Firefly Aerospace (NASDAQ:FLY) Stock Jumps 7% – Here’s Why

Firefly Aerospace, Inc. (NASDAQ:FLY)’s share price shot up 7% on Wednesday. The stock traded as high as $17.34 and last traded at $17.4450. Approximately 280,505 shares changed hands during trading, a decline of 94% from the average session volume of 4,912,957 shares. The stock had previously closed at $16.31.

Analyst Upgrades and Downgrades

A number of equities research analysts recently weighed in on FLY shares. Barclays initiated coverage on Firefly Aerospace in a research note on Friday, October 9th. They set an “equal weight” rating and a $34.00 price objective for the company. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $35.00 price target on shares of Firefly Aerospace in a report on Wednesday, August 12th. Wall Street Zen lowered shares of Firefly Aerospace from a “hold” rating to a “sell” rating in a report on Saturday, September 19th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Firefly Aerospace in a report on Tuesday, September 22nd. Finally, Roth Capital cut their target price on shares of Firefly Aerospace from $60.00 to $45.00 and set a “buy” rating for the company in a research note on Wednesday, August 12th. Seven research analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, Firefly Aerospace currently has a consensus rating of “Moderate Buy” and an average target price of $36.58.

Firefly Aerospace Stock Down 0.8%

The business’s fifty day moving average is $21.60 and its two-hundred day moving average is $28.81. The company has a quick ratio of 2.73, a current ratio of 2.73 and a debt-to-equity ratio of 0.02.

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. The firm 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%. The firm’s revenue was up 659.2% compared to the same quarter last year. During the same period last year, the business earned ($5.78) EPS. As a group, research analysts predict that Firefly Aerospace, Inc. will post -2.31 EPS for the current year.

Institutional Investors Weigh In On Firefly Aerospace

Hedge funds have recently made changes to their positions in the business. KBC Group NV acquired a new stake in shares of Firefly Aerospace during the first quarter worth $38,000. Integrated Wealth Concepts LLC purchased a new stake in shares of Firefly Aerospace in the second quarter valued at about $56,000. Sterling Capital Management LLC raised its holdings in shares of Firefly Aerospace by 848.9% in the third quarter. Sterling Capital Management LLC now owns 2,657 shares of the company’s stock worth $62,000 after acquiring an additional 2,377 shares during the last quarter. Parallel Advisors LLC grew its stake in Firefly Aerospace by 398.0% in the 1st quarter. Parallel Advisors LLC now owns 2,953 shares of the company’s stock worth $84,000 after acquiring an additional 2,360 shares during the period. Finally, Parvin Asset Management LLC acquired a new stake in shares of Firefly Aerospace in the second quarter worth approximately $103,000.

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.