NEW YORK (TheStreet) -- Shares of AeroVironment (AVAV - Get Report) were plummeting 18.56% to $24.26 on heavy trading volume mid-afternoon Wednesday after the company posted worse-than-expected results for the 2017 fiscal first quarter.

After yesterday's closing bell, the Monrovia, CA-based drone maker reported a loss of 51 cents per share, far wider than analysts' projections for a loss of 17 cents per share.

Last year, the company had a loss of 30 cents per share.

Revenue for the period was $36.2 million, below analysts' forecasts of $37.8 million.

"International demand for our small unmanned-aircrafts (UAS) remains strong, and we are confident in our ability to build on significant opportunities with existing and new customers, particularly in Europe and the Middle East," CEO Wahid Nawabi said in a statement.

For fiscal 2017, AeroVironment continues to see earnings per share between 20 cents and 35 cents per share on revenue of $260 million to $280 million. Analysts are looking for earnings of 30 cents per share on revenue of $270 million for the full year.

Piper Jaffray cut its price target on shares to $31 from $37 and maintained an "overweight" rating today, the Fly reports.

Although the first-quarter results missed expectations, AeroVironment remains confident about financial targets for the full year and reiterated its outlook, the firm noted.

Piper said the selloff of the stock provides a good value buying opportunity for longer-term investors.

About 1.26 million of the company's shares changed hands so far today vs. its average 30-day volume of 87,313 shares per day.

Separately, TheStreet Ratings Team has a "Hold" rating with a score of C+ on the stock.

The primary factors that have impacted the rating are mixed. The company's strengths can be seen in multiple areas, such as its largely solid financial position with reasonable debt levels by most measures, solid stock price performance and expanding profit margins.

But the team also finds weaknesses including unimpressive growth in net income, weak operating cash flow and feeble growth in the company's earnings per share.

Recently, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author.

You can view the full analysis from the report here: AVAV