Firefly Aerospace (NASDAQ:FLY) Shares Down 7% – Here’s What Happened

Shares of Firefly Aerospace, Inc. (NASDAQ:FLY) traded down 7% during mid-day trading on Wednesday. The company traded as low as $21.26 and last traded at $21.2390. Approximately 1,609,902 shares were traded during trading, a decline of 68% from the average daily volume of 5,024,996 shares. The stock had previously closed at $22.83.

Analyst Ratings Changes

FLY has been the topic of several research analyst reports. B. Riley Financial reduced their price objective on Firefly Aerospace from $60.00 to $50.00 and set a “buy” rating on the stock in a research note on Wednesday, August 12th. Cantor Fitzgerald reissued an “overweight” rating and set a $35.00 target price on shares of Firefly Aerospace in a research report on Wednesday, August 12th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Firefly Aerospace in a research report on Tuesday, September 22nd. Wells Fargo & Company started coverage on shares of Firefly Aerospace in a research note on Monday, July 27th. They set an “equal weight” rating and a $25.00 price objective for the company. Finally, KeyCorp raised shares of Firefly Aerospace from a “sector weight” rating to an “overweight” rating and set a $50.00 price objective for the company in a research report on Monday, June 15th. Seven investment analysts have rated the stock with a Buy rating, three have given a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, Firefly Aerospace currently has an average rating of “Moderate Buy” and an average price target of $36.82.

Firefly Aerospace Price Performance

The company has a market cap of $3.55 billion, a price-to-earnings ratio of -7.20 and a beta of 0.59. The company’s 50-day simple moving average is $22.86 and its 200-day simple moving average is $29.52. The company has a debt-to-equity ratio of 0.02, a current ratio of 2.73 and a quick ratio of 2.73.

Firefly Aerospace (NASDAQ:FLY) last released its quarterly earnings results on Tuesday, August 11th. The company reported ($0.42) EPS for the quarter, topping the consensus estimate of ($0.50) by $0.08. The business had revenue of $117.68 million for the quarter. Firefly Aerospace had a negative return on equity of 22.28% and a negative net margin of 126.64%.The company’s revenue was up 659.2% compared to the same quarter last year. During the same quarter last year, the firm posted ($5.78) EPS. On average, equities research analysts anticipate that Firefly Aerospace, Inc. will post -2.31 EPS for the current year.

Institutional Investors Weigh In On Firefly Aerospace

Hedge funds and other institutional investors have recently modified their holdings of the stock. KBC Group NV acquired a new position in Firefly Aerospace in the first quarter worth about $38,000. Integrated Wealth Concepts LLC bought a new position in Firefly Aerospace during the 2nd quarter worth approximately $56,000. Parallel Advisors LLC grew its position in shares of Firefly Aerospace by 398.0% in the 1st quarter. Parallel Advisors LLC now owns 2,953 shares of the company’s stock worth $84,000 after acquiring an additional 2,360 shares in the last quarter. Parvin Asset Management LLC bought a new stake in shares of Firefly Aerospace in the 2nd quarter valued at approximately $103,000. Finally, Rockefeller Capital Management L.P. bought a new position in Firefly Aerospace during the fourth quarter worth $136,000.

Firefly Aerospace Company Profile

Firefly Aerospace, Inc is a space transportation and exploration company headquartered in Cedar Park, Texas. The company develops launch vehicles, lunar landers, spacecraft and related in-space services for government and commercial customers. Its operations support missions ranging from satellite deployment and scientific research to lunar exploration and national security applications.

Firefly’s primary launch vehicle is Alpha, a small- to medium-class orbital rocket designed to carry payloads into low Earth orbit.