Firefly Aerospace (NASDAQ:FLY) Trading Down 5.6% – What’s Next?

Firefly Aerospace, Inc. (NASDAQ:FLY)’s stock price was down 5.6% during mid-day trading on Thursday . The stock traded as low as $40.90 and last traded at $41.5520. Approximately 1,077,316 shares changed hands during mid-day trading, a decline of 79% from the average daily volume of 5,122,534 shares. The stock had previously closed at $44.00.

Analyst Ratings Changes

Several research analysts have issued reports on FLY shares. Weiss Ratings lowered Firefly Aerospace from a “sell (d-)” rating to a “sell (e+)” rating in a report on Friday, April 24th. Jefferies Financial Group increased their price target on Firefly Aerospace from $40.00 to $45.00 and gave the stock a “buy” rating in a report on Monday, April 13th. Morgan Stanley increased their price target on Firefly Aerospace from $33.00 to $37.00 and gave the stock an “equal weight” rating in a report on Tuesday, May 5th. Cantor Fitzgerald cut their price target on Firefly Aerospace from $65.00 to $35.00 and set an “overweight” rating on the stock in a report on Thursday, March 26th. Finally, Roth Mkm raised their target price on Firefly Aerospace from $35.00 to $60.00 and gave the company a “buy” rating in a report on Friday, April 17th. Six research analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $40.56.

Firefly Aerospace Stock Performance

The company has a market cap of $6.79 billion and a PE ratio of -5.18. The company has a quick ratio of 2.53, a current ratio of 2.53 and a debt-to-equity ratio of 0.02. The company has a 50-day moving average of $33.36 and a 200-day moving average of $26.49.

Firefly Aerospace (NASDAQ:FLY) last announced its earnings results on Monday, May 4th. The company reported ($0.46) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.50) by $0.04. The company had revenue of $80.88 million for the quarter. Firefly Aerospace had a negative return on equity of 40.96% and a negative net margin of 181.16%.The firm’s quarterly revenue was up 44.8% on a year-over-year basis. During the same period in the previous year, the firm earned ($5.09) EPS. As a group, analysts anticipate that Firefly Aerospace, Inc. will post -1.81 earnings per share for the current year.

Insider Buying and Selling

In related news, General Counsel David Leigh Wheeler sold 3,765 shares of Firefly Aerospace stock in a transaction on Monday, May 18th. The stock was sold at an average price of $45.12, for a total transaction of $169,876.80. Following the sale, the general counsel directly owned 142,758 shares in the company, valued at approximately $6,441,240.96. This trade represents a 2.57% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Company insiders own 7.50% of the company’s stock.

Institutional Trading of Firefly Aerospace

Several hedge funds have recently made changes to their positions in the company. Bank of America Corp DE raised its stake in shares of Firefly Aerospace by 55.8% in the first quarter. Bank of America Corp DE now owns 299,042 shares of the company’s stock valued at $8,514,000 after buying an additional 107,080 shares during the period. Janus Henderson Group PLC bought a new stake in shares of Firefly Aerospace in the first quarter valued at $503,000. California State Teachers Retirement System raised its stake in shares of Firefly Aerospace by 2,259.2% in the first quarter. California State Teachers Retirement System now owns 31,189 shares of the company’s stock valued at $888,000 after buying an additional 29,867 shares during the period. Royal Bank of Canada raised its stake in shares of Firefly Aerospace by 1,803.9% in the first quarter. Royal Bank of Canada now owns 225,782 shares of the company’s stock valued at $6,428,000 after buying an additional 213,923 shares during the period. Finally, The Manufacturers Life Insurance Company bought a new stake in shares of Firefly Aerospace in the first quarter valued at $906,000.

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.