Firefly Aerospace (NASDAQ:FLY) Stock Gets Price Target Cut from KeyCorp

Key Points

• KeyCorp cut Firefly Aerospace’s price target from $50 to $35 while maintaining an “overweight” rating, implying approximately 95% upside from the prior close.
• Analyst sentiment remains mixed but generally positive: MarketBeat reports a “Moderate Buy” consensus with an average price target of $35.33, based on seven Buy, four Hold and one Sell rating.
• Firefly reported $117.68 million in quarterly revenue, up 659.2% year over year, and a smaller-than-expected loss of $0.42 per share. Despite the growth, the company remains unprofitable, with a negative net margin of 126.64%.

Firefly Aerospace (NASDAQ:FLY - Get Free Report) had its target price lowered by equities researchers at KeyCorp from $50.00 to $35.00 in a research note issued on Monday, Benzinga reports. The firm currently has an "overweight" rating on the stock. KeyCorp's target price suggests a potential upside of 95.20% from the stock's previous close.

FLY has been the topic of several other reports. Wells Fargo & Company assumed coverage on shares of Firefly Aerospace in a report on Monday, July 27th. They set an "equal weight" rating and a $25.00 price objective on the stock. Barclays initiated coverage on Firefly Aerospace in a research report on Friday, October 9th. They set an "equal weight" rating and a $34.00 target price on the stock. Wall Street Zen downgraded Firefly Aerospace from a "hold" rating to a "sell" rating in a report on Saturday, September 19th. Weiss Ratings reissued a "sell (d-)" rating on shares of Firefly Aerospace in a research report on Tuesday, September 22nd. Finally, Jefferies Financial Group set a $35.00 price objective on Firefly Aerospace in a research note on Wednesday, August 12th. Seven investment analysts have rated the stock with a Buy rating, four have given a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, Firefly Aerospace presently has a consensus rating of "Moderate Buy" and an average price target of $35.33.

Firefly Aerospace Stock Down 0.1%

Shares of Firefly Aerospace stock opened at $17.93 on Monday. 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 has a 1 year low of $15.99 and a 1 year high of $62.17. The firm's 50-day moving average is $20.87 and its two-hundred day moving average is $27.15. The stock has a market cap of $3.00 billion, a price-to-earnings ratio of -6.10 and a beta of 0.85.

Firefly Aerospace (NASDAQ:FLY - Get Free Report) last posted its quarterly earnings results on Tuesday, August 11th. The company reported ($0.42) EPS for the quarter, beating the consensus estimate of ($0.50) by $0.08. Firefly Aerospace had a negative net margin of 126.64% and a negative return on equity of 22.28%. The business had revenue of $117.68 million during the quarter. During the same quarter in the prior year, the firm posted ($5.78) EPS. The company's revenue for the quarter was up 659.2% compared to the same quarter last year. As a group, research analysts expect that Firefly Aerospace will post -2.31 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Firefly Aerospace

Several institutional investors and hedge funds have recently bought and sold shares of the company. Lisanti Capital Growth LLC purchased a new stake in Firefly Aerospace in the second quarter valued at about $3,059,000. Royal Bank of Canada grew its stake in shares of Firefly Aerospace by 1,803.9% during the first quarter. Royal Bank of Canada now owns 225,782 shares of the company's stock worth $6,428,000 after acquiring an additional 213,923 shares during the last quarter. Tidal Investments LLC purchased a new stake in shares of Firefly Aerospace during the second quarter worth about $63,714,000. Quantinno Capital Management LP acquired a new position in shares of Firefly Aerospace during the first quarter valued at about $1,431,000. Finally, Tema ETFs LLC increased its holdings in shares of Firefly Aerospace by 133,440.2% during the second quarter. Tema ETFs LLC now owns 2,280,867 shares of the company's stock valued at $67,057,000 after acquiring an additional 2,279,159 shares in the last quarter.

About Firefly Aerospace

Firefly Aerospace, Inc is a space transportation and technology company that develops launch vehicles, lunar landers and in-space mobility systems for government and commercial customers. Based in Cedar Park, Texas, the company supports missions across the launch, lunar and orbital services markets.

Firefly's principal products include the Alpha small-to-medium-lift launch vehicle, which is designed to place satellites and other payloads into low Earth orbit; Blue Ghost lunar landers, developed to deliver scientific and commercial payloads to the Moon; and Elytra spacecraft, intended to provide in-space transportation and mission services.

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