Firefly Aerospace (NASDAQ:FLY) Stock Falls 7% – Here’s What Happened

Firefly Aerospace, Inc. (NASDAQ:FLY) dropped 7% during trading on Wednesday. The stock traded as low as $21.26 and last traded at $21.2390. Approximately 1,609,902 shares were traded during trading, a decline of 68% from the average daily volume of 5,024,996 shares. The stock had previously closed at $22.83.

Analyst Upgrades and Downgrades

A number of equities analysts recently weighed in on the company. Jefferies Financial Group set a $35.00 price objective on Firefly Aerospace in a report on Wednesday, August 12th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Firefly Aerospace in a report on Tuesday, September 22nd. Wall Street Zen lowered shares of Firefly Aerospace from a “hold” rating to a “sell” rating in a report on Saturday, September 19th. KeyCorp upgraded shares of Firefly Aerospace from a “sector weight” rating to an “overweight” rating and set a $50.00 price target for the company in a research report on Monday, June 15th. Finally, Barclays started coverage on shares of Firefly Aerospace in a research note on Friday. They issued an “equal weight” rating and a $34.00 price objective for the company. 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’s stock. According to MarketBeat, Firefly Aerospace currently has an average rating of “Moderate Buy” and a consensus price target of $36.58.

Firefly Aerospace Price Performance

The stock has a market capitalization of $3.37 billion, a price-to-earnings ratio of -6.85 and a beta of 0.59. The company has a current ratio of 2.73, a quick ratio of 2.73 and a debt-to-equity ratio of 0.02. The stock has a 50-day simple moving average of $22.94 and a 200 day simple moving average of $29.49.

Firefly Aerospace (NASDAQ:FLY) last posted its quarterly 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 net margin of 126.64% and a negative return on equity of 22.28%. Firefly Aerospace’s revenue for the quarter was up 659.2% compared to the same quarter last year. During the same period last year, the company earned ($5.78) earnings per share. On average, equities research analysts forecast that Firefly Aerospace, Inc. will post -2.31 EPS for the current fiscal year.

Hedge Funds Weigh In On Firefly Aerospace

Institutional investors and hedge funds have recently modified their holdings of the stock. BlackRock Inc. acquired a new stake in Firefly Aerospace during the second quarter valued at $173,573,000. Van ECK Associates Corp increased its position in Firefly Aerospace by 43.8% in the 2nd quarter. Van ECK Associates Corp now owns 3,048,335 shares of the company’s stock worth $89,621,000 after purchasing an additional 927,804 shares during the last quarter. Tema ETFs LLC raised 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 purchasing an additional 2,279,159 shares in the last quarter. Tidal Investments LLC acquired a new stake in shares of Firefly Aerospace during the 2nd quarter valued at about $63,714,000. Finally, Temasek Holdings Private Ltd grew its stake in shares of Firefly Aerospace by 151.3% in the 4th quarter. Temasek Holdings Private Ltd now owns 1,069,588 shares of the company’s stock valued at $23,927,000 after buying an additional 643,886 shares in the last quarter.

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.