Firefly Aerospace (NASDAQ:FLY) Shares Down 6.1% – Here’s What Happened

Shares of Firefly Aerospace, Inc. (NASDAQ:FLY) were down 6.1% during trading on Tuesday . The company traded as low as $27.90 and last traded at $27.2830. Approximately 1,138,272 shares changed hands during mid-day trading, a decline of 81% from the average session volume of 6,001,816 shares. The stock had previously closed at $29.05.

Wall Street Analyst Weigh In

A number of research analysts have issued reports on the stock. Deutsche Bank Aktiengesellschaft restated a “buy” rating and set a $35.00 target price on shares of Firefly Aerospace in a research report on Tuesday, May 5th. Cantor Fitzgerald dropped their price target on shares of Firefly Aerospace from $65.00 to $35.00 and set an “overweight” rating for the company in a research note on Thursday, March 26th. Morgan Stanley raised their price objective on shares of Firefly Aerospace from $33.00 to $37.00 and gave the company an “equal weight” rating in a research note on Tuesday, May 5th. Weiss Ratings raised shares of Firefly Aerospace from a “sell (e+)” rating to a “sell (d-)” rating in a report on Thursday. Finally, Jefferies Financial Group reissued a “buy” rating and issued a $52.00 price target on shares of Firefly Aerospace in a research note on Tuesday, June 2nd. Seven equities research analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, Firefly Aerospace presently has a consensus rating of “Moderate Buy” and a consensus price target of $42.20.

Firefly Aerospace Stock Up 1.4%

The firm has a market cap of $4.72 billion and a P/E ratio of -3.63. The firm’s 50 day moving average is $37.99 and its two-hundred day moving average is $30.06. The company has a current ratio of 2.53, a quick ratio of 2.53 and a debt-to-equity ratio of 0.02.

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

Insider Activity at Firefly Aerospace

In related news, General Counsel David Leigh Wheeler sold 3,765 shares of the company’s stock in a transaction on Monday, May 18th. The shares were sold at an average price of $45.12, for a total value of $169,876.80. Following the completion of the sale, the general counsel owned 142,758 shares in the company, valued at $6,441,240.96. This represents a 2.57% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 7.50% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Firefly Aerospace

Several large investors have recently modified their holdings of the business. Parallel Advisors LLC lifted its holdings in shares of Firefly Aerospace by 398.0% during the 1st quarter. Parallel Advisors LLC now owns 2,953 shares of the company’s stock valued at $84,000 after purchasing an additional 2,360 shares in the last quarter. J. Derek Lewis & Associates Inc. bought a new stake in Firefly Aerospace during the 1st quarter worth approximately $373,000. Bank of America Corp DE raised its holdings in Firefly Aerospace by 55.8% during the 1st quarter. Bank of America Corp DE now owns 299,042 shares of the company’s stock worth $8,514,000 after buying an additional 107,080 shares during the period. Janus Henderson Group PLC bought a new position in Firefly Aerospace in the first quarter valued at approximately $503,000. Finally, California State Teachers Retirement System boosted its holdings in shares of Firefly Aerospace by 2,259.2% in the first quarter. California State Teachers Retirement System now owns 31,189 shares of the company’s stock valued at $888,000 after buying an additional 29,867 shares during the period.

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.