Wall Street Zen Downgrades Bridger Aerospace Group (NASDAQ:BAER) to Sell

Key Points

• Wall Street Zen downgraded Bridger Aerospace Group to “sell” from “hold,” while the broader analyst consensus remains “hold” with a $3.67 price target.
• Bridger reported weaker-than-expected quarterly results, including an adjusted loss of $0.13 per share versus expectations of $0.03 and revenue of $30.49 million versus estimates of $37.04 million.
• The stock opened at $1.04, near its 12-month low, after declining below its 50-day and 200-day moving averages; Blackstone shareholders also sold millions of shares, substantially reducing their positions.

Bridger Aerospace Group (NASDAQ:BAER - Get Free Report) was downgraded by equities research analysts at Wall Street Zen from a "hold" rating to a "sell" rating in a research note issued to investors on Saturday, Wall Street Zen reports.

Other equities research analysts have also recently issued research reports about the stock. Lake Street Capital reiterated a "buy" rating and issued a $4.00 target price on shares of Bridger Aerospace Group in a research note on Friday, August 7th. Weiss Ratings lowered Bridger Aerospace Group from a "sell (d-)" rating to a "sell (e+)" rating in a research note on Tuesday, September 1st. Canaccord Genuity Group cut their price target on Bridger Aerospace Group from $4.50 to $4.00 and set a "buy" rating for the company in a report on Monday, August 10th. Finally, Stifel Nicolaus set a $3.00 price objective on Bridger Aerospace Group in a research report on Monday, August 10th. Three analysts have rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the company's stock. According to MarketBeat, the company currently has a consensus rating of "Hold" and a consensus price target of $3.67.

Bridger Aerospace Group Price Performance

BAER opened at $1.04 on Friday. The firm has a market capitalization of $58.16 million, a P/E ratio of -1.22 and a beta of 0.29. The stock's 50 day moving average price is $1.51 and its two-hundred day moving average price is $1.85. Bridger Aerospace Group has a 12-month low of $1.04 and a 12-month high of $3.44.

Bridger Aerospace Group (NASDAQ:BAER - Get Free Report) last issued its quarterly earnings results on Thursday, August 6th. The company reported ($0.13) EPS for the quarter, missing analysts' consensus estimates of ($0.03) by ($0.10). The business had revenue of $30.49 million for the quarter, compared to analyst estimates of $37.04 million. Bridger Aerospace Group had a negative return on equity of 1.21% and a negative net margin of 10.77%. As a group, analysts anticipate that Bridger Aerospace Group will post -0.58 earnings per share for the current year.

Insider Activity

In related news, major shareholder Holdings L.P. Blackstone II sold 1,900,000 shares of the stock in a transaction dated Tuesday, August 4th. The shares were sold at an average price of $1.70, for a total value of $3,230,000.00. Following the completion of the transaction, the insider owned 58,205 shares of the company's stock, valued at $98,948.50. This represents a 97.03% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, major shareholder Holdings I. L.P. Blackstone sold 2,778,124 shares of the firm's stock in a transaction dated Tuesday, August 11th. The stock was sold at an average price of $1.04, for a total transaction of $2,889,248.96. Following the transaction, the insider owned 37,272 shares of the company's stock, valued at approximately $38,762.88. This represents a 98.68% decrease in their position. The disclosure for this sale is available in the SEC filing. 16.36% of the stock is owned by company insiders.

Hedge Funds Weigh In On Bridger Aerospace Group

A number of hedge funds have recently modified their holdings of the stock. First Manhattan CO. LLC. lifted its holdings in Bridger Aerospace Group by 43.5% during the 4th quarter. First Manhattan CO. LLC. now owns 5,513,555 shares of the company's stock valued at $10,090,000 after purchasing an additional 1,671,375 shares during the last quarter. Marshall Wace LLP grew its stake in Bridger Aerospace Group by 530.0% during the fourth quarter. Marshall Wace LLP now owns 965,091 shares of the company's stock worth $1,766,000 after buying an additional 811,899 shares during the last quarter. BlackRock Inc. acquired a new stake in shares of Bridger Aerospace Group during the second quarter worth approximately $560,000. Walleye Capital LLC bought a new position in shares of Bridger Aerospace Group in the first quarter valued at approximately $428,000. Finally, Goldman Sachs Group Inc. raised its stake in shares of Bridger Aerospace Group by 50.1% in the fourth quarter. Goldman Sachs Group Inc. now owns 332,042 shares of the company's stock valued at $608,000 after acquiring an additional 110,788 shares during the last quarter. 48.94% of the stock is owned by institutional investors and hedge funds.

About Bridger Aerospace Group

Bridger Aerospace Group, Inc operates as an aerial services company specializing in wildfire management and aviation support. The company's core business activities include aerial wildfire suppression, providing rapid-response water and fire-retardant drops from fixed-wing air tankers. In addition to firefighting, Bridger Aerospace offers aviation services such as cloud seeding for weather modification, aerial inspection and mapping, environmental monitoring, and logistics support for remote sites.

Founded in 2014 and headquartered in Heber City, Utah, Bridger Aerospace Group deploys a fleet of both fixed-wing and rotary-wing aircraft under contract to federal, state and local government agencies as well as commercial customers.

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