Firefly Aerospace (NASDAQ:FLY) Stock Price Down 13.5% – Here’s Why

Firefly Aerospace, Inc. (NASDAQ:FLY) shares were down 13.5% during mid-day trading on Thursday . The company traded as low as $19.41 and last traded at $19.4550. Approximately 1,065,228 shares were traded during trading, a decline of 40% from the average daily volume of 1,767,241 shares. The stock had previously closed at $22.50.

Analyst Upgrades and Downgrades

FLY has been the subject of a number of recent analyst reports. Weiss Ratings initiated coverage on Firefly Aerospace in a research note on Friday, October 31st. They issued a “sell (d-)” rating for the company. JPMorgan Chase & Co. initiated coverage on shares of Firefly Aerospace in a report on Tuesday, September 2nd. They set an “overweight” rating and a $55.00 price objective for the company. Jefferies Financial Group upgraded shares of Firefly Aerospace to a “strong-buy” rating in a report on Tuesday, September 2nd. Wall Street Zen lowered shares of Firefly Aerospace from a “hold” rating to a “sell” rating in a report on Friday, September 5th. Finally, Cantor Fitzgerald initiated coverage on shares of Firefly Aerospace in a research report on Tuesday, September 2nd. They issued an “overweight” rating and a $65.00 price objective for the company. One investment analyst has rated the stock with a Strong Buy rating, three have given a Buy rating, four have assigned a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $52.29.

Firefly Aerospace Stock Performance

The company has a 50-day simple moving average of $33.42.

Firefly Aerospace (NASDAQ:FLY) last announced its earnings results on Monday, September 22nd. The company reported ($5.78) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.42) by ($5.36). The company had revenue of $15.55 million for the quarter, compared to analysts’ expectations of $15.19 million. Firefly Aerospace has set its FY 2025 guidance at EPS.

Hedge Funds Weigh In On Firefly Aerospace

Institutional investors have recently added to or reduced their stakes in the company. Harel Insurance Investments & Financial Services Ltd. bought a new position in shares of Firefly Aerospace in the third quarter valued at about $293,000. Phoenix Financial Ltd. acquired a new position in Firefly Aerospace in the 3rd quarter valued at about $14,468,000. Vanguard Group Inc. bought a new position in Firefly Aerospace in the 3rd quarter valued at about $53,409,000. JPMorgan Chase & Co. acquired a new stake in Firefly Aerospace during the third quarter worth approximately $19,471,000. Finally, AE Industrial Partners LP bought a new stake in shares of Firefly Aerospace during the third quarter worth approximately $1,063,863,000.

About Firefly Aerospace

Firefly Aerospace is a market leading space and defense technology company with an established track record of success providing comprehensive mission solutions to national security, government, and commercial customers. Our mission is to enable responsive, regular, and reliable launch, transit, and operations in space for our customers across the globe.