Firefly Aerospace (NASDAQ:FLY) Trading Down 5.5% – Here’s Why

Firefly Aerospace, Inc. (NASDAQ:FLY)’s stock price traded down 5.5% during trading on Tuesday . The stock traded as low as $28.28 and last traded at $28.7580. 1,188,243 shares were traded during mid-day trading, a decline of 66% from the average session volume of 3,451,064 shares. The stock had previously closed at $30.44.

Wall Street Analysts Forecast Growth

Several analysts recently commented on the stock. The Goldman Sachs Group assumed coverage on shares of Firefly Aerospace in a report on Thursday, November 20th. They set a “neutral” rating and a $29.00 target price for the company. Morgan Stanley cut their price objective on shares of Firefly Aerospace from $52.00 to $27.00 and set an “equal weight” rating for the company in a research report on Monday, November 17th. Roth Capital restated a “buy” rating on shares of Firefly Aerospace in a report on Monday, November 24th. JPMorgan Chase & Co. lowered their target price on Firefly Aerospace from $55.00 to $28.00 and set an “overweight” rating on the stock in a research note on Tuesday, November 25th. Finally, Deutsche Bank Aktiengesellschaft raised Firefly Aerospace from a “hold” rating to a “buy” rating and dropped their price target for the stock from $40.00 to $30.00 in a report on Thursday, November 13th. One analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating, four have given a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $38.43.

Firefly Aerospace Trading Down 0.9%

The company has a current ratio of 6.20, a quick ratio of 6.20 and a debt-to-equity ratio of 0.03. The firm has a market cap of $4.74 billion and a price-to-earnings ratio of -4.09. The stock has a 50 day moving average price of $22.11.

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

Hedge Funds Weigh In On Firefly Aerospace

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. BNP Paribas Financial Markets acquired a new stake in shares of Firefly Aerospace during the 3rd quarter worth $26,000. CIBC Private Wealth Group LLC acquired a new stake in Firefly Aerospace during the third quarter worth about $26,000. Zurcher Kantonalbank Zurich Cantonalbank acquired a new stake in Firefly Aerospace during the third quarter worth about $55,000. SBI Securities Co. Ltd. bought a new position in Firefly Aerospace in the 3rd quarter valued at about $74,000. Finally, Sandia Investment Management LP bought a new stake in shares of Firefly Aerospace during the 3rd quarter worth approximately $147,000.

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.