Canaccord Genuity Group Cuts Bridger Aerospace Group (NASDAQ:BAER) Price Target to $4.00

Bridger Aerospace Group (NASDAQ:BAER) had its price target trimmed by Canaccord Genuity Group from $4.50 to $4.00 in a research note issued to investors on Monday, Marketbeat Ratings reports. They currently have a buy rating on the stock.

A number of other equities research analysts have also weighed in on BAER. Weiss Ratings lowered shares of Bridger Aerospace Group from a “sell (d-)” rating to a “sell (e+)” rating in a report on Tuesday, July 28th. Lake Street Capital reissued a “buy” rating and issued a $4.00 price target on shares of Bridger Aerospace Group in a research note on Friday, August 7th. Finally, Wall Street Zen lowered shares of Bridger Aerospace Group from a “sell” rating to a “strong sell” rating in a research report on Saturday, May 16th. Three research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, Bridger Aerospace Group presently has a consensus rating of “Hold” and an average target price of $3.67.

Bridger Aerospace Group Stock Down 7.7%

Shares of BAER stock opened at $1.20 on Monday. The business has a 50-day moving average price of $1.83 and a two-hundred day moving average price of $2.10. Bridger Aerospace Group has a 12-month low of $1.12 and a 12-month high of $3.44. The firm has a market cap of $67.11 million, a P/E ratio of -1.41 and a beta of 0.35.

Bridger Aerospace Group (NASDAQ:BAER) last announced its quarterly earnings data on Thursday, August 6th. The company reported ($0.13) EPS for the quarter, missing the consensus estimate of ($0.03) by ($0.10). The firm had revenue of $30.49 million for the quarter, compared to the consensus estimate of $37.04 million. Bridger Aerospace Group had a negative net margin of 10.77% and a negative return on equity of 1.21%. As a group, research analysts expect that Bridger Aerospace Group will post -0.49 EPS for the current fiscal year.

Insider Activity

In related news, major shareholder Holdings L.P. Blackstone II sold 1,900,000 shares of Bridger Aerospace Group stock in a transaction on Tuesday, August 4th. The shares were sold at an average price of $1.70, for a total value of $3,230,000.00. Following the transaction, the insider directly owned 58,205 shares of the company’s stock, valued at $98,948.50. The trade was a 97.03% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Corporate insiders own 16.36% of the company’s stock.

Institutional Investors Weigh In On Bridger Aerospace Group

Several institutional investors have recently added to or reduced their stakes in the company. BlackRock Inc. bought a new stake in shares of Bridger Aerospace Group in the second quarter worth about $560,000. Bank of America Corp DE raised its position in Bridger Aerospace Group by 255,063.4% during the 1st quarter. Bank of America Corp DE now owns 104,617 shares of the company’s stock valued at $207,000 after purchasing an additional 104,576 shares during the last quarter. Dimensional Fund Advisors LP bought a new position in Bridger Aerospace Group during the 1st quarter valued at approximately $169,000. Stifel Financial Corp lifted its holdings in Bridger Aerospace Group by 23.6% in the 4th quarter. Stifel Financial Corp now owns 21,860 shares of the company’s stock worth $40,000 after buying an additional 4,180 shares during the period. Finally, Dynamic Technology Lab Private Ltd purchased a new stake in Bridger Aerospace Group in the 4th quarter worth approximately $48,000. Hedge funds and other institutional investors own 48.94% of the company’s stock.

Bridger Aerospace Group Company Profile

Bridger Aerospace Group, Inc operates as an aerial services company specializing in wildfire management and aviation support. The company’s core business activities include aerial wildfire suppression, providing rapid-response water and fire-retardant drops from fixed-wing air tankers. In addition to firefighting, Bridger Aerospace offers aviation services such as cloud seeding for weather modification, aerial inspection and mapping, environmental monitoring, and logistics support for remote sites.

Founded in 2014 and headquartered in Heber City, Utah, Bridger Aerospace Group deploys a fleet of both fixed-wing and rotary-wing aircraft under contract to federal, state and local government agencies as well as commercial customers.