Firefly Aerospace (NASDAQ:FLY) Stock Price Down 4.9% - Here's What Happened

Key Points

• Firefly Aerospace shares fell 4.9% to $18.415, with trading volume down 89% from its average daily level.
• Analyst sentiment remains broadly positive, with a “Moderate Buy” consensus and an average price target of $36.58, despite ratings ranging from “Sell” to “Overweight.”
• Recent quarterly results exceeded expectations, with a loss of $0.42 per share versus the anticipated $0.50 loss and revenue of $117.68 million, up 659.2% year over year; however, the company remains unprofitable.

Shares of Firefly Aerospace, Inc. (NASDAQ:FLY - Get Free Report) were down 4.9% on Tuesday. The company traded as low as $18.56 and last traded at $18.4150. Approximately 548,250 shares traded hands during trading, a decline of 89% from the average daily volume of 4,974,569 shares. The stock had previously closed at $19.37.

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on the company. Barclays began coverage on Firefly Aerospace in a research note on Friday. They issued an "equal weight" rating and a $34.00 target price for the company. Cantor Fitzgerald reaffirmed an "overweight" rating and issued a $35.00 price target on shares of Firefly Aerospace in a research note on Wednesday, August 12th. Wells Fargo & Company started coverage on Firefly Aerospace in a report on Monday, July 27th. They issued an "equal weight" rating and a $25.00 price objective for the company. B. Riley Financial lowered their price objective on Firefly Aerospace from $60.00 to $50.00 and set a "buy" rating for the company in a research report on Wednesday, August 12th. Finally, Weiss Ratings restated a "sell (d-)" rating on shares of Firefly Aerospace in a report on Tuesday, September 22nd. Seven investment analysts have rated the stock with a Buy rating, four have given a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $36.58.

Firefly Aerospace Stock Down 4.5%

The stock's 50 day simple moving average is $22.89 and its two-hundred day simple moving average is $29.43. The firm has a market cap of $3.10 billion, a P/E ratio of -6.27 and a beta of 0.59. The company has a debt-to-equity ratio of 0.02, a current ratio of 2.73 and a quick ratio of 2.73.

Firefly Aerospace (NASDAQ:FLY - Get Free Report) last issued its quarterly earnings results 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 for the quarter. Firefly Aerospace had a negative return on equity of 22.28% and a negative net margin of 126.64%. The business's revenue for the quarter was up 659.2% compared to the same quarter last year. During the same period in the prior year, the firm earned ($5.78) earnings per share. As a group, research analysts forecast that Firefly Aerospace, Inc. will post -2.31 earnings per share for the current year.

Hedge Funds Weigh In On Firefly Aerospace

Several large investors have recently modified their holdings of the stock. Lisanti Capital Growth LLC purchased a new stake in Firefly Aerospace during the 2nd quarter valued at about $3,059,000. Royal Bank of Canada increased its stake in Firefly Aerospace by 1,803.9% during the 1st quarter. Royal Bank of Canada now owns 225,782 shares of the company's stock valued at $6,428,000 after purchasing an additional 213,923 shares in the last quarter. Quantinno Capital Management LP purchased a new position in Firefly Aerospace in the first quarter worth about $1,431,000. Tema ETFs LLC raised its holdings in Firefly Aerospace by 133,440.2% in the second quarter. Tema ETFs LLC now owns 2,280,867 shares of the company's stock worth $67,057,000 after buying an additional 2,279,159 shares during the last quarter. Finally, Mitsubishi UFJ Asset Management Co. Ltd. purchased a new position in Firefly Aerospace in the second quarter worth about $14,280,000.

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.

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