Firefly Aerospace (NASDAQ:FLY) Shares Down 6.6% - Here's Why

Key Points

• Firefly Aerospace's shares dropped 6.6% on Thursday, closing at $37.90 after hitting a low of $37.47, with a significant decrease in trading volume by 80% from average levels.
• Wall Street analysts maintain a generally positive outlook, with several firms issuing ratings as follows: Cantor Fitzgerald and JPMorgan at "overweight" with price targets of $65.00 and $55.00 respectively.
• Despite recent ratings, Wall Street Zen downgraded Firefly Aerospace's stock from "hold" to "sell," resulting in an average rating of "Moderate Buy" from analysts.

Firefly Aerospace, Inc. (NASDAQ:FLY - Get Free Report) shares fell 6.6% during trading on Thursday . The stock traded as low as $37.47 and last traded at $37.90. 265,376 shares traded hands during mid-day trading, a decline of 80% from the average session volume of 1,310,256 shares. The stock had previously closed at $40.56.

Wall Street Analysts Forecast Growth

Several research firms have recently commented on FLY. Cantor Fitzgerald initiated coverage on Firefly Aerospace in a report on Tuesday, September 2nd. They issued an "overweight" rating and a $65.00 price objective on the stock. Roth Capital began coverage on shares of Firefly Aerospace in a research report on Wednesday, September 10th. They issued a "buy" rating and a $60.00 price objective on the stock. JPMorgan Chase & Co. started coverage on Firefly Aerospace in a research report on Tuesday, September 2nd. They issued an "overweight" rating and a $55.00 price objective on the stock. The Goldman Sachs Group started coverage on shares of Firefly Aerospace in a report on Tuesday, September 2nd. They issued a "neutral" rating and a $54.00 price target on the stock. Finally, Wall Street Zen lowered shares of Firefly Aerospace from a "hold" rating to a "sell" rating in a research note on Friday, September 5th. One analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and four have assigned a Hold rating to the company's stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $55.86.

Firefly Aerospace Stock Down 8.2%

Firefly Aerospace Company Profile

Firefly Aerospace is a market leading space and defense technology company with an established track record of success providing comprehensive mission solutions to national security, government, and commercial customers. Our mission is to enable responsive, regular, and reliable launch, transit, and operations in space for our customers across the globe.

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