Bank of America Corp DE Makes New $6.37 Million Investment in Firefly Aerospace, Inc. $FLY

Key Points

• Bank of America purchased 216,760 Firefly Aerospace shares in the second quarter, worth approximately $6.37 million and representing a 0.13% stake.
• Firefly reported quarterly revenue of $117.68 million, up 659.2% year over year, and an adjusted loss of $0.42 per share that beat analyst expectations.
• Analysts maintain a consensus “Moderate Buy” rating with an average price target of $36.82, although some firms have issued sell ratings and the stock remains unprofitable.

Bank of America Corp DE purchased a new stake in shares of Firefly Aerospace, Inc. (NASDAQ:FLY - Free Report) during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm purchased 216,760 shares of the company's stock, valued at approximately $6,373,000. Bank of America Corp DE owned 0.13% of Firefly Aerospace at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently made changes to their positions in the company. KBC Group NV bought a new position in shares of Firefly Aerospace during the first quarter valued at approximately $38,000. Parallel Advisors LLC raised its stake in Firefly Aerospace by 398.0% in the first quarter. Parallel Advisors LLC now owns 2,953 shares of the company's stock worth $84,000 after buying an additional 2,360 shares in the last quarter. Rockefeller Capital Management L.P. purchased a new stake in Firefly Aerospace during the fourth quarter worth $136,000. Thompson Davis & CO. Inc. bought a new stake in Firefly Aerospace during the 1st quarter valued at $220,000. Finally, Valeo Financial Advisors LLC bought a new stake in Firefly Aerospace during the 2nd quarter valued at $245,000.

Firefly Aerospace Stock Performance

Shares of NASDAQ:FLY opened at $24.36 on Monday. The business's 50-day moving average is $22.44 and its 200 day moving average is $29.49. The company has a debt-to-equity ratio of 0.02, a current ratio of 2.73 and a quick ratio of 2.73. Firefly Aerospace, Inc. has a 1 year low of $16.00 and a 1 year high of $62.17. The firm has a market capitalization of $4.08 billion and a P/E ratio of -8.29.

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

Wall Street Analysts Forecast Growth

Several research firms have recently commented on FLY. Wall Street Zen lowered Firefly Aerospace from a "hold" rating to a "sell" rating in a research report on Saturday, September 19th. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Firefly Aerospace in a research report on Tuesday, September 22nd. Roth Capital reduced their target price on shares of Firefly Aerospace from $60.00 to $45.00 and set a "buy" rating for the company in a report on Wednesday, August 12th. Cantor Fitzgerald reissued an "overweight" rating and set a $35.00 price target on shares of Firefly Aerospace in a research report on Wednesday, August 12th. Finally, Jefferies Financial Group set a $35.00 price target on shares of Firefly Aerospace in a report on Wednesday, August 12th. Seven equities research analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, Firefly Aerospace has a consensus rating of "Moderate Buy" and an average price target of $36.82.

Firefly Aerospace Profile

Firefly Aerospace, Inc is a space transportation company that develops launch vehicles, lunar landers and spacecraft designed to support commercial, civil and national-security missions. The company provides end-to-end space services, including payload delivery, lunar surface operations and in-space transportation.

Its principal products include the Alpha rocket, a small-to-medium lift launch vehicle designed to place satellites and other payloads into orbit; the Blue Ghost lunar lander, developed to deliver scientific and commercial payloads to the Moon; and Elytra, an orbital vehicle intended to provide in-space transportation and mission services.

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