Firefly Aerospace (NASDAQ:FLY) Shares Up 8.2% – Here’s Why

Shares of Firefly Aerospace, Inc. (NASDAQ:FLY) shot up 8.2% during mid-day trading on Monday . The stock traded as high as $28.07 and last traded at $27.6290. Approximately 971,780 shares were traded during trading, a decline of 84% from the average session volume of 5,989,930 shares. The stock had previously closed at $25.54.

Analysts Set New Price Targets

A number of research firms have recently commented on FLY. KeyCorp upgraded Firefly Aerospace from a “sector weight” rating to an “overweight” rating and set a $50.00 target price on the stock in a research report on Monday, June 15th. Morgan Stanley raised their price target on Firefly Aerospace from $33.00 to $37.00 and gave the stock an “equal weight” rating in a research note on Tuesday, May 5th. Roth Mkm lifted their price target on Firefly Aerospace from $35.00 to $60.00 and gave the stock a “buy” rating in a research report on Friday, April 17th. B. Riley Financial assumed coverage on Firefly Aerospace in a report on Wednesday, May 6th. They issued a “buy” rating and a $60.00 price objective for the company. Finally, Cantor Fitzgerald lowered their target price on shares of Firefly Aerospace from $65.00 to $35.00 and set an “overweight” rating on the stock in a research report on Thursday, March 26th. Seven equities research analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $42.20.

Firefly Aerospace Price Performance

The company has a 50-day moving average of $38.29 and a 200-day moving average of $29.99. The company has a debt-to-equity ratio of 0.02, a quick ratio of 2.53 and a current ratio of 2.53. The stock has a market cap of $4.58 billion and a price-to-earnings ratio of -3.52.

Firefly Aerospace (NASDAQ:FLY) last posted its quarterly earnings data 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 return on equity of 40.96% and a negative net margin of 181.16%.The company had revenue of $80.88 million during the quarter. During the same period in the previous year, the business posted ($5.09) earnings per share. The firm’s revenue was up 44.8% compared to the same quarter last year. As a group, equities research analysts predict that Firefly Aerospace, Inc. will post -1.97 earnings per share for the current year.

Insider Buying and Selling at Firefly Aerospace

In related news, General Counsel David Leigh Wheeler sold 3,765 shares of Firefly Aerospace stock in a transaction on Monday, May 18th. The shares were sold at an average price of $45.12, for a total value of $169,876.80. Following the transaction, the general counsel directly owned 142,758 shares in the company, valued at $6,441,240.96. This trade represents a 2.57% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. 7.50% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in the company. BNP Paribas Financial Markets purchased a new position in shares of Firefly Aerospace during the 3rd quarter worth approximately $26,000. CIBC Private Wealth Group LLC purchased a new position in Firefly Aerospace in the third quarter worth $26,000. KBC Group NV purchased a new position in Firefly Aerospace in the first quarter worth $38,000. California State Teachers Retirement System acquired a new stake in Firefly Aerospace in the fourth quarter valued at $30,000. Finally, Russell Investments Group Ltd. purchased a new stake in shares of Firefly Aerospace during the 4th 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.