Firefly Aerospace (NASDAQ:FLY) Upgraded to "Hold" at Wall Street Zen

Key Points

• Wall Street Zen upgraded Firefly Aerospace from “sell” to “hold.” Across analysts, the stock has a “Moderate Buy” consensus and an average price target of $34.50.
• Firefly signed a three-year agreement worth more than $1.3 billion with AST SpaceMobile to supply rocket engines, license intellectual property and provide engineering support. The deal could support Firefly’s launch-vehicle production, though its full value depends on execution over time.
• Firefly’s latest quarterly loss per share was narrower than analysts expected, while revenue rose 659.2% year over year. The company remains unprofitable, reporting a negative net margin of 126.64%.

Firefly Aerospace (NASDAQ:FLY - Get Free Report) was upgraded by equities research analysts at Wall Street Zen from a "sell" rating to a "hold" rating in a report issued on Saturday, Wall Street Zen reports.

A number of other research analysts also recently issued reports on the company. Cantor Fitzgerald restated an "overweight" rating and set a $35.00 price target on shares of Firefly Aerospace in a report on Wednesday, August 12th. Wells Fargo & Company assumed coverage on shares of Firefly Aerospace in a report on Monday, July 27th. They issued an "equal weight" rating and a $25.00 price target on the stock. KeyCorp cut their price objective on Firefly Aerospace from $50.00 to $35.00 and set an "overweight" rating on the stock in a report on Monday, November 2nd. Roth Capital cut their target price on Firefly Aerospace from $60.00 to $45.00 and set a "buy" rating for the company in a research note on Wednesday, August 12th. Finally, Barclays began coverage on shares of Firefly Aerospace in a report on Friday, October 9th. They issued an "equal weight" rating and a $34.00 price target on the stock. Seven 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.com, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $34.50.

Firefly Aerospace Stock Up 36.8%

Shares of FLY stock opened at $20.76 on Friday. The company has a debt-to-equity ratio of 0.02, a quick ratio of 2.73 and a current ratio of 2.73. The company has a market capitalization of $3.48 billion, a price-to-earnings ratio of -7.06 and a beta of 0.84. The stock's 50 day simple moving average is $20.31 and its 200 day simple moving average is $26.83. Firefly Aerospace has a twelve month low of $14.44 and a twelve month high of $62.17.

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

Institutional Trading of Firefly Aerospace

Hedge funds and other institutional investors have recently modified their holdings of the business. KBC Group NV purchased a new stake in Firefly Aerospace in the 1st quarter worth approximately $38,000. Integrated Wealth Concepts LLC purchased a new stake in shares of Firefly Aerospace during the second quarter worth approximately $56,000. Sterling Capital Management LLC grew its stake in shares of Firefly Aerospace by 848.9% in the third quarter. Sterling Capital Management LLC now owns 2,657 shares of the company's stock valued at $62,000 after buying an additional 2,377 shares in the last quarter. Allworth Financial LP grew its holdings in shares of Firefly Aerospace by 1,681.6% during the third quarter. Allworth Financial LP now owns 3,581 shares of the company's stock worth $83,000 after purchasing an additional 3,380 shares during the last quarter. Finally, Parallel Advisors LLC grew its position in shares of Firefly Aerospace by 398.0% in the first 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 during the last quarter.

Key Firefly Aerospace News

Here are the key news stories impacting Firefly Aerospace this week:

• Positive Sentiment: Firefly signed a three-year agreement valued at more than $1.3 billion to supply engines, license intellectual property, and provide engineering support for AST SpaceMobile’s planned Blacklift heavy-lift rocket. AST will initially buy 36 engines and may build additional engines under the license, creating a significant potential revenue stream for Firefly. Reuters article
• Positive Sentiment: Firefly said the agreement will provide funds to help accelerate production of its own launch vehicles. The sizeable contract and potential manufacturing relationship are likely drivers of the positive investor response. Firefly Aerospace announcement
• Neutral Sentiment: The agreement runs over three years, so the headline value represents a multi-year opportunity rather than immediate revenue; delivery and production execution will matter to realizing its full benefit.

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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