Fastly (NYSE:FSLY) Trading 6.6% Higher - Here's What Happened

Key Points

• Fastly's stock increased by 6.6% in trading, reaching a high of $8.07 and closing at $8.24, although trading volume was down significantly by 93% compared to its average daily volume.
• Analysts have mixed opinions on Fastly, with one "Buy" rating and nine "Hold" ratings, resulting in a consensus price target of $8.69.
• Fastly reported a quarterly revenue of $148.71 million, which was up 12.3% year-over-year, and beat earnings expectations by posting an EPS of ($0.03), exceeding the consensus estimate of ($0.05).

Fastly, Inc. (NYSE:FSLY - Get Free Report)'s stock price traded up 6.6% during trading on Monday . The company traded as high as $8.07 and last traded at $8.24. 204,988 shares were traded during trading, a decline of 93% from the average session volume of 2,817,435 shares. The stock had previously closed at $7.73.

Analyst Upgrades and Downgrades

A number of equities research analysts recently commented on the stock. KeyCorp upgraded shares of Fastly to a "sector weight" rating in a report on Thursday, June 5th. Royal Bank Of Canada raised their price objective on shares of Fastly from $6.00 to $7.00 and gave the stock a "sector perform" rating in a report on Thursday, August 7th. Finally, Craig Hallum upgraded shares of Fastly from a "hold" rating to a "buy" rating and set a $10.00 price objective on the stock in a report on Thursday, August 7th. One equities research analyst has rated the stock with a Buy rating and nine have given a Hold rating to the company's stock. According to MarketBeat, the stock has a consensus rating of "Hold" and an average target price of $8.69.

Fastly Trading Down 3.8%

The business's 50-day moving average price is $7.27 and its 200 day moving average price is $6.91. The company has a market cap of $1.27 billion, a P/E ratio of -8.36 and a beta of 1.24. The company has a debt-to-equity ratio of 0.16, a quick ratio of 1.49 and a current ratio of 1.49.

Fastly (NYSE:FSLY - Get Free Report) last announced its quarterly earnings data on Wednesday, August 6th. The company reported ($0.03) EPS for the quarter, beating analysts' consensus estimates of ($0.05) by $0.02. Fastly had a negative net margin of 25.85% and a negative return on equity of 11.98%. The company had revenue of $148.71 million during the quarter, compared to the consensus estimate of $144.86 million. During the same quarter last year, the firm posted ($0.07) EPS. The company's quarterly revenue was up 12.3% on a year-over-year basis. As a group, analysts expect that Fastly, Inc. will post -0.78 earnings per share for the current year.

Insider Buying and Selling

In related news, Director Richard Devon Daniels sold 18,248 shares of Fastly stock in a transaction dated Friday, August 29th. The shares were sold at an average price of $7.61, for a total transaction of $138,867.28. Following the completion of the sale, the director owned 67,652 shares of the company's stock, valued at approximately $514,831.72. The trade was a 21.24% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CTO Artur Bergman sold 20,000 shares of the business's stock in a transaction dated Monday, September 15th. The shares were sold at an average price of $8.56, for a total transaction of $171,200.00. Following the completion of the sale, the chief technology officer directly owned 3,481,276 shares of the company's stock, valued at $29,799,722.56. This represents a 0.57% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 448,738 shares of company stock valued at $3,562,780. Company insiders own 6.70% of the company's stock.

Institutional Trading of Fastly

Institutional investors have recently bought and sold shares of the business. Caxton Associates LLP bought a new stake in Fastly in the 1st quarter valued at about $800,000. Deutsche Bank AG boosted its holdings in Fastly by 16.6% in the 4th quarter. Deutsche Bank AG now owns 255,409 shares of the company's stock valued at $2,411,000 after purchasing an additional 36,333 shares during the period. Hsbc Holdings PLC boosted its holdings in Fastly by 6.1% in the 1st quarter. Hsbc Holdings PLC now owns 27,938 shares of the company's stock valued at $175,000 after purchasing an additional 1,612 shares during the period. Wealth Enhancement Advisory Services LLC bought a new stake in Fastly in the 1st quarter valued at about $91,000. Finally, Allianz Asset Management GmbH bought a new stake in Fastly in the 1st quarter valued at about $111,000. Institutional investors own 79.71% of the company's stock.

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.