Firefly Aerospace (NASDAQ:FLY) Shares Down 6.2% – What’s Next?

Firefly Aerospace, Inc. (NASDAQ:FLY) dropped 6.2% during mid-day trading on Thursday . The stock traded as low as $28.83 and last traded at $29.2340. Approximately 2,256,405 shares were traded during mid-day trading, a decline of 62% from the average session volume of 5,867,867 shares. The stock had previously closed at $31.15.

Analyst Ratings Changes

FLY has been the subject of a number of recent research reports. Morgan Stanley upped their price objective on Firefly Aerospace from $33.00 to $37.00 and gave the stock an “equal weight” rating in a research note on Tuesday, May 5th. Cantor Fitzgerald cut their target price on Firefly Aerospace from $65.00 to $35.00 and set an “overweight” rating on the stock in a research note on Thursday, March 26th. Roth Mkm boosted their price target on shares of Firefly Aerospace from $35.00 to $60.00 and gave the company a “buy” rating in a report on Friday, April 17th. UBS Group set a $33.00 price target on shares of Firefly Aerospace in a research report on Thursday, March 12th. Finally, Weiss Ratings downgraded shares of Firefly Aerospace from a “sell (d-)” rating to a “sell (e+)” rating in a research report on Friday, April 24th. Seven equities research analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $42.20.

Firefly Aerospace Price Performance

The company has a debt-to-equity ratio of 0.02, a quick ratio of 2.53 and a current ratio of 2.53. The firm has a market capitalization of $4.96 billion and a P/E ratio of -3.80. The business has a fifty day moving average of $39.43 and a 200-day moving average of $29.65.

Firefly Aerospace (NASDAQ:FLY) last announced its earnings results on Monday, May 4th. The company reported ($0.46) earnings per share for the quarter, beating the consensus estimate of ($0.50) by $0.04. Firefly Aerospace had a negative return on equity of 40.96% and a negative net margin of 181.16%.The firm had revenue of $80.88 million for the quarter. During the same period in the previous year, the firm earned ($5.09) EPS. The firm’s revenue was up 44.8% on a year-over-year basis. On average, sell-side analysts forecast that Firefly Aerospace, Inc. will post -1.97 EPS for the current fiscal year.

Insider Buying and Selling at Firefly Aerospace

In related news, General Counsel David Leigh Wheeler sold 3,765 shares of Firefly Aerospace stock in a transaction dated Monday, May 18th. The shares were sold at an average price of $45.12, for a total transaction of $169,876.80. Following the sale, the general counsel directly owned 142,758 shares in the company, valued at $6,441,240.96. The trade was a 2.57% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 7.50% of the stock is currently owned by corporate insiders.

Institutional Trading of Firefly Aerospace

A number of hedge funds and other institutional investors have recently made changes to their positions in FLY. BNP Paribas Financial Markets acquired a new stake in shares of Firefly Aerospace in the 3rd quarter worth approximately $26,000. CIBC Private Wealth Group LLC acquired a new position in shares of Firefly Aerospace during the third quarter valued at approximately $26,000. KBC Group NV bought a new stake in Firefly Aerospace during the first quarter worth approximately $38,000. California State Teachers Retirement System acquired a new stake in Firefly Aerospace in the fourth quarter worth approximately $30,000. Finally, Russell Investments Group Ltd. acquired a new stake in Firefly Aerospace in the fourth quarter worth approximately $38,000.

Firefly Aerospace Company Profile

Firefly Aerospace (NASDAQ:FLY) is a U.S.-based aerospace company that designs, manufactures and operates launch vehicles and in-space systems for commercial, civil and national security customers. The company focuses on providing end-to-end small- and medium-lift launch services, mission integration and spacecraft hardware to support satellite deployment and on-orbit operations.

Firefly’s product portfolio includes the Alpha small launch vehicle, developed to carry small satellites to low Earth orbit, and plans for larger vehicles and in-space capabilities to address a range of payload sizes and mission profiles.