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

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

Analysts Set New Price Targets

A number of equities research analysts have issued reports on the company. Weiss Ratings cut Firefly Aerospace from a “sell (d-)” rating to a “sell (e+)” rating in a research note on Friday, April 24th. Morgan Stanley raised their target price on Firefly Aerospace from $33.00 to $37.00 and gave the company an “equal weight” rating in a research note on Tuesday, May 5th. Jefferies Financial Group raised their target price on Firefly Aerospace from $40.00 to $45.00 and gave the company a “buy” rating in a research note on Monday, April 13th. The Goldman Sachs Group raised their target price on Firefly Aerospace from $29.00 to $32.00 and gave the company a “neutral” rating in a research note on Monday, April 20th. Finally, Deutsche Bank Aktiengesellschaft reiterated a “buy” rating and issued a $35.00 target price on shares of Firefly Aerospace in a research note on Tuesday, May 5th. Six analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, Firefly Aerospace presently has an average rating of “Hold” and an average target price of $40.56.

Firefly Aerospace Price Performance

The company has a market capitalization of $8.64 billion and a price-to-earnings ratio of -6.56. 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 business has a fifty day moving average price of $36.30 and a 200 day moving average price of $27.52.

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

Insider Activity at Firefly Aerospace

In other news, General Counsel David Leigh Wheeler sold 3,766 shares of the firm’s stock in a transaction on Friday, April 17th. The stock was sold at an average price of $45.04, for a total transaction of $169,620.64. Following the transaction, the general counsel directly 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 ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 7.50% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of FLY. BNP Paribas Financial Markets acquired a new position in shares of Firefly Aerospace during the third quarter valued at $26,000. CIBC Private Wealth Group LLC bought a new stake in Firefly Aerospace in the third quarter worth about $26,000. California State Teachers Retirement System bought a new stake in Firefly Aerospace in the fourth quarter worth about $30,000. NBC Securities Inc. bought a new stake in Firefly Aerospace in the fourth quarter worth about $38,000. Finally, KBC Group NV bought a new stake in Firefly Aerospace in the first quarter worth 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.