Firefly Aerospace (NASDAQ:FLY) Stock Rating Raised to “Hold” at Wall Street Zen

Wall Street Zen upgraded shares of Firefly Aerospace (NASDAQ:FLY) from a sell rating to a hold rating in a report released on Saturday morning,Wall Street Zen reports.

FLY has been the subject of several other reports. KeyCorp cut their price target on shares of Firefly Aerospace from $50.00 to $35.00 and set an “overweight” rating for the company in a report on Monday, November 2nd. B. Riley Financial decreased their price objective on shares of Firefly Aerospace from $50.00 to $40.00 and set a “buy” rating on the stock in a research note on Wednesday. Jefferies Financial Group reaffirmed a “buy” rating on shares of Firefly Aerospace in a report on Friday. Barclays started coverage on shares of Firefly Aerospace in a research note on Friday, October 9th. They issued an “equal weight” rating and a $34.00 target price for the company. Finally, Cantor Fitzgerald reissued an “overweight” rating and issued a $35.00 target price on shares of Firefly Aerospace in a report on Wednesday, August 12th. Seven equities research analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, Firefly Aerospace presently has a consensus rating of “Moderate Buy” and a consensus price target of $34.50.

Firefly Aerospace Stock Up 36.8%

Shares of NASDAQ FLY opened at $20.76 on Friday. Firefly Aerospace has a 52-week low of $14.44 and a 52-week high of $62.17. The company has a debt-to-equity ratio of 0.02, a quick ratio of 2.73 and a current ratio of 2.73. The business has a fifty day moving average of $20.31 and a two-hundred day moving average of $26.83. The stock has a market cap of $3.48 billion, a PE ratio of -7.06 and a beta of 0.84.

Firefly Aerospace (NASDAQ:FLY) last posted its earnings results on Tuesday, August 11th. The company reported ($0.42) earnings per share for the quarter, topping the consensus estimate 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 firm’s revenue for the quarter was up 659.2% compared to the same quarter last year. During the same period in the previous year, the company posted ($5.78) EPS. As a group, equities research analysts expect that Firefly Aerospace will post -2.31 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the business. BlackRock Inc. acquired a new position in shares of Firefly Aerospace during the second quarter worth approximately $173,573,000. Tema ETFs LLC increased its holdings in shares of Firefly Aerospace by 133,440.2% in the second 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 acquired a new stake in shares of Firefly Aerospace in the second quarter valued at approximately $63,714,000. Mirae Asset Global Investments Co. Ltd. acquired a new stake in shares of Firefly Aerospace in the third quarter valued at approximately $23,354,000. Finally, Van ECK Associates Corp raised its position in Firefly Aerospace by 43.8% in the 2nd quarter. Van ECK Associates Corp now owns 3,048,335 shares of the company’s stock worth $89,621,000 after purchasing an additional 927,804 shares during the last quarter.

More Firefly Aerospace News

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.

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.