Firefly Aerospace (NASDAQ:FLY) Shares Down 7% – Time to Sell?

Firefly Aerospace, Inc. (NASDAQ:FLY)’s share price dropped 7% on Monday . The company traded as low as $23.51 and last traded at $23.4280. Approximately 1,878,802 shares changed hands during mid-day trading, a decline of 48% from the average daily volume of 3,628,384 shares. The stock had previously closed at $25.20.

Analyst Upgrades and Downgrades

A number of research firms recently weighed in on FLY. Morgan Stanley set a $33.00 price target on Firefly Aerospace in a report on Friday, January 16th. Deutsche Bank Aktiengesellschaft upgraded Firefly Aerospace from a “hold” rating to a “buy” rating and cut their price objective for the company from $40.00 to $30.00 in a research report on Thursday, November 13th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Firefly Aerospace in a research report on Monday, December 29th. Roth Mkm reissued a “buy” rating on shares of Firefly Aerospace in a report on Monday, November 24th. Finally, KeyCorp started coverage on shares of Firefly Aerospace in a research report on Thursday, December 18th. They set a “sector weight” rating for the company. One equities research analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating, four have issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $39.71.

Firefly Aerospace Price Performance

The firm has a fifty day simple moving average of $24.70. The firm has a market capitalization of $3.89 billion and a price-to-earnings ratio of -3.35. The company has a debt-to-equity ratio of 0.03, a quick ratio of 6.20 and a current ratio of 6.20.

Firefly Aerospace (NASDAQ:FLY) last posted its quarterly earnings results on Wednesday, November 12th. The company reported ($0.33) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.42) by $0.09. The business had revenue of $30.78 million for the quarter, compared to analyst estimates of $28.93 million. The business’s revenue was up 37.5% compared to the same quarter last year.

Institutional Investors Weigh In On Firefly Aerospace

Several hedge funds and other institutional investors have recently made changes to their positions in FLY. BNP Paribas Financial Markets acquired a new position in Firefly Aerospace during the third quarter worth $26,000. CIBC Private Wealth Group LLC acquired a new position in shares of Firefly Aerospace during the 3rd quarter valued at about $26,000. NBC Securities Inc. purchased a new stake in shares of Firefly Aerospace in the fourth quarter valued at about $38,000. Zurcher Kantonalbank Zurich Cantonalbank acquired a new stake in Firefly Aerospace during the third quarter worth about $55,000. Finally, Rakuten Securities Inc. purchased a new position in Firefly Aerospace during the fourth quarter worth about $69,000.

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.