Firefly Aerospace (NASDAQ:FLY) Stock Price Down 7.7% – Time to Sell?

Firefly Aerospace, Inc. (NASDAQ:FLY) shares traded down 7.7% during mid-day trading on Wednesday . The stock traded as low as $28.05 and last traded at $28.0170. 2,225,036 shares were traded during trading, a decline of 40% from the average session volume of 3,691,930 shares. The stock had previously closed at $30.34.

Analyst Ratings Changes

FLY has been the subject of a number of analyst reports. JPMorgan Chase & Co. dropped their price objective on Firefly Aerospace from $55.00 to $28.00 and set an “overweight” rating for the company in a research note on Tuesday, November 25th. Morgan Stanley set a $33.00 price target on shares of Firefly Aerospace in a report on Friday, January 16th. Weiss Ratings reissued a “sell (d-)” rating on shares of Firefly Aerospace in a report on Monday, December 29th. Roth Mkm reaffirmed a “buy” rating on shares of Firefly Aerospace in a research note on Monday, November 24th. Finally, The Goldman Sachs Group increased their target price on shares of Firefly Aerospace from $29.00 to $32.00 and gave the stock a “neutral” rating in a report on Tuesday. One equities research analyst has rated the stock with a Strong Buy rating, four have given a Buy rating, four have given a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, Firefly Aerospace has an average rating of “Moderate Buy” and an average target price of $39.71.

Firefly Aerospace Stock Performance

The firm has a 50-day moving average price of $23.42. The company has a market capitalization of $4.64 billion and a PE ratio of -4.00. The company has a quick ratio of 6.20, a current ratio of 6.20 and a debt-to-equity ratio of 0.03.

Firefly Aerospace (NASDAQ:FLY) last announced its quarterly earnings results on Wednesday, November 12th. The company reported ($0.33) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.42) by $0.09. The company had revenue of $30.78 million for the quarter, compared to analysts’ expectations of $28.93 million. The company’s quarterly revenue was up 37.5% compared to the same quarter last year.

Institutional Investors Weigh In On Firefly Aerospace

Several hedge funds have recently made changes to their positions in FLY. Canal Insurance CO purchased a new stake in Firefly Aerospace in the third quarter worth $293,000. Harel Insurance Investments & Financial Services Ltd. bought a new stake in shares of Firefly Aerospace during the 3rd quarter valued at $293,000. Teacher Retirement System of Texas bought a new stake in shares of Firefly Aerospace during the 3rd quarter valued at $3,836,000. LBP AM SA purchased a new stake in shares of Firefly Aerospace in the 3rd quarter worth about $1,795,000. Finally, Phoenix Financial Ltd. bought a new position in shares of Firefly Aerospace in the 3rd quarter worth about $14,468,000.

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.