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Sally Wallace, the Executive Vice President of Business Operations at Leonardo DRS, Inc. (NASDAQ:DRS), recently executed a series of stock transactions, according to a Form 4 filing with the SEC. On March 18, Wallace sold 8,353 shares of Leonardo DRS at an average price of $32.84 per share, totaling approximately $274,312. This sale was conducted under a Rule 10b5-1 trading plan adopted on August 29, 2024. The stock has shown remarkable strength, delivering a 50.5% return over the past year, with the current price at $34.97.
In addition to the sale, Wallace also exercised stock options on March 17, acquiring a total of 56,102 shares of common stock at no cost. Concurrently, 22,691 shares were withheld by the company to cover tax obligations, valued at $33.13 per share, amounting to a total of $751,752. With a market capitalization of $9.26 billion and analyst price targets ranging from $33 to $42, InvestingPro analysis suggests the stock is slightly overvalued at current levels.
Following these transactions, Wallace holds 55,160 shares of Leonardo DRS stock. For deeper insights into DRS’s valuation and comprehensive analysis, including exclusive ProTips and detailed financial metrics, check out the full research report available on InvestingPro.
In other recent news, Leonardo DRS reported strong fourth-quarter results for 2024, surpassing both its own outlook and consensus expectations. This performance led BTIG analyst Andre Madrid to raise the stock target to $40, up from $38, while maintaining a Buy rating. The company’s record backlog of $8.5 billion was highlighted as a significant factor contributing to revenue visibility and supporting an organic growth projection of 6-9%. Additionally, Leonardo DRS delivered its first Integrated Voice Communication Systems (IVCS) for the U.S. Navy’s Arleigh Burke DDG51-class destroyers, enhancing ship-wide communications. This delivery underscores Leonardo DRS’s ongoing commitment to providing advanced, secure communication technologies for global naval operations. The company’s involvement in critical defense programs, such as the Columbia-class submarine, positions it favorably within the industry. These developments reflect Leonardo DRS’s role as a leader in secure naval communications solutions, with systems also used by navies in Canada, Australia, New Zealand, Japan, and South Korea.
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