Firefly Aerospace (NASDAQ:FLY) Coverage Initiated at B. Riley Financial

Key Points

• B. Riley Financial initiated coverage on Firefly Aerospace (FLY) with a Buy rating and a $60 price target, implying roughly a 90% upside from the current share price.
• Fundamentals: Firefly beat Q results slightly with ($0.46) EPS and $80.9M revenue (up 44.8% y/y), but remains unprofitable with a deeply negative net margin and a consensus forecast of -1.8 EPS for the year.
• Analyst views are mixed: six analysts rate FLY as Buy, four as Hold and one as Sell, producing an overall average rating of "Hold" and an average price target of $40.56.

B. Riley Financial assumed coverage on shares of Firefly Aerospace (NASDAQ:FLY - Get Free Report) in a research report issued to clients and investors on Wednesday. The brokerage set a "buy" rating and a $60.00 price target on the stock. B. Riley Financial's price objective would indicate a potential upside of 90.36% from the company's current price.

Several other research firms have also weighed in on FLY. Morgan Stanley lifted their price target on Firefly Aerospace from $33.00 to $37.00 and gave the company an "equal weight" rating in a research report on Tuesday. UBS Group set a $33.00 price objective on Firefly Aerospace in a report on Thursday, March 12th. Cantor Fitzgerald dropped their target price on shares of Firefly Aerospace from $65.00 to $35.00 and set an "overweight" rating on the stock in a report on Thursday, March 26th. Jefferies Financial Group upped their target price on shares of Firefly Aerospace from $40.00 to $45.00 and gave the stock a "buy" rating in a research report on Monday, April 13th. Finally, The Goldman Sachs Group lifted their price target on shares of Firefly Aerospace from $29.00 to $32.00 and gave the company a "neutral" rating in a research report on Monday, April 20th. Six research analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, Firefly Aerospace currently has an average rating of "Hold" and an average price target of $40.56.

Firefly Aerospace Trading Down 5.5%

Shares of FLY opened at $31.52 on Wednesday. Firefly Aerospace has a 1-year low of $16.00 and a 1-year high of $73.80. The company has a current ratio of 4.51, a quick ratio of 4.51 and a debt-to-equity ratio of 0.24. The firm's 50-day moving average price is $29.14 and its 200-day moving average price is $25.47. The firm has a market capitalization of $5.05 billion and a price-to-earnings ratio of -3.87.

Firefly Aerospace (NASDAQ:FLY - Get Free Report) last issued its quarterly earnings data on Monday, May 4th. The company reported ($0.46) EPS for the quarter, topping the consensus estimate of ($0.50) by $0.04. Firefly Aerospace had a negative net margin of 181.16% and a negative return on equity of 58.52%. The business had revenue of $80.88 million during the quarter. During the same quarter last year, the business earned ($5.09) earnings per share. The business's quarterly revenue was up 44.8% on a year-over-year basis. Sell-side analysts anticipate that Firefly Aerospace will post -1.8 EPS for the current year.

Insider Activity at Firefly Aerospace

In other news, General Counsel David Leigh Wheeler sold 3,766 shares of the stock in a transaction on Friday, April 17th. The stock was sold at an average price of $45.04, for a total value of $169,620.64. Following the sale, the general counsel directly owned 142,758 shares of the company's stock, valued at approximately $6,429,820.32. This represents a 2.57% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Corporate insiders own 7.50% of the company's stock.

Institutional Trading of Firefly Aerospace

Several institutional investors have recently bought and sold shares of FLY. BNP Paribas Financial Markets bought a new stake in Firefly Aerospace during the 3rd quarter valued at about $26,000. CIBC Private Wealth Group LLC purchased a new stake in shares of Firefly Aerospace during the third quarter valued at approximately $26,000. California State Teachers Retirement System purchased a new stake in shares of Firefly Aerospace during the fourth quarter valued at approximately $30,000. Russell Investments Group Ltd. bought a new stake in shares of Firefly Aerospace during the fourth quarter valued at approximately $38,000. Finally, NBC Securities Inc. purchased a new position in Firefly Aerospace in the 4th quarter worth approximately $38,000.

Firefly Aerospace Company Profile

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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