Bridger Aerospace Group (NASDAQ:BAER) Given New $4.00 Price Target at Canaccord Genuity Group

Key Points

• Canaccord Genuity lowered Bridger Aerospace’s price target to $4.00 from $4.50 while maintaining a “buy” rating, implying substantial upside from the stock’s $1.26 price. The broader analyst consensus is “Hold,” with an average target of $3.78.
• Bridger Aerospace reported weaker-than-expected quarterly results, posting a $0.13 loss per share versus the $0.03 expected loss and revenue of $30.49 million versus estimates of $37.04 million.
• Major shareholder Blackstone II sold 1.9 million shares at an average price of $1.70, reducing its position by 97.03%; institutional investors and hedge funds currently own 48.94% of the company.

Bridger Aerospace Group (NASDAQ:BAER - Get Free Report) had its price objective decreased by stock analysts at Canaccord Genuity Group from $4.50 to $4.00 in a report issued on Monday,Benzinga reports. The firm currently has a "buy" rating on the stock. Canaccord Genuity Group's price target would suggest a potential upside of 217.46% from the company's current price.

A number of other equities research analysts have also recently weighed in on the stock. Weiss Ratings cut shares of Bridger Aerospace Group from a "sell (d-)" rating to a "sell (e+)" rating in a research report on Tuesday, July 28th. Lake Street Capital reaffirmed a "buy" rating and set a $4.00 price objective on shares of Bridger Aerospace Group in a report on Friday. Finally, Wall Street Zen cut Bridger Aerospace Group from a "sell" rating to a "strong sell" rating in a research report on Saturday, May 16th. Three research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the company has a consensus rating of "Hold" and an average target price of $3.78.

Bridger Aerospace Group Price Performance

Shares of Bridger Aerospace Group stock opened at $1.26 on Monday. Bridger Aerospace Group has a 52 week low of $1.12 and a 52 week high of $3.44. The firm's 50 day moving average is $1.88 and its two-hundred day moving average is $2.13. The firm has a market capitalization of $70.46 million, a P/E ratio of -1.48 and a beta of 0.35.

Bridger Aerospace Group (NASDAQ:BAER - Get Free Report) last issued its quarterly earnings data on Thursday, August 6th. The company reported ($0.13) earnings per share for the quarter, missing the consensus estimate of ($0.03) by ($0.10). The company had revenue of $30.49 million for the quarter, compared to analysts' expectations 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, research analysts expect that Bridger Aerospace Group will post -0.49 earnings per share for the current fiscal year.

Insider Activity at Bridger Aerospace Group

In other news, major shareholder Holdings L.P. Blackstone II sold 1,900,000 shares of Bridger Aerospace Group stock in a transaction on 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 transaction, the insider directly owned 58,205 shares of the company's stock, valued at $98,948.50. The trade was a 97.03% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. 16.36% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of the business. BlackRock Inc. acquired a new stake in shares of Bridger Aerospace Group during the second quarter worth about $560,000. Bank of America Corp DE increased its position in Bridger Aerospace Group by 255,063.4% in the 1st quarter. Bank of America Corp DE now owns 104,617 shares of the company's stock valued at $207,000 after acquiring an additional 104,576 shares during the period. OMERS ADMINISTRATION Corp acquired a new position in Bridger Aerospace Group in the 1st quarter valued at about $148,000. Walleye Capital LLC purchased a new stake in Bridger Aerospace Group during the 1st quarter valued at approximately $428,000. Finally, Dimensional Fund Advisors LP acquired a new stake in Bridger Aerospace Group during the 1st quarter worth approximately $169,000. 48.94% of the stock is currently owned by institutional investors and hedge funds.

Bridger Aerospace Group Company Profile

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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