Firefly Aerospace (NASDAQ:FLY) Shares Down 6.2% – Here’s What Happened

Firefly Aerospace, Inc. (NASDAQ:FLY) shares traded down 6.2% during mid-day trading on Thursday . The stock traded as low as $28.83 and last traded at $29.2340. 2,256,405 shares were traded during mid-day trading, a decline of 62% from the average session volume of 5,867,867 shares. The stock had previously closed at $31.15.

Analyst Ratings Changes

Several equities analysts have recently issued reports on the stock. The Goldman Sachs Group lifted their price objective on shares of Firefly Aerospace from $29.00 to $32.00 and gave the stock a “neutral” rating in a research note on Monday, April 20th. Wall Street Zen raised shares of Firefly Aerospace from a “strong sell” rating to a “sell” rating in a research note on Sunday, June 7th. KeyCorp raised shares of Firefly Aerospace from a “sector weight” rating to an “overweight” rating and set a $50.00 price objective on the stock in a research note on Monday. B. Riley Financial assumed coverage on shares of Firefly Aerospace in a research note on Wednesday, May 6th. They issued a “buy” rating and a $60.00 price objective on the stock. Finally, Jefferies Financial Group reaffirmed a “buy” rating and issued a $52.00 price objective on shares of Firefly Aerospace in a research note on Tuesday, June 2nd. Seven research analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $42.20.

Firefly Aerospace Stock Performance

The firm’s 50-day moving average price is $39.67 and its two-hundred day moving average price is $29.55. The firm has a market capitalization of $4.72 billion and a PE ratio of -3.61. The company has a quick ratio of 2.53, a current ratio of 2.53 and a debt-to-equity ratio of 0.02.

Firefly Aerospace (NASDAQ:FLY) last released its earnings results on Monday, May 4th. The company reported ($0.46) earnings per share for the quarter, topping the consensus estimate of ($0.50) by $0.04. The business had revenue of $80.88 million for the quarter. Firefly Aerospace had a negative net margin of 181.16% and a negative return on equity of 40.96%. The business’s revenue was up 44.8% on a year-over-year basis. During the same period last year, the business earned ($5.09) earnings per share. As a group, research 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 3,766 shares of Firefly Aerospace stock in a transaction that occurred on Friday, April 17th. The shares were sold at an average price of $45.04, for a total value of $169,620.64. Following the transaction, the general counsel directly owned 142,758 shares of the company’s stock, valued at $6,429,820.32. This trade represents a 2.57% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. 7.50% of the stock is currently owned by company insiders.

Institutional Trading of Firefly Aerospace

Several institutional investors have recently made changes to their positions in FLY. AE Industrial Partners LP acquired a new stake in shares of Firefly Aerospace during the third quarter worth approximately $1,063,863,000. Vanguard Group Inc. acquired a new stake in shares of Firefly Aerospace during the third quarter worth approximately $53,409,000. Hudson Bay Capital Management LP acquired a new stake in shares of Firefly Aerospace during the third quarter worth approximately $50,711,000. UBS Group AG boosted its holdings in shares of Firefly Aerospace by 233.6% during the fourth quarter. UBS Group AG now owns 1,773,607 shares of the company’s stock worth $39,676,000 after purchasing an additional 1,241,987 shares during the period. Finally, Capital World Investors acquired a new stake in shares of Firefly Aerospace during the third quarter worth approximately $35,337,000.

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.