Van ECK Associates Corp Acquires 927,804 Shares of Firefly Aerospace, Inc. $FLY

Key Points

• Van ECK Associates increased its Firefly Aerospace stake by 43.8% in the second quarter, acquiring 927,804 shares and bringing its total holdings to 3.05 million shares valued at approximately $89.6 million.
• Analyst sentiment is broadly positive, with seven Buy ratings, four Holds and one Sell; Firefly has a “Moderate Buy” consensus rating and an average price target of $36.82.
• 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 expectations, though the company continues to post negative margins and analysts forecast a full-year loss.

Van ECK Associates Corp lifted its holdings in shares of Firefly Aerospace, Inc. (NASDAQ:FLY - Free Report) by 43.8% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 3,048,335 shares of the company's stock after acquiring an additional 927,804 shares during the period. Van ECK Associates Corp owned approximately 1.82% of Firefly Aerospace worth $89,621,000 at the end of the most recent reporting period.

Other large investors also recently modified their holdings of the company. Nissay Asset Management Corp Japan purchased a new stake in Firefly Aerospace in the 2nd quarter valued at $9,204,000. Kingsview Wealth Management LLC bought a new stake in shares of Firefly Aerospace in the 2nd quarter worth $690,000. Capstone Investment Advisors LLC purchased a new stake in shares of Firefly Aerospace in the second quarter valued at about $6,612,000. Parvin Asset Management LLC purchased a new stake in shares of Firefly Aerospace in the second quarter valued at about $103,000. Finally, Corient Private Wealth LP bought a new position in shares of Firefly Aerospace during the second quarter valued at about $688,000.

Wall Street Analysts Forecast Growth

FLY has been the subject of a number of recent analyst reports. KeyCorp raised shares of Firefly Aerospace from a "sector weight" rating to an "overweight" rating and set a $50.00 price objective for the company in a research report on Monday, June 15th. Weiss Ratings raised shares of Firefly Aerospace from a "sell (e+)" rating to a "sell (d-)" rating in a research report on Thursday, June 25th. Wells Fargo & Company assumed coverage on Firefly Aerospace in a research note on Monday, July 27th. They issued an "equal weight" rating and a $25.00 target price on the stock. Cantor Fitzgerald reaffirmed an "overweight" rating and issued a $35.00 target price on shares of Firefly Aerospace in a report on Wednesday, August 12th. Finally, B. Riley Financial decreased their price target on Firefly Aerospace from $60.00 to $50.00 and set a "buy" rating for the company in a research report on Wednesday, August 12th. Seven investment analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus target price of $36.82.

Firefly Aerospace Price Performance

Shares of NASDAQ:FLY opened at $21.26 on Friday. The company has a market capitalization of $3.56 billion and a P/E ratio of -7.23. The company's 50-day moving average is $23.91 and its 200 day moving average is $29.29. The company has a debt-to-equity ratio of 0.02, a quick ratio of 2.73 and a current ratio of 2.73. Firefly Aerospace, Inc. has a fifty-two week low of $16.00 and a fifty-two week high of $62.17.

Firefly Aerospace (NASDAQ:FLY - Get Free Report) last posted its quarterly earnings data on Tuesday, August 11th. The company reported ($0.42) earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($0.50) by $0.08. The business had revenue of $117.68 million during the quarter. Firefly Aerospace had a negative net margin of 126.64% and a negative return on equity of 22.28%. The business's quarterly revenue was up 659.2% on a year-over-year basis. During the same quarter last year, the business posted ($5.78) EPS. On average, equities research analysts forecast that Firefly Aerospace, Inc. will post -1.91 earnings per share for the current year.

About Firefly Aerospace

Firefly Aerospace NASDAQ: FLY is a U.S.-based aerospace company that designs, manufactures and operates launch vehicles and in-space systems for commercial, civil and national security customers. The company focuses on providing end-to-end small- and medium-lift launch services, mission integration and spacecraft hardware to support satellite deployment and on-orbit operations.

Firefly's product portfolio includes the Alpha small launch vehicle, developed to carry small satellites to low Earth orbit, and plans for larger vehicles and in-space capabilities to address a range of payload sizes and mission profiles.

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