Firefly Aerospace (NASDAQ:FLY) Stock Price Down 10% - Here's What Happened

Key Points

• Down 10% intraday — FLY fell to about $24.35 (from a $27.04 close) with roughly 672,716 shares traded, a ~68% drop versus its average daily volume of 2.1 million shares.
• Analyst views are mixed: the consensus rating is “Moderate Buy” with a $38.43 price target, but major firms have recently cut targets into the high-$20s while Jefferies upgraded to a strong-buy.
• Fundamentals showed a recent beat: Firefly reported Q results with EPS of ($0.33) vs. ($0.42) expected and revenue of $30.78M (vs. $28.93M), a 37.5% year-over-year revenue increase.

Firefly Aerospace, Inc. (NASDAQ:FLY - Get Free Report)'s stock price was down 10% during mid-day trading on Friday . The company traded as low as $24.65 and last traded at $24.3450. Approximately 672,716 shares changed hands during trading, a decline of 68% from the average daily volume of 2,105,156 shares. The stock had previously closed at $27.04.

Analyst Ratings Changes

A number of equities research analysts have recently weighed in on FLY shares. Jefferies Financial Group upgraded shares of Firefly Aerospace to a "strong-buy" rating in a research note on Tuesday, September 2nd. Morgan Stanley dropped their price target on shares of Firefly Aerospace from $52.00 to $27.00 and set an "equal weight" rating on the stock in a research report on Monday, November 17th. JPMorgan Chase & Co. decreased their target price on Firefly Aerospace from $55.00 to $28.00 and set an "overweight" rating for the company in a research note on Tuesday, November 25th. KeyCorp initiated coverage on shares of Firefly Aerospace in a report on Thursday, December 18th. They set a "sector weight" rating on the stock. Finally, The Goldman Sachs Group initiated coverage on shares of Firefly Aerospace in a research report on Thursday, November 20th. They issued a "neutral" rating and a $29.00 price target for the company. One research analyst has rated the stock with a Strong Buy rating, four have given a Buy rating, four have issued a Hold rating and one has given a Sell rating to the company's stock. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus price target of $38.43.

Firefly Aerospace Trading Down 10.2%

The company has a fifty day simple moving average of $21.76.

Firefly Aerospace (NASDAQ:FLY - Get Free Report) last released its quarterly earnings data on Wednesday, November 12th. The company reported ($0.33) EPS for the quarter, topping the consensus estimate of ($0.42) by $0.09. The company had revenue of $30.78 million during the quarter, compared to analysts' expectations of $28.93 million. The company's quarterly revenue was up 37.5% compared to the same quarter last year.

Hedge Funds Weigh In On Firefly Aerospace

Hedge funds have recently bought and sold shares of the company. BNP Paribas Financial Markets purchased a new position in Firefly Aerospace in the 3rd quarter worth about $26,000. CIBC Private Wealth Group LLC bought a new position in Firefly Aerospace in the 3rd quarter worth $26,000. Zurcher Kantonalbank Zurich Cantonalbank purchased a new position in Firefly Aerospace in the 3rd quarter worth approximately $55,000. SBI Securities Co. Ltd. bought a new stake in Firefly Aerospace in the 3rd quarter valued at $74,000. Finally, Sandia Investment Management LP bought a new position in Firefly Aerospace during the third quarter valued at approximately $147,000.

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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