduction. Over the past ninety days, insiders have collectively sold 1,097,026 shares valued at approximately $19,077,282.
Institutional investors have also been actively trading AIRO Group shares. Woodline Partners LP increased its holdings by 41.0% in the third quarter, acquiring an additional 800,456 shares to reach a total of 2,753,067 shares, valued at around $52,859,000. Other notable institutional activities include Alyeska Investment Group L.P. purchasing a stake worth approximately $15,030,000 and Vanguard Group Inc. enhancing its position by 406.0%, adding 405,951 shares to own 505,951 shares valued at about $9,714,000.
AIRO Group positions itself as a technologically differentiated platform in aerospace, autonomy, and air mobility, focusing on opportunities within the evolving aerospace and defense markets. The conclusion of the lock-up period may usher in a new phase for AIRO Group’s stock as institutional and retail investors reassess their strategies in light of recent performance and analyst ratings.
