Karman (NYSE:KRMN) Shares Gap Up After Strong Earnings

Karman Holdings Inc. (NYSE:KRMN) shares gapped up prior to trading on Wednesday following a stronger than expected earnings report. The stock had previously closed at $40.16, but opened at $41.53. Karman shares last traded at $40.03, with a volume of 326,407 shares changing hands.

The company reported $0.05 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.02 by $0.03. The firm had revenue of $100.12 million during the quarter, compared to analyst estimates of $95.40 million.

Wall Street Analyst Weigh In

Several research analysts have recently issued reports on KRMN shares. Citigroup assumed coverage on Karman in a research note on Monday, March 10th. They issued a “buy” rating and a $42.00 price objective for the company. Royal Bank of Canada raised their price target on shares of Karman from $38.00 to $44.00 and gave the stock an “outperform” rating in a research report on Wednesday. Robert W. Baird upped their price objective on shares of Karman from $40.00 to $50.00 and gave the company an “outperform” rating in a report on Wednesday. Evercore ISI assumed coverage on shares of Karman in a research note on Monday, March 10th. They issued an “outperform” rating and a $38.00 price objective on the stock. Finally, Baird R W upgraded shares of Karman to a “strong-buy” rating in a research report on Monday, March 10th. Five research analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the company has an average rating of “Buy” and an average price target of $43.50.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of the stock. Vanguard Group Inc. acquired a new stake in shares of Karman during the 1st quarter worth approximately $61,024,000. Price T Rowe Associates Inc. MD purchased a new stake in Karman during the first quarter worth $58,799,000. Invesco Ltd. acquired a new stake in Karman during the first quarter valued at $50,220,000. T. Rowe Price Investment Management Inc. purchased a new position in Karman in the first quarter valued at $48,691,000. Finally, Massachusetts Financial Services Co. MA purchased a new position in Karman in the first quarter valued at $33,985,000.

Karman Stock Performance

The firm has a 50-day moving average price of $34.62.

Karman Company Profile

We specialize in the upfront design, testing, manufacturing, and sale of mission-critical systems for existing and emerging missile and defense, and space programs. Our integrated payload protection, propulsion, and interstage system solutions are deployed across a wide variety of existing and emerging programs supporting important Department of Defense (“DoD”) and space sector initiatives.