Firefly Aerospace (NASDAQ:FLY) Stock Price Down 8.5% – Here’s Why

Firefly Aerospace, Inc. (NASDAQ:FLY)’s share price traded down 8.5% during mid-day trading on Wednesday . The company traded as low as $25.14 and last traded at $24.8950. 3,470,330 shares changed hands during trading, a decline of 42% from the average daily volume of 5,944,393 shares. The stock had previously closed at $27.21.

Wall Street Analysts Forecast Growth

Several equities analysts have recently commented on the stock. Roth Mkm boosted their target price on shares of Firefly Aerospace from $35.00 to $60.00 and gave the company a “buy” rating in a research report on Friday, April 17th. Deutsche Bank Aktiengesellschaft reissued a “buy” rating and issued a $35.00 price objective on shares of Firefly Aerospace in a research note on Tuesday, May 5th. The Goldman Sachs Group boosted their price objective on shares of Firefly Aerospace from $29.00 to $32.00 and gave the company a “neutral” rating in a research report on Monday, April 20th. 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 report on Tuesday, May 5th. Finally, UBS Group set a $33.00 price target on Firefly Aerospace in a research note on Thursday, March 12th. Seven equities research analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $42.20.

Firefly Aerospace Trading Up 2.7%

The business’s 50 day moving average price is $38.53 and its two-hundred day moving average price is $29.94. The company has a current ratio of 2.53, a quick ratio of 2.53 and a debt-to-equity ratio of 0.02. The company has a market capitalization of $4.05 billion and a price-to-earnings ratio of -3.10.

Firefly Aerospace (NASDAQ:FLY) last released its quarterly earnings data on Monday, May 4th. The company reported ($0.46) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.50) by $0.04. The business had revenue of $80.88 million during the quarter. Firefly Aerospace had a negative net margin of 181.16% and a negative return on equity of 40.96%. Firefly Aerospace’s revenue for the quarter was up 44.8% compared to the same quarter last year. During the same quarter in the prior year, the company earned ($5.09) earnings per share. On average, equities analysts predict that Firefly Aerospace, Inc. will post -1.97 earnings per share 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 company’s stock in a transaction 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 transaction, the general counsel directly owned 142,758 shares in the company, valued at approximately $6,441,240.96. This represents a 2.57% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 7.50% of the company’s stock.

Institutional Investors Weigh In On Firefly Aerospace

A number of hedge funds and other institutional investors have recently bought and sold shares of FLY. BNP Paribas Financial Markets bought a new position in Firefly Aerospace in the third quarter valued at about $26,000. CIBC Private Wealth Group LLC acquired a new position in shares of Firefly Aerospace in the third quarter valued at approximately $26,000. California State Teachers Retirement System acquired a new position in shares of Firefly Aerospace in the fourth quarter valued at approximately $30,000. NBC Securities Inc. bought a new position in Firefly Aerospace in the 4th quarter valued at approximately $38,000. Finally, KBC Group NV acquired a new stake in Firefly Aerospace during the 1st quarter worth approximately $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.