Firefly Aerospace (NASDAQ:FLY) Sets New 1-Year Low After Analyst Downgrade

Key Points

• Firefly Aerospace shares fell 11.9% to a new 52-week low of about $15.21 after B. Riley cut its price target from $50 to $40, while maintaining a Buy rating.
• Analyst views remain mixed but skew positive: MarketBeat reports a “Moderate Buy” consensus and a $34.50 average price target, with seven Buy, four Hold and one Sell rating.
• Latest quarterly revenue rose 659.2% year over year to $117.68 million, and the company’s loss per share was narrower than analysts expected; Firefly nevertheless reported a negative net margin.

Firefly Aerospace, Inc. (NASDAQ:FLY - Get Free Report)'s stock price reached a new 52-week low during mid-day trading on Thursday after B. Riley Financial lowered their price target on the stock from $50.00 to $40.00. B. Riley Financial currently has a buy rating on the stock. Firefly Aerospace traded as low as $15.26 and last traded at $15.2080, with a volume of 912,787 shares changing hands. The stock had previously closed at $17.16.

A number of other research analysts have also weighed in on the stock. Barclays started coverage on shares of Firefly Aerospace in a research report on Friday, October 9th. They set an "equal weight" rating and a $34.00 target price for the company. KeyCorp lowered their price target on Firefly Aerospace from $50.00 to $35.00 and set an "overweight" rating on the stock in a research report on Monday. Wall Street Zen lowered Firefly Aerospace from a "hold" rating to a "sell" rating in a research note on Saturday, September 19th. Roth Capital dropped their price objective on Firefly Aerospace from $60.00 to $45.00 and set a "buy" rating on the stock in a research note on Wednesday, August 12th. Finally, Weiss Ratings restated a "sell (d-)" rating on shares of Firefly Aerospace in a research note on Tuesday, September 22nd. Seven equities research analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has given a Sell rating to the company's stock. According to MarketBeat, Firefly Aerospace currently has an average rating of "Moderate Buy" and a consensus price target of $34.50.

Institutional Trading of Firefly Aerospace

Hedge funds and other institutional investors have recently bought and sold shares of the stock. BlackRock Inc. acquired a new stake in Firefly Aerospace during the second quarter worth $173,573,000. Tema ETFs LLC raised its stake in shares of Firefly Aerospace by 133,440.2% in the 2nd quarter. Tema ETFs LLC now owns 2,280,867 shares of the company's stock valued at $67,057,000 after buying an additional 2,279,159 shares in the last quarter. Tidal Investments LLC acquired a new position in shares of Firefly Aerospace in the 2nd quarter valued at $63,714,000. Mirae Asset Global Investments Co. Ltd. bought a new position in shares of Firefly Aerospace during the 3rd quarter worth about $23,354,000. Finally, Van ECK Associates Corp lifted its holdings in shares of Firefly Aerospace by 43.8% during the 2nd quarter. Van ECK Associates Corp now owns 3,048,335 shares of the company's stock worth $89,621,000 after acquiring an additional 927,804 shares during the period.

Firefly Aerospace Stock Down 11.9%

The company has a current ratio of 2.73, a quick ratio of 2.73 and a debt-to-equity ratio of 0.02. The business's fifty day moving average price is $20.48 and its 200 day moving average price is $26.97. The company has a market capitalization of $2.53 billion, a P/E ratio of -5.18 and a beta of 0.84.

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

Firefly Aerospace Company Profile

Firefly Aerospace, Inc is a space transportation and technology company that develops launch vehicles, lunar landers and in-space mobility systems for government and commercial customers. Based in Cedar Park, Texas, the company supports missions across the launch, lunar and orbital services markets.

Firefly's principal products include the Alpha small-to-medium-lift launch vehicle, which is designed to place satellites and other payloads into low Earth orbit; Blue Ghost lunar landers, developed to deliver scientific and commercial payloads to the Moon; and Elytra spacecraft, intended to provide in-space transportation and mission services.

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