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

Bridger Aerospace Group (NASDAQ:BAER) had its price target reduced by equities research analysts at Canaccord Genuity Group from $4.50 to $4.00 in a research note issued to investors on Monday,Benzinga reports. The brokerage currently has a “buy” rating on the stock. Canaccord Genuity Group’s target price suggests a potential upside of 217.46% from the company’s previous close.

Other analysts also recently issued reports about the company. Wall Street Zen downgraded Bridger Aerospace Group from a “sell” rating to a “strong sell” rating in a research note on Saturday, May 16th. Weiss Ratings downgraded Bridger Aerospace Group from a “sell (d-)” rating to a “sell (e+)” rating in a report on Tuesday, July 28th. Finally, Lake Street Capital reaffirmed a “buy” rating and set a $4.00 price target on shares of Bridger Aerospace Group in a research note on Friday. Three investment analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $3.78.

Bridger Aerospace Group Price Performance

Shares of NASDAQ:BAER opened at $1.26 on Monday. The company has a market cap of $70.46 million, a price-to-earnings ratio of -1.48 and a beta of 0.35. The firm’s 50-day simple moving average is $1.88 and its 200-day simple moving average is $2.13. Bridger Aerospace Group has a fifty-two week low of $1.12 and a fifty-two week high of $3.44.

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

Insiders Place Their Bets

In related news, major shareholder Holdings L.P. Blackstone II sold 1,900,000 shares of the firm’s stock in a transaction that occurred on Tuesday, August 4th. The stock was sold at an average price of $1.70, for a total value of $3,230,000.00. Following the completion of the transaction, the insider directly owned 58,205 shares of the company’s stock, valued at $98,948.50. This trade represents a 97.03% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 16.36% of the stock is owned by insiders.

Institutional Trading of Bridger Aerospace Group

Institutional investors have recently bought and sold shares of the company. XTX Topco Ltd purchased a new position in shares of Bridger Aerospace Group in the second quarter valued at $26,000. HB Wealth Management LLC purchased a new stake in shares of Bridger Aerospace Group in the 1st quarter worth about $26,000. Janney Montgomery Scott LLC purchased a new stake in shares of Bridger Aerospace Group in the 1st quarter worth about $30,000. Stifel Financial Corp grew its stake in Bridger Aerospace Group by 23.6% in the 4th quarter. Stifel Financial Corp now owns 21,860 shares of the company’s stock valued at $40,000 after acquiring an additional 4,180 shares during the last quarter. Finally, Dynamic Technology Lab Private Ltd purchased a new position in Bridger Aerospace Group during the 1st quarter valued at about $41,000. 48.94% of the stock is currently owned by hedge funds and other institutional investors.

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.