Firefly Aerospace (NASDAQ:FLY) Shares Down 6.2% – Here’s What Happened

Shares of Firefly Aerospace, Inc. (NASDAQ:FLY) dropped 6.2% on Thursday . The stock traded as low as $28.83 and last traded at $29.2340. Approximately 2,256,405 shares traded hands during trading, a decline of 62% from the average daily volume of 5,867,867 shares. The stock had previously closed at $31.15.

Analyst Upgrades and Downgrades

FLY has been the subject of several recent analyst reports. UBS Group set a $33.00 price objective on shares of Firefly Aerospace in a report on Thursday, March 12th. Jefferies Financial Group reissued a “buy” rating and set a $52.00 price objective on shares of Firefly Aerospace in a report on Tuesday, June 2nd. 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 price objective for the company. KeyCorp raised shares of Firefly Aerospace from a “sector weight” rating to an “overweight” rating and set a $50.00 price objective for the company in a report on Monday. Finally, Roth Mkm raised their price objective on shares of Firefly Aerospace from $35.00 to $60.00 and gave the stock a “buy” rating in a report on Friday, April 17th. Seven analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, Firefly Aerospace presently has an average rating of “Moderate Buy” and an average target price of $42.20.

Firefly Aerospace Stock Performance

The stock’s 50-day moving average price is $39.67 and its 200-day moving average price is $29.55. The company has a current ratio of 2.53, a quick ratio of 2.53 and a debt-to-equity ratio of 0.02. The company has a market capitalization of $4.72 billion and a P/E ratio of -3.61.

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

Insider Buying and Selling

In other Firefly Aerospace news, General Counsel David Leigh Wheeler sold 3,766 shares of the firm’s stock in a transaction dated Friday, April 17th. The shares were sold at an average price of $45.04, for a total transaction of $169,620.64. Following the transaction, the general counsel owned 142,758 shares of the company’s stock, valued at approximately $6,429,820.32. This trade represents 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. Insiders own 7.50% of the company’s stock.

Hedge Funds Weigh In On Firefly Aerospace

Several large investors have recently bought and sold shares of the stock. BNP Paribas Financial Markets acquired a new position in Firefly Aerospace during the 3rd quarter valued at about $26,000. CIBC Private Wealth Group LLC acquired a new position in Firefly Aerospace during the 3rd quarter valued at about $26,000. KBC Group NV acquired a new position in Firefly Aerospace during the 1st quarter valued at about $38,000. California State Teachers Retirement System acquired a new position in Firefly Aerospace during the 4th quarter valued at about $30,000. Finally, Russell Investments Group Ltd. acquired a new position in Firefly Aerospace during the 4th quarter valued at about $38,000.

Firefly Aerospace Company Profile

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.