Firefly Aerospace (NASDAQ:FLY) Stock Price Down 4.9% – Time to Sell?

Shares of Firefly Aerospace, Inc. (NASDAQ:FLY) dropped 4.9% on Tuesday. The stock traded as low as $18.56 and last traded at $18.4150. 548,250 shares changed hands during mid-day 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

Several equities research analysts have recently commented on FLY shares. B. Riley Financial cut their price target on Firefly Aerospace from $60.00 to $50.00 and set a “buy” rating for the company in a research note on Wednesday, August 12th. Jefferies Financial Group set a $35.00 price objective on shares of Firefly Aerospace in a research report on Wednesday, August 12th. Barclays began coverage on shares of Firefly Aerospace in a research report on Friday, October 9th. They issued an “equal weight” rating and a $34.00 price objective on the stock. Weiss Ratings reissued a “sell (d-)” rating on shares of Firefly Aerospace in a research note on Tuesday, September 22nd. Finally, Roth Capital cut their price objective on shares of Firefly Aerospace from $60.00 to $45.00 and set a “buy” rating for the company in a research report on Wednesday, August 12th. Seven investment analysts have rated the stock with a Buy rating, four have given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, Firefly Aerospace presently has a consensus rating of “Moderate Buy” and a consensus price target of $36.58.

Firefly Aerospace Stock Performance

The company has a debt-to-equity ratio of 0.02, a current ratio of 2.73 and a quick ratio of 2.73. The stock has a fifty day simple moving average of $22.67 and a two-hundred day simple moving average of $29.30.

Firefly Aerospace (NASDAQ:FLY) last issued its earnings results on Tuesday, August 11th. The company reported ($0.42) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.50) by $0.08. The business 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 business’s quarterly revenue was up 659.2% on a year-over-year basis. During the same period last year, the company posted ($5.78) earnings per share. Analysts expect that Firefly Aerospace, Inc. will post -2.31 EPS for the current year.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of FLY. Lisanti Capital Growth LLC purchased a new position in Firefly Aerospace in the second quarter valued at about $3,059,000. Royal Bank of Canada boosted its stake in shares of Firefly Aerospace by 1,803.9% during the 1st quarter. Royal Bank of Canada now owns 225,782 shares of the company’s stock worth $6,428,000 after acquiring an additional 213,923 shares in the last quarter. Quantinno Capital Management LP purchased a new stake in shares of Firefly Aerospace during the 1st quarter worth approximately $1,431,000. 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 worth $67,057,000 after acquiring an additional 2,279,159 shares in the last quarter. Finally, Mitsubishi UFJ Asset Management Co. Ltd. acquired a new stake in shares of Firefly Aerospace in the 2nd quarter worth approximately $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.