Firefly Aerospace (NASDAQ:FLY) Trading 8.6% Higher – Here’s Why

Firefly Aerospace, Inc. (NASDAQ:FLY)’s share price was up 8.6% during trading on Friday . The stock traded as high as $34.01 and last traded at $32.2940. Approximately 1,965,864 shares traded hands during trading, a decline of 44% from the average daily volume of 3,506,532 shares. The stock had previously closed at $29.75.

Wall Street Analysts Forecast Growth

FLY has been the topic of a number of research analyst reports. Weiss Ratings reiterated a “sell (d-)” rating on shares of Firefly Aerospace in a research note on Monday, December 29th. KeyCorp assumed coverage on Firefly Aerospace in a research report on Thursday, December 18th. They set a “sector weight” rating on the stock. JPMorgan Chase & Co. cut their price objective on Firefly Aerospace from $55.00 to $28.00 and set an “overweight” rating for the company in a report on Tuesday, November 25th. The Goldman Sachs Group started coverage on Firefly Aerospace in a report on Thursday, November 20th. They set a “neutral” rating and a $29.00 target price on the stock. Finally, Morgan Stanley set a $33.00 price target on shares of Firefly Aerospace in a report on Friday. One research analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating, four have issued a Hold rating and one has given a Sell rating to the company. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $39.29.

Firefly Aerospace Stock Up 11.4%

The company has a 50-day moving average of $22.11. The company has a quick ratio of 6.20, a current ratio of 6.20 and a debt-to-equity ratio of 0.03. The stock has a market capitalization of $5.28 billion and a price-to-earnings ratio of -4.56.

Firefly Aerospace (NASDAQ:FLY) last posted its quarterly earnings data on Wednesday, November 12th. The company reported ($0.33) EPS for the quarter, topping analysts’ consensus estimates of ($0.42) by $0.09. The firm had revenue of $30.78 million during the quarter, compared to analyst estimates of $28.93 million. The firm’s revenue for the quarter was up 37.5% on a year-over-year basis.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in FLY. BNP Paribas Financial Markets acquired a new stake in shares of Firefly Aerospace during the 3rd quarter valued at $26,000. CIBC Private Wealth Group LLC purchased a new stake in shares of Firefly Aerospace during the third quarter worth $26,000. Zurcher Kantonalbank Zurich Cantonalbank acquired a new stake in Firefly Aerospace during the third quarter valued at $55,000. SBI Securities Co. Ltd. acquired a new position in Firefly Aerospace in the 3rd quarter worth about $74,000. Finally, Sandia Investment Management LP purchased a new stake in shares of Firefly Aerospace during the 3rd quarter worth about $147,000.

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.