AeroVironment (NASDAQ:AVAV) shares are trading down Wednesday morning after the company posted a surprise loss last night after the bell, and was downgraded today.
The unmanned aircraft producer said it lost $3.6 million, or 17 cents per share in its fiscal first quarter, as compared to a $4.8 million, or 22 cents per share, profit in the same quarter last year year.
The company said that lower first quarter revenue, combined with maintaining its research and other spending, is all part of its full-year plan.
Janney Montgomery Scott downgraded the company from Buy to Neutral saying it sees limited upside for the stock, and is waiting for its digital data link product to roll out.
AeroVironment shares are trading down nearly seven percent Wednesday.
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