Firefly Aerospace (NASDAQ:FLY) Stock Price Down 8.2% – Here’s Why

Firefly Aerospace, Inc. (NASDAQ:FLY) shares traded down 8.2% during mid-day trading on Thursday . The company traded as low as $53.55 and last traded at $52.5930. 2,005,212 shares changed hands during trading, a decline of 62% from the average session volume of 5,325,898 shares. The stock had previously closed at $57.28.

Analyst Ratings Changes

A number of analysts have recently issued reports on the stock. Jefferies Financial Group lifted their price objective on shares of Firefly Aerospace from $40.00 to $45.00 and gave the company a “buy” rating in a research note on Monday, April 13th. Cantor Fitzgerald dropped their price objective on shares of Firefly Aerospace from $65.00 to $35.00 and set an “overweight” rating on the stock in a research note on Thursday, March 26th. Deutsche Bank Aktiengesellschaft reiterated a “buy” rating and set a $35.00 price objective on shares of Firefly Aerospace in a research note on Tuesday, May 5th. Weiss Ratings lowered shares of Firefly Aerospace from a “sell (d-)” rating to a “sell (e+)” rating in a research note on Friday, April 24th. Finally, Roth Mkm lifted their price objective on shares of Firefly Aerospace from $35.00 to $60.00 and gave the company a “buy” rating in a research note on Friday, April 17th. Six research analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $40.56.

Firefly Aerospace Price Performance

The company has a debt-to-equity ratio of 0.02, a current ratio of 2.53 and a quick ratio of 2.53. The firm has a market cap of $8.64 billion and a price-to-earnings ratio of -6.56. The business’s 50-day moving average price is $36.30 and its two-hundred day moving average price is $27.52.

Firefly Aerospace (NASDAQ:FLY) last released its quarterly earnings results on Monday, May 4th. The company reported ($0.46) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.50) by $0.04. Firefly Aerospace had a negative net margin of 181.16% and a negative return on equity of 40.96%. The business had revenue of $80.88 million during the quarter. During the same period in the previous year, the business posted ($5.09) EPS. The firm’s quarterly revenue was up 44.8% compared to the same quarter last year. On average, research analysts forecast that Firefly Aerospace, Inc. will post -1.81 EPS for the current fiscal year.

Insider Buying and Selling at Firefly Aerospace

In other news, General Counsel David Leigh Wheeler sold 3,765 shares of the firm’s stock in a transaction that occurred on Monday, May 18th. The shares were sold at an average price of $45.12, for a total transaction of $169,876.80. Following the completion of the sale, the general counsel owned 142,758 shares of the company’s stock, valued at approximately $6,441,240.96. This trade represents a 2.57% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 7.50% of the company’s stock.

Hedge Funds Weigh In On Firefly Aerospace

Large investors have recently added to or reduced their stakes in the company. BNP Paribas Financial Markets bought a new position in Firefly Aerospace during the third quarter worth $26,000. CIBC Private Wealth Group LLC bought a new position in Firefly Aerospace during the third quarter worth $26,000. KBC Group NV bought a new position in Firefly Aerospace during the first quarter worth $38,000. California State Teachers Retirement System bought a new position in Firefly Aerospace during the fourth quarter worth $30,000. Finally, Russell Investments Group Ltd. bought a new position in Firefly Aerospace during the fourth quarter worth $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.