Amentum (NYSE:AMTM) Shares Gap Up Following Better-Than-Expected Earnings

Shares of Amentum Holdings, Inc. (NYSE:AMTM) gapped up prior to trading on Wednesday after the company announced better than expected quarterly earnings. The stock had previously closed at $20.50, but opened at $21.80. Amentum shares last traded at $21.71, with a volume of 196,609 shares trading hands.

The company reported $0.51 earnings per share for the quarter, topping the consensus estimate of $0.45 by $0.06.

Analysts Set New Price Targets

Several research firms recently weighed in on AMTM. Truist Financial began coverage on shares of Amentum in a research note on Monday, October 14th. They issued a “buy” rating and a $31.00 target price for the company. Raymond James began coverage on shares of Amentum in a research note on Thursday, November 21st. They issued an “outperform” rating and a $30.00 target price for the company. Finally, Royal Bank of Canada reissued a “sector perform” rating and issued a $24.00 target price on shares of Amentum in a research note on Thursday.

Hedge Funds Weigh In On Amentum

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Wilmington Savings Fund Society FSB bought a new position in Amentum during the third quarter worth $790,000. Wharton Business Group LLC bought a new position in Amentum during the third quarter worth $2,106,000. JPMorgan Chase & Co. bought a new position in Amentum during the third quarter worth $8,739,000. Peak Asset Management LLC bought a new position in Amentum during the third quarter worth $774,000. Finally, Foundations Investment Advisors LLC acquired a new stake in shares of Amentum during the fourth quarter worth $409,000. 39.93% of the stock is owned by institutional investors.

Amentum Trading Up 0.5 %

The company has a quick ratio of 1.57, a current ratio of 1.57 and a debt-to-equity ratio of 1.02. The firm has a fifty day simple moving average of $22.04.

Amentum Company Profile

Amentum Holdings, Inc provides engineering and technology solutions to address challenges in science, security, and sustainability. It serves various markets, such as energy and environment, space, intelligence, defense, civilian, commercial, and international markets. The company was incorporated in 2010 and is headquatered in Chantilly, Virginia.