Fastly (NYSE:FSLY) Shares Gap Down – Here’s What Happened

Fastly, Inc. (NYSE:FSLY)’s stock price gapped down before the market opened on Tuesday . The stock had previously closed at $9.87, but opened at $9.57. Fastly shares last traded at $9.27, with a volume of 2,575,584 shares trading hands.

Analyst Upgrades and Downgrades

A number of equities analysts have recently weighed in on the company. Morgan Stanley cut their price target on Fastly from $12.00 to $7.00 and set an “equal weight” rating for the company in a report on Tuesday, August 27th. DA Davidson raised their price target on shares of Fastly from $5.50 to $7.50 and gave the stock a “neutral” rating in a research note on Thursday, November 7th. Craig Hallum boosted their price objective on shares of Fastly from $6.00 to $8.00 and gave the company a “hold” rating in a research report on Thursday, November 7th. Oppenheimer upgraded shares of Fastly from a “market perform” rating to an “outperform” rating and set a $12.00 target price on the stock in a research report on Monday. Finally, Royal Bank of Canada boosted their price target on Fastly from $6.00 to $7.00 and gave the company a “sector perform” rating in a report on Thursday, November 7th. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating and one has assigned a buy rating to the company’s stock. Based on data from MarketBeat, Fastly presently has a consensus rating of “Hold” and an average price target of $8.55.

Fastly Stock Down 6.4 %

The stock has a market cap of $1.30 billion, a price-to-earnings ratio of -8.50 and a beta of 1.27. The company has a quick ratio of 3.97, a current ratio of 3.97 and a debt-to-equity ratio of 0.36. The stock has a fifty day moving average of $7.39 and a two-hundred day moving average of $7.25.

Fastly (NYSE:FSLY) last issued its earnings results on Wednesday, November 6th. The company reported $0.02 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.06) by $0.08. The business had revenue of $137.21 million during the quarter, compared to analysts’ expectations of $131.86 million. Fastly had a negative return on equity of 13.24% and a negative net margin of 27.47%. During the same quarter in the previous year, the business earned ($0.33) EPS. The company’s revenue for the quarter was up 7.3% on a year-over-year basis. As a group, analysts predict that Fastly, Inc. will post -0.87 EPS for the current fiscal year.

Insider Transactions at Fastly

In other news, CTO Artur Bergman sold 49,178 shares of Fastly stock in a transaction that occurred on Wednesday, November 6th. The shares were sold at an average price of $8.07, for a total transaction of $396,866.46. Following the sale, the chief technology officer now owns 6,155,822 shares in the company, valued at $49,677,483.54. This trade represents a 0.79 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Todd Nightingale sold 49,816 shares of the business’s stock in a transaction on Monday, November 18th. The stock was sold at an average price of $6.25, for a total transaction of $311,350.00. Following the transaction, the chief executive officer now directly owns 1,600,973 shares in the company, valued at approximately $10,006,081.25. The trade was a 3.02 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 154,550 shares of company stock valued at $1,091,021 over the last 90 days. Corporate insiders own 6.70% of the company’s stock.

Hedge Funds Weigh In On Fastly

Institutional investors have recently added to or reduced their stakes in the company. Point72 DIFC Ltd acquired a new position in shares of Fastly in the second quarter worth about $38,000. FMR LLC raised its position in shares of Fastly by 124.2% in the 3rd quarter. FMR LLC now owns 6,357 shares of the company’s stock valued at $48,000 after purchasing an additional 3,522 shares in the last quarter. EMC Capital Management boosted its stake in shares of Fastly by 400.0% during the 2nd quarter. EMC Capital Management now owns 7,500 shares of the company’s stock valued at $54,000 after buying an additional 6,000 shares during the last quarter. Daiwa Securities Group Inc. grew its position in shares of Fastly by 95.3% during the second quarter. Daiwa Securities Group Inc. now owns 8,849 shares of the company’s stock worth $65,000 after buying an additional 4,318 shares in the last quarter. Finally, Aigen Investment Management LP bought a new stake in shares of Fastly in the third quarter worth $89,000. Institutional investors and hedge funds own 79.71% of the company’s stock.

Fastly Company Profile

Fastly, Inc operates an edge cloud platform for processing, serving, and securing its customer's applications in the United States, the Asia Pacific, Europe, and internationally. The edge cloud is a category of Infrastructure as a Service that enables developers to build, secure, and deliver digital experiences at the edge of the internet.