Defense contractor V2X drops after PE sponsor's stake sale

Shares of defense contractor V2X Inc VVX.N down 7.6% at $48.31 early Fri after secondary offering by top holder

Mclean, Virginia-based co late Thurs said 2 mln shares offloaded by Vertex Aerospace Holdco with RBC as sole underwriter

Offering priced at $48.88, 6.6% discount to stock's last close, thefly.com reports

Sale takes holdings by Vertex Aerospace, controlled by private equity firm American Industrial Partners, to ~12.2 mln shares, or approx 38.4% stake

With ~31.7 mln shares outstanding, VVX has current market cap of ~$1.5 bln

Including move on the session, stock up ~1% YTD

Of 11 analysts covering VVX, recommendation breakdown is 7 "strong buy" or "buy", 2 "hold" and 2 "sell" ratings, per LSEG data

Median PT of $57 down from $60 a month ago and from $67.50 on Mar 16- LSEG data

((lance.tupper@thomsonreuters.com lance.tupper@tr.com 1-646-279-6380))