Fastly (NYSE:FSLY) Stock Price Down 7.4% - Here's What Happened

Shares of Fastly, Inc. (NYSE:FSLY - Get Free Report) traded down 7.4% during mid-day trading on Tuesday . The company traded as low as $6.76 and last traded at $6.71. 658,048 shares traded hands during trading, a decline of 79% from the average session volume of 3,075,182 shares. The stock had previously closed at $7.24.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently issued reports on the stock. Piper Sandler boosted their price target on shares of Fastly from $6.00 to $7.00 and gave the company a "neutral" rating in a report on Thursday, May 8th. Oppenheimer initiated coverage on shares of Fastly in a research note on Thursday, March 20th. They issued a "market perform" rating on the stock. Royal Bank Of Canada upped their price objective on shares of Fastly from $5.00 to $6.00 and gave the company a "sector perform" rating in a research note on Thursday, May 8th. Morgan Stanley upped their price objective on shares of Fastly from $7.00 to $8.00 and gave the company an "equal weight" rating in a research note on Thursday, May 8th. Finally, KeyCorp upgraded shares of Fastly to a "sector weight" rating in a research note on Thursday, June 5th. Ten equities research analysts have rated the stock with a hold rating, Based on data from MarketBeat, the company presently has an average rating of "Hold" and a consensus price target of $8.28.

Fastly Price Performance

The company has a quick ratio of 1.50, a current ratio of 1.50 and a debt-to-equity ratio of 0.16. The company has a market capitalization of $978.83 million, a P/E ratio of -6.21 and a beta of 1.29. The company's 50-day simple moving average is $6.85 and its 200 day simple moving average is $7.92.

Fastly (NYSE:FSLY - Get Free Report) last posted its earnings results on Wednesday, May 7th. The company reported ($0.05) EPS for the quarter, topping the consensus estimate of ($0.06) by $0.01. The company had revenue of $144.47 million during the quarter, compared to the consensus estimate of $138.40 million. Fastly had a negative net margin of 27.73% and a negative return on equity of 12.29%. The company's revenue for the quarter was up 8.2% compared to the same quarter last year. During the same period in the previous year, the firm posted ($0.05) earnings per share. As a group, sell-side analysts expect that Fastly, Inc. will post -0.78 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, CFO Ronald W. Kisling sold 5,342 shares of the company's stock in a transaction on Wednesday, April 16th. The shares were sold at an average price of $5.26, for a total transaction of $28,098.92. Following the completion of the sale, the chief financial officer now directly owns 665,693 shares of the company's stock, valued at approximately $3,501,545.18. This represents a 0.80% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CRO Scott R. Lovett sold 127,608 shares of the company's stock in a transaction on Tuesday, June 17th. The stock was sold at an average price of $6.95, for a total transaction of $886,875.60. Following the sale, the executive now directly owns 1,287,145 shares of the company's stock, valued at approximately $8,945,657.75. This represents a 9.02% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 177,283 shares of company stock valued at $1,227,657 over the last ninety days. Corporate insiders own 6.70% of the company's stock.

Institutional Trading of Fastly

Large investors have recently modified their holdings of the company. AlphaQuest LLC boosted its holdings in shares of Fastly by 169.1% during the 4th quarter. AlphaQuest LLC now owns 4,710 shares of the company's stock worth $44,000 after buying an additional 2,960 shares during the period. Jones Financial Companies Lllp boosted its holdings in shares of Fastly by 128.9% during the 4th quarter. Jones Financial Companies Lllp now owns 5,720 shares of the company's stock worth $54,000 after buying an additional 3,221 shares during the period. Banque Transatlantique SA bought a new stake in shares of Fastly during the 1st quarter worth $38,000. GAMMA Investing LLC boosted its holdings in shares of Fastly by 451.7% during the 1st quarter. GAMMA Investing LLC now owns 7,261 shares of the company's stock worth $46,000 after buying an additional 5,945 shares during the period. Finally, Wealthfront Advisers LLC bought a new stake in shares of Fastly during the 4th quarter worth $72,000. 79.71% of the stock is owned by institutional investors.

Fastly Company Profile

Fastly, Inc operates an edge cloud platform for processing, serving, and securing its customer's applications in the United States, the Asia Pacific, Europe, and internationally. The edge cloud is a category of Infrastructure as a Service that enables developers to build, secure, and deliver digital experiences at the edge of the internet.