Firefly Aerospace (NASDAQ:FLY) Shares Down 7% - Here's Why

Key Points

• Firefly Aerospace shares fell 7% to about $21.24, with trading volume significantly below the stock’s average daily level.
• Analyst sentiment remains mixed: the stock has a “Moderate Buy” consensus and an average price target of $36.82, but some firms have downgraded it or maintained a sell rating, while B. Riley cut its target to $50.
• Firefly’s revenue surged 659.2% year over year to $117.68 million and its quarterly loss was narrower than expected, but the company remains unprofitable with a negative net margin and analysts forecasting a full-year loss.

Firefly Aerospace, Inc. (NASDAQ:FLY - Get Free Report)'s share price dropped 7% during trading on Wednesday. The company traded as low as $21.26 and last traded at $21.2390. Approximately 1,609,902 shares changed hands during trading, a decline of 68% from the average daily volume of 5,024,996 shares. The stock had previously closed at $22.83.

Wall Street Analyst Weigh In

FLY has been the subject of a number of recent analyst reports. B. Riley Financial reduced their price objective on shares of Firefly Aerospace from $60.00 to $50.00 and set a "buy" rating for the company in a research report on Wednesday, August 12th. Weiss Ratings reiterated a "sell (d-)" rating on shares of Firefly Aerospace in a research report on Tuesday, September 22nd. Wall Street Zen cut Firefly Aerospace from a "hold" rating to a "sell" rating in a report on Saturday, September 19th. KeyCorp upgraded Firefly Aerospace from a "sector weight" rating to an "overweight" rating and set a $50.00 price target on the stock in a research note on Monday, June 15th. Finally, Wells Fargo & Company assumed coverage on Firefly Aerospace in a report on Monday, July 27th. They set an "equal weight" rating and a $25.00 price objective on the stock. Seven equities research analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has assigned a Sell 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 $36.82.

Firefly Aerospace Stock Performance

The company has a quick ratio of 2.73, a current ratio of 2.73 and a debt-to-equity ratio of 0.02. The stock has a fifty day moving average price of $22.86 and a two-hundred day moving average price of $29.52. The company has a market capitalization of $3.55 billion, a price-to-earnings ratio of -7.20 and a beta of 0.59.

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

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the stock. Tidal Investments LLC purchased a new stake in Firefly Aerospace in the second quarter valued at approximately $63,714,000. Integrated Wealth Concepts LLC purchased a new position in Firefly Aerospace during the second quarter worth approximately $56,000. Arizona State Retirement System grew its stake in shares of Firefly Aerospace by 76.7% during the 2nd quarter. Arizona State Retirement System now owns 15,462 shares of the company's stock valued at $455,000 after buying an additional 6,714 shares during the period. Corient Private Wealth LP purchased a new stake in shares of Firefly Aerospace during the 2nd quarter valued at $742,000. Finally, HighTower Advisors LLC acquired a new stake in shares of Firefly Aerospace during the 2nd quarter worth $211,000.

About Firefly Aerospace

Firefly Aerospace, Inc is a space transportation and exploration company headquartered in Cedar Park, Texas. The company develops launch vehicles, lunar landers, spacecraft and related in-space services for government and commercial customers. Its operations support missions ranging from satellite deployment and scientific research to lunar exploration and national security applications.

Firefly's primary launch vehicle is Alpha, a small- to medium-class orbital rocket designed to carry payloads into low Earth orbit.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.