Fastly (NYSE:FSLY) Shares Down 7.4% – What’s Next?

Shares of Fastly, Inc. (NYSE:FSLY) fell 7.4% on Tuesday . The company traded as low as $6.76 and last traded at $6.71. 658,048 shares traded hands during trading, a decline of 79% from the average session volume of 3,075,182 shares. The stock had previously closed at $7.24.

Analyst Upgrades and Downgrades

Several equities analysts have recently commented on the stock. Oppenheimer assumed coverage on shares of Fastly in a report on Thursday, March 20th. They set a “market perform” rating on the stock. Royal Bank of Canada raised their target price on shares of Fastly from $5.00 to $6.00 and gave the company a “sector perform” rating in a research note on Thursday, May 8th. KeyCorp upgraded shares of Fastly to a “sector weight” rating in a report on Thursday, June 5th. Morgan Stanley upped their price target on shares of Fastly from $7.00 to $8.00 and gave the company an “equal weight” rating in a report on Thursday, May 8th. Finally, Piper Sandler lifted their price objective on Fastly from $6.00 to $7.00 and gave the stock a “neutral” rating in a research note on Thursday, May 8th. Ten analysts have rated the stock with a hold rating, According to MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $8.28.

Fastly Price Performance

The stock has a market cap of $971.57 million, a price-to-earnings ratio of -5.86 and a beta of 1.29. The company has a debt-to-equity ratio of 0.36, a current ratio of 3.97 and a quick ratio of 3.97. The stock’s 50 day simple moving average is $6.76 and its two-hundred day simple moving average is $7.97.

Fastly (NYSE:FSLY) last issued its earnings results on Wednesday, May 7th. The company reported ($0.05) earnings per share for the quarter, beating the consensus estimate of ($0.06) by $0.01. The business had revenue of $144.47 million for the quarter, compared to analyst estimates of $138.40 million. Fastly had a negative net margin of 29.07% and a negative return on equity of 12.75%. The firm’s revenue was up 8.2% on a year-over-year basis. During the same period in the previous year, the business earned ($0.05) EPS. On average, analysts forecast that Fastly, Inc. will post -0.78 earnings per share for the current fiscal year.

Insider Activity at Fastly

In other Fastly news, CFO Ronald W. Kisling sold 5,342 shares of the company’s stock in a transaction dated Wednesday, April 16th. The shares were sold at an average price of $5.26, for a total transaction of $28,098.92. Following the sale, the chief financial officer now directly owns 665,693 shares of the company’s stock, valued at approximately $3,501,545.18. This represents a 0.80% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Todd Nightingale sold 12,547 shares of Fastly stock in a transaction that occurred on Friday, May 23rd. The shares were sold at an average price of $7.19, for a total transaction of $90,212.93. Following the completion of the transaction, the chief executive officer now owns 1,904,388 shares of the company’s stock, valued at $13,692,549.72. This trade represents a 0.65% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 49,675 shares of company stock valued at $340,781 in the last 90 days. 6.70% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Fastly

Institutional investors have recently bought and sold shares of the business. Banque Transatlantique SA bought a new position in shares of Fastly in the first quarter valued at about $38,000. AlphaQuest LLC increased its position in Fastly by 169.1% in the 4th quarter. AlphaQuest LLC now owns 4,710 shares of the company’s stock valued at $44,000 after acquiring an additional 2,960 shares in the last quarter. GAMMA Investing LLC raised its stake in shares of Fastly by 451.7% in the first quarter. GAMMA Investing LLC now owns 7,261 shares of the company’s stock worth $46,000 after acquiring an additional 5,945 shares during the last quarter. Geneos Wealth Management Inc. acquired a new position in shares of Fastly during the first quarter worth approximately $52,000. Finally, Jones Financial Companies Lllp grew its stake in shares of Fastly by 128.9% during the fourth quarter. Jones Financial Companies Lllp now owns 5,720 shares of the company’s stock valued at $54,000 after purchasing an additional 3,221 shares during the last quarter. Institutional investors own 79.71% of the company’s stock.

Fastly Company Profile

Fastly, Inc operates an edge cloud platform for processing, serving, and securing its customer's applications in the United States, the Asia Pacific, Europe, and internationally. The edge cloud is a category of Infrastructure as a Service that enables developers to build, secure, and deliver digital experiences at the edge of the internet.