Firefly Aerospace (NASDAQ:FLY) Shares Down 8.5% – Here’s What Happened

Firefly Aerospace, Inc. (NASDAQ:FLY) fell 8.5% on Wednesday . The company traded as low as $25.14 and last traded at $24.8950. Approximately 3,470,330 shares were traded during trading, a decline of 42% from the average daily volume of 5,944,393 shares. The stock had previously closed at $27.21.

Analyst Upgrades and Downgrades

FLY has been the topic of several research analyst reports. Cantor Fitzgerald cut their target price on Firefly Aerospace from $65.00 to $35.00 and set an “overweight” rating on the stock in a research report on Thursday, March 26th. Jefferies Financial Group reissued a “buy” rating and issued a $52.00 price target on shares of Firefly Aerospace in a research report on Tuesday, June 2nd. Weiss Ratings downgraded Firefly Aerospace from a “sell (d-)” rating to a “sell (e+)” rating in a research note on Friday, April 24th. Deutsche Bank Aktiengesellschaft reaffirmed a “buy” rating and issued a $35.00 price target on shares of Firefly Aerospace in a report on Tuesday, May 5th. Finally, B. Riley Financial initiated coverage on shares of Firefly Aerospace in a report on Wednesday, May 6th. They set a “buy” rating and a $60.00 target price on the stock. Seven analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $42.20.

Firefly Aerospace Trading Down 7.3%

The firm has a market cap of $4.04 billion and a PE ratio of -3.06. The firm has a fifty day simple moving average of $39.05 and a two-hundred day simple moving average of $29.88. The company has a current ratio of 2.53, a quick ratio of 2.53 and a debt-to-equity ratio of 0.02.

Firefly Aerospace (NASDAQ:FLY) last issued its quarterly earnings results on Monday, May 4th. The company reported ($0.46) EPS for the quarter, topping analysts’ consensus estimates of ($0.50) by $0.04. Firefly Aerospace had a negative return on equity of 40.96% and a negative net margin of 181.16%.The firm had revenue of $80.88 million for the quarter. During the same period in the prior year, the firm earned ($5.09) earnings per share. The business’s revenue for the quarter was up 44.8% compared to the same quarter last year. Equities analysts forecast that Firefly Aerospace, Inc. will post -1.97 EPS for the current year.

Insider Activity

In other Firefly Aerospace news, General Counsel David Leigh Wheeler sold 3,765 shares of the business’s stock in a transaction dated Monday, May 18th. The shares were sold at an average price of $45.12, for a total value of $169,876.80. Following the completion of the sale, the general counsel directly owned 142,758 shares of the company’s stock, valued at $6,441,240.96. The trade was a 2.57% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Corporate insiders own 7.50% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. TD Asset Management Inc purchased a new position in shares of Firefly Aerospace during the 3rd quarter worth $4,353,000. LBP AM SA lifted its position in shares of Firefly Aerospace by 265.5% during the 4th quarter. LBP AM SA now owns 223,855 shares of the company’s stock worth $5,008,000 after purchasing an additional 162,617 shares during the last quarter. Liontrust Investment Partners LLP acquired a new position in shares of Firefly Aerospace during the 3rd quarter worth about $1,790,000. Hudson Bay Capital Management LP acquired a new stake in Firefly Aerospace during the third quarter worth approximately $50,711,000. Finally, Tudor Investment Corp ET AL acquired a new position in Firefly Aerospace in the third quarter valued at $19,899,000.

About Firefly Aerospace

Firefly Aerospace (NASDAQ:FLY) is a U.S.-based aerospace company that designs, manufactures and operates launch vehicles and in-space systems for commercial, civil and national security customers. The company focuses on providing end-to-end small- and medium-lift launch services, mission integration and spacecraft hardware to support satellite deployment and on-orbit operations.

Firefly’s product portfolio includes the Alpha small launch vehicle, developed to carry small satellites to low Earth orbit, and plans for larger vehicles and in-space capabilities to address a range of payload sizes and mission profiles.