Firefly Aerospace (NASDAQ:FLY) Stock Price Down 6.3% – Here’s Why

Firefly Aerospace, Inc. (NASDAQ:FLY)’s share price traded down 6.3% during mid-day trading on Tuesday . The stock traded as low as $32.20 and last traded at $32.6560. 1,891,347 shares were traded during trading, a decline of 56% from the average session volume of 4,301,418 shares. The stock had previously closed at $34.85.

Analyst Upgrades and Downgrades

FLY has been the subject of a number of research reports. The Goldman Sachs Group upped their target price on shares of Firefly Aerospace from $29.00 to $32.00 and gave the company a “neutral” rating in a report on Tuesday, January 20th. Weiss Ratings restated a “sell (d-)” rating on shares of Firefly Aerospace in a research report on Monday, December 29th. Morgan Stanley reaffirmed a “positive” rating on shares of Firefly Aerospace in a research report on Thursday, March 12th. Cantor Fitzgerald dropped their target price 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, UBS Group set a $33.00 price target on Firefly Aerospace in a report on Thursday, March 12th. One investment analyst has rated the stock with a Strong Buy rating, five have given a Buy rating, three have assigned a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, Firefly Aerospace currently has an average rating of “Moderate Buy” and a consensus price target of $35.13.

Firefly Aerospace Price Performance

The company has a market cap of $6.36 billion and a PE ratio of -4.19. The stock has a fifty day simple moving average of $23.86 and a two-hundred day simple moving average of $24.91. The company has a current ratio of 4.51, a quick ratio of 4.51 and a debt-to-equity ratio of 0.24.

Firefly Aerospace (NASDAQ:FLY) last posted its quarterly earnings results on Thursday, March 19th. The company reported ($0.38) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.48) by $0.10. Firefly Aerospace had a negative return on equity of 234.80% and a negative net margin of 186.63%.The firm had revenue of $57.67 million for the quarter. The business’s revenue was up 541.1% compared to the same quarter last year.

Institutional Investors Weigh In On Firefly Aerospace

A number of hedge funds and other institutional investors have recently modified their holdings of the company. BNP Paribas Financial Markets purchased a new position in Firefly Aerospace in the 3rd quarter worth approximately $26,000. CIBC Private Wealth Group LLC bought a new stake in Firefly Aerospace in the 3rd quarter valued at about $26,000. California State Teachers Retirement System acquired a new position in Firefly Aerospace during the 4th quarter valued at about $30,000. NBC Securities Inc. bought a new position in Firefly Aerospace in the 4th quarter worth about $38,000. Finally, Russell Investments Group Ltd. acquired a new stake in shares of Firefly Aerospace in the fourth quarter valued at approximately $38,000.

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.