Firefly Aerospace (NASDAQ:FLY) Stock Gets Price Target Reduction from B. Riley Financial

Firefly Aerospace (NASDAQ:FLY) had its target price cut by B. Riley Financial from $50.00 to $40.00 in a research report released on Wednesday morning,Benzinga reports. They currently have a buy rating on the stock.

A number of other equities research analysts have also issued reports on the stock. Barclays began coverage on shares of Firefly Aerospace in a report on Friday, October 9th. They issued an “equal weight” rating and a $34.00 price target on the stock. Wells Fargo & Company assumed coverage on shares of Firefly Aerospace in a research note on Monday, July 27th. They set an “equal weight” rating and a $25.00 price objective for the company. Weiss Ratings reiterated a “sell (d-)” rating on shares of Firefly Aerospace in a report on Tuesday, September 22nd. Roth Capital cut their target price 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, Jefferies Financial Group set a $35.00 price target on Firefly Aerospace in a report on Wednesday, August 12th. Seven equities research 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. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $34.50.

Firefly Aerospace Trading Up 36.8%

Shares of NASDAQ:FLY traded up $5.58 during trading on Wednesday, reaching $20.76. 13,321,488 shares of the company traded hands, compared to its average volume of 2,815,514. The company has a current ratio of 2.73, a quick ratio of 2.73 and a debt-to-equity ratio of 0.02. Firefly Aerospace has a 52-week low of $14.44 and a 52-week high of $62.17. The firm has a market capitalization of $3.48 billion, a price-to-earnings ratio of -7.06 and a beta of 0.84. The business’s fifty day moving average is $20.31 and its 200-day moving average is $26.83.

Firefly Aerospace (NASDAQ:FLY) last issued its earnings results on Tuesday, August 11th. The company reported ($0.42) EPS for the quarter, topping the consensus estimate of ($0.50) by $0.08. Firefly Aerospace had a negative net margin of 126.64% and a negative return on equity of 22.28%. The company had revenue of $117.68 million for the quarter. During the same period in the previous year, the firm earned ($5.78) earnings per share. The firm’s quarterly revenue was up 659.2% compared to the same quarter last year. As a group, analysts forecast that Firefly Aerospace will post -2.31 EPS for the current year.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the stock. BlackRock Inc. bought a new position in Firefly Aerospace in the 2nd quarter worth $173,573,000. Tema ETFs LLC boosted its stake in shares of Firefly Aerospace by 133,440.2% during the 2nd quarter. Tema ETFs LLC now owns 2,280,867 shares of the company’s stock valued at $67,057,000 after purchasing an additional 2,279,159 shares in the last quarter. Tidal Investments LLC purchased a new position in shares of Firefly Aerospace during the second quarter valued at about $63,714,000. Mirae Asset Global Investments Co. Ltd. purchased a new position in shares of Firefly Aerospace during the third quarter valued at about $23,354,000. Finally, Van ECK Associates Corp increased its position in shares of Firefly Aerospace by 43.8% during the second quarter. Van ECK Associates Corp now owns 3,048,335 shares of the company’s stock valued at $89,621,000 after buying an additional 927,804 shares during the period.

Key Stories Impacting Firefly Aerospace

Here are the key news stories impacting Firefly Aerospace this week:

• Positive Sentiment: Firefly signed a three-year agreement valued at more than $1.3 billion to supply engines, license intellectual property, and provide engineering support for AST SpaceMobile’s planned Blacklift heavy-lift rocket. AST will initially buy 36 engines and may build additional engines under the license, creating a significant potential revenue stream for Firefly. Reuters article
• Positive Sentiment: Firefly said the agreement will provide funds to help accelerate production of its own launch vehicles. The sizeable contract and potential manufacturing relationship are likely drivers of the positive investor response. Firefly Aerospace announcement
• Neutral Sentiment: The agreement runs over three years, so the headline value represents a multi-year opportunity rather than immediate revenue; delivery and production execution will matter to realizing its full benefit.

About Firefly Aerospace

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.