Mark Dorfman, Executive Vice President, General Counsel, and Secretary of Leonardo DRS, Inc. (NASDAQ:DRS), recently executed a series of stock transactions, according to a recent SEC filing. On December 2, Dorfman sold 23,042 shares of Leonardo DRS common stock at an average price of $34.06, totaling approximately $784,810. This sale was part of a pre-arranged trading plan under Rule 10b5-1, adopted on August 21, 2024. The transaction comes as Leonardo DRS, currently valued at $9.24 billion, has seen its stock surge 71.96% year-to-date. According to InvestingPro analysis, the company appears overvalued at current levels, despite maintaining a "GOOD" financial health score.
Earlier, on November 29, Dorfman acquired 74,287 shares through the vesting of performance and restricted stock units. These acquisitions were at no cost, aligning with the terms of Leonardo DRS’s 2022 Omnibus Equity Compensation Plan. However, to cover tax obligations, Dorfman disposed of 35,882 shares at $34.77 per share, amounting to $1,247,617.
Following these transactions, Dorfman holds 32,431 shares of Leonardo DRS common stock directly.
In other recent news, Leonardo DRS demonstrated considerable financial growth, with Truist Securities maintaining a Buy rating and raising the stock target from $32 to $36. This was primarily due to the defense contractor's robust third-quarter performance, which surpassed expectations, leading to an updated guidance. The company's 2024 revenue increased by 12%, with a projected midpoint revenue growth of 6.5% for 2025.
The progress of the Columbia class submarine program and rising demand for tactical radars and force protection systems have been significant contributors to Leonardo DRS's success. The company's third-quarter fiscal year 2024 earnings call revealed a 16% year-over-year increase in revenue, hitting $1.1 billion in bookings, along with significant rises in adjusted EBITDA and adjusted diluted EPS by 22% and 20% respectively.
The company's full-year revenue guidance for 2024 was updated, and preliminary expectations for 2025 indicated continued growth. Truist Securities' positive outlook reflects the expectations of sustained growth and market performance for Leonardo DRS in the upcoming years. These are recent developments that highlight the company's robust performance and strategic planning.
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