The stability analysis of an aerial vehicle is an of great importance integral part of its design procedure. It is of even greater importance in the case of tailless aircraft, which are prone to stability issues. In the present study, the aerodynamic and stability characteristics of a Vertical Take-off and Landing (VTOL) fixed wing Unmanned Aerial Vehicle (UAV), designated as MPU RX-4, are investigated. The MPU RX-4 has a flying wing layout and is capable of performing, both conventional flight, like a regular fixed wing aerial vehicle, as well as vertical hovering, like a multicopter, adapting on different operational demands and achieving rapid field deployment. In this study, the preliminary design phase of the MPU RX-4 is presented and the aerial vehicle’s aerodynamic performance, as well as, its stability and control behavior are assessed using both semi-empirical correlations, specifically modified for lightweight flying wing UAVs, and Computational Fluid Dynamics (CFD) analyses. These correlations are employed to estimate the non-dimensional aerodynamic coefficients for various flight conditions (e.g. cruise, loiter, maximum speed, etc.) of the MPU RX-4 flight envelope. Furthermore, the correlations are validated with dedicated CFD analyses in order to assure their level of accuracy. Finally, the MPU RX-4 stability and control derivatives, and the required control surfaces deflection for steady level flight are computed, in order to assess its overall aerodynamic performance and flight characteristics.