Firefly Aerospace (NASDAQ:FLY) Share Price Crosses Above Fifty Day Moving Average – What’s Next?

Firefly Aerospace, Inc. (NASDAQ:FLY) shares passed above its 50 day moving average during trading on Friday. The stock has a 50 day moving average of $20.31 and traded as high as $20.88. Firefly Aerospace shares last traded at $20.76, with a volume of 13,321,488 shares trading hands.

Firefly Aerospace News Summary

Here are the key news stories impacting Firefly Aerospace this week:

• Positive Sentiment: Firefly signed a three-year agreement valued at more than $1.3 billion to supply engines, license intellectual property, and provide engineering support for AST SpaceMobile’s planned Blacklift heavy-lift rocket. AST will initially buy 36 engines and may build additional engines under the license, creating a significant potential revenue stream for Firefly. Reuters article
• Positive Sentiment: Firefly said the agreement will provide funds to help accelerate production of its own launch vehicles. The sizeable contract and potential manufacturing relationship are likely drivers of the positive investor response. Firefly Aerospace announcement
• Neutral Sentiment: The agreement runs over three years, so the headline value represents a multi-year opportunity rather than immediate revenue; delivery and production execution will matter to realizing its full benefit.

Analyst Ratings Changes

Several research analysts have recently issued reports on FLY shares. Cantor Fitzgerald restated an “overweight” rating and issued a $35.00 target price on shares of Firefly Aerospace in a report on Wednesday, August 12th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Firefly Aerospace in a research note on Tuesday, September 22nd. Jefferies Financial Group reissued a “buy” rating on shares of Firefly Aerospace in a report on Friday. Roth Capital reduced their target price on Firefly Aerospace from $60.00 to $45.00 and set a “buy” rating on the stock in a report on Wednesday, August 12th. Finally, KeyCorp dropped their price target on Firefly Aerospace from $50.00 to $35.00 and set an “overweight” rating for the company in a research report on Monday, November 2nd. Seven equities research analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $34.50.

Firefly Aerospace Price Performance

The company has a debt-to-equity ratio of 0.02, a current ratio of 2.73 and a quick ratio of 2.73. The stock has a market capitalization of $3.48 billion, a P/E ratio of -7.06 and a beta of 0.84. The company’s 50-day simple moving average is $20.31 and its 200-day simple moving average is $26.83.

Firefly Aerospace (NASDAQ:FLY) last announced its quarterly earnings results on Tuesday, August 11th. The company reported ($0.42) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.50) by $0.08. Firefly Aerospace had a negative return on equity of 22.28% and a negative net margin of 126.64%. The company had revenue of $117.68 million for the quarter. During the same quarter in the prior year, the firm earned ($5.78) EPS. The firm’s revenue for the quarter was up 659.2% on a year-over-year basis. As a group, sell-side analysts expect that Firefly Aerospace, Inc. will post -2.31 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in the stock. Allworth Financial LP increased its position in Firefly Aerospace by 1,681.6% in the third quarter. Allworth Financial LP now owns 3,581 shares of the company’s stock worth $83,000 after purchasing an additional 3,380 shares during the last quarter. Russell Investments Group Ltd. grew its stake in shares of Firefly Aerospace by 592.4% in the 3rd quarter. Russell Investments Group Ltd. now owns 94,547 shares of the company’s stock worth $2,189,000 after purchasing an additional 80,893 shares during the last quarter. Fulcrum Asset Management LLP acquired a new stake in Firefly Aerospace during the third quarter worth about $474,000. J. Derek Lewis & Associates Inc. grew its holdings in shares of Firefly Aerospace by 64.0% in the 3rd quarter. J. Derek Lewis & Associates Inc. now owns 21,650 shares of the company’s stock valued at $501,000 after buying an additional 8,450 shares during the period. Finally, Ethic Inc. bought a new position in Firefly Aerospace during the 3rd quarter worth $1,215,000.

Firefly Aerospace Company Profile

Firefly Aerospace, Inc is a space transportation and technology company that develops launch vehicles, lunar landers and in-space mobility systems for government and commercial customers. Based in Cedar Park, Texas, the company supports missions across the launch, lunar and orbital services markets.

Firefly’s principal products include the Alpha small-to-medium-lift launch vehicle, which is designed to place satellites and other payloads into low Earth orbit; Blue Ghost lunar landers, developed to deliver scientific and commercial payloads to the Moon; and Elytra spacecraft, intended to provide in-space transportation and mission services.