Firefly Aerospace (NASDAQ:FLY) Stock Rating Raised to Hold at Wall Street Zen

Firefly Aerospace (NASDAQ:FLY) was upgraded by equities research analysts at Wall Street Zen from a “sell” rating to a “hold” rating in a report released on Saturday, Wall Street Zen reports.

A number of other analysts also recently issued reports on the company. KeyCorp reduced their price objective on Firefly Aerospace from $50.00 to $35.00 and set an “overweight” rating on the stock in a research note on Monday, November 2nd. Roth Capital lowered their price target on Firefly Aerospace from $60.00 to $45.00 and set a “buy” rating for the company in a report on Wednesday, August 12th. Wells Fargo & Company assumed coverage on Firefly Aerospace in a report on Monday, July 27th. They issued an “equal weight” rating and a $25.00 price objective for the company. Barclays assumed coverage on shares of Firefly Aerospace in a report on Friday, October 9th. They issued an “equal weight” rating and a $34.00 price target for the company. Finally, Cantor Fitzgerald reissued an “overweight” rating and issued a $35.00 target price on shares of Firefly Aerospace in a research note on Wednesday, August 12th. Seven analysts have rated the stock with a Buy rating, four 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 $34.50.

Firefly Aerospace Stock Performance

Firefly Aerospace stock opened at $20.76 on Friday. The company’s 50-day moving average is $20.31 and its two-hundred day moving average is $26.83. Firefly Aerospace has a 1 year low of $14.44 and a 1 year high of $62.17. The company has a market cap of $3.48 billion, a PE ratio of -7.06 and a beta of 0.84. The company has a current ratio of 2.73, a quick ratio of 2.73 and a debt-to-equity ratio of 0.02.

Firefly Aerospace (NASDAQ:FLY) last released its quarterly earnings results on Tuesday, August 11th. The company reported ($0.42) EPS for the quarter, topping analysts’ consensus estimates of ($0.50) by $0.08. The business had revenue of $117.68 million for the quarter. Firefly Aerospace had a negative net margin of 126.64% and a negative return on equity of 22.28%. Firefly Aerospace’s revenue was up 659.2% compared to the same quarter last year. During the same period in the prior year, the business posted ($5.78) earnings per share. Equities analysts anticipate that Firefly Aerospace will post -2.31 earnings per share for the current year.

Hedge Funds Weigh In On Firefly Aerospace

Institutional investors and hedge funds have recently modified their holdings of the business. Allworth Financial LP grew its position in shares of Firefly Aerospace by 1,681.6% during the 3rd quarter. Allworth Financial LP now owns 3,581 shares of the company’s stock worth $83,000 after purchasing an additional 3,380 shares in the last quarter. Russell Investments Group Ltd. increased its stake in Firefly Aerospace by 592.4% during the 3rd quarter. Russell Investments Group Ltd. now owns 94,547 shares of the company’s stock valued at $2,189,000 after purchasing an additional 80,893 shares in the last quarter. Fulcrum Asset Management LLP bought a new position in Firefly Aerospace during the third quarter valued at about $474,000. J. Derek Lewis & Associates Inc. grew its holdings in Firefly Aerospace by 64.0% during 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 in the last quarter. Finally, Ethic Inc. bought a new position in shares of Firefly Aerospace in the 3rd quarter worth $1,215,000.

Firefly Aerospace News Roundup

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.

About Firefly Aerospace

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.