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AeroVironment, Inc. (AVAV) Message Board

  • b_radford10 b_radford10 Sep 19, 2013 12:49 PM Flag

    More insider selling / updates

    The recent Switchblade news was certainly positive; so why then is there so much insider selling?

    On 9/16/13, Tom Herring, AVAV's SVP & COO (and former GM of UAS) has sold ALL of his vested shares. Tom's remaining vested equity is 25000 options priced at $23.06 (hardly worth exercising), plus some worthless options at $29-$30 strike price.

    Tom joins Wahid Nawabi (SVP & GM of EES), who also sold ALL his vested shares the day after they vested in July.

    Roy Minson (SVP & GM of UAS), sold 5000 shares in July at ~$20, immediately after they vested, leaving a holding of only 5656 shares, along with some worthless options.

    Conver has paused his sales over the last month, but then again, he has sold some $31MM worth of shares since the IPO, and still holds ~2,800,000 shares.
    In other news, while AVAV's Global Observer remains parked; its competitors (Boeing's Phantom Eye & Aurora Flight Sciences' Orion) have continued test flights - Google for details.

    CybAero shares continue to fall. At today's price of 14.4SEK/shr, the mark-to-market hit to AVAV's net income is about $1MM,

    The proxy statement says that AVAV's efforts to fend off Engaged will cost ~$1.1MM. This cost will hit SG&A, and likely was not in guidance.
    AVAV is working hard to paint a pretty picture prior to the annual meeting; we'll see if Q2 results agree.

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    • UPDATE: I see that a FORM 4 has just posted stating that Roy Minson (SVP, GM of UAS) sold his remaining 5,656 vested shares on 9/17/13, for $22.81/shr.

      So now, AVAV's COO and the general managers of the two major divisions of the company (UAS & EES) have now sold ALL their vested shares.

      This is not a vote of confidence in the future of this company.

      The stock is up ~2% today to about $23.40; I reiterate my earlier comment that a price above $23/shr is not sustainable.

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