Firefly Aerospace (NASDAQ:FLY) Given New $40.00 Price Target at B. Riley Financial

Firefly Aerospace (NASDAQ:FLY) had its target price reduced by investment analysts at B. Riley Financial from $50.00 to $40.00 in a research note issued on Wednesday, Benzinga reports. The firm presently has a “buy” rating on the stock. B. Riley Financial‘s price objective suggests a potential upside of 131.36% from the company’s current price.

Other equities analysts also recently issued reports about the company. Barclays started coverage on Firefly Aerospace in a research note on Friday, October 9th. They issued an “equal weight” rating and a $34.00 price target on the stock. Weiss Ratings restated a “sell (d-)” rating on shares of Firefly Aerospace in a research report on Tuesday, September 22nd. Wall Street Zen downgraded shares of Firefly Aerospace from a “hold” rating to a “sell” rating in a research note on Saturday, September 19th. Jefferies Financial Group set a $35.00 price objective on shares of Firefly Aerospace in a research note on Wednesday, August 12th. Finally, Cantor Fitzgerald restated an “overweight” rating and issued a $35.00 target price on shares of Firefly Aerospace in a research note on Wednesday, August 12th. Seven investment analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $34.50.

Firefly Aerospace Trading Up 1.6%

Firefly Aerospace stock traded up $0.28 during mid-day trading on Wednesday, hitting $17.29. The company’s stock had a trading volume of 460,395 shares, compared to its average volume of 4,806,225. The business has a 50 day moving average price of $20.59 and a 200-day moving average price of $27.03. Firefly Aerospace has a 12 month low of $15.99 and a 12 month high of $62.17. The stock has a market cap of $2.89 billion, a price-to-earnings ratio of -5.84 and a beta of 0.84. The company has a debt-to-equity ratio of 0.02, a current ratio of 2.73 and a quick ratio of 2.73.

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

Institutional Investors Weigh In On Firefly Aerospace

A number of hedge funds have recently modified their holdings of the business. BlackRock Inc. acquired a new position in Firefly Aerospace during the second quarter worth $173,573,000. Van ECK Associates Corp increased its position in shares of Firefly Aerospace by 43.8% during the second quarter. Van ECK Associates Corp now owns 3,048,335 shares of the company’s stock valued at $89,621,000 after acquiring an additional 927,804 shares during the last quarter. Tema ETFs LLC lifted its stake in Firefly Aerospace by 133,440.2% during the second quarter. Tema ETFs LLC now owns 2,280,867 shares of the company’s stock worth $67,057,000 after purchasing an additional 2,279,159 shares in the last quarter. Tidal Investments LLC acquired a new position in Firefly Aerospace in the 2nd quarter valued at about $63,714,000. Finally, Mirae Asset Global Investments Co. Ltd. acquired a new stake in Firefly Aerospace during the 3rd quarter worth approximately $23,354,000.

Firefly Aerospace Company Profile

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.