Firefly Aerospace (NASDAQ:FLY) Shares Down 8.3% – Time to Sell?

Firefly Aerospace, Inc. (NASDAQ:FLY) shares were down 8.3% on Thursday . The stock traded as low as $23.12 and last traded at $23.2040. 1,029,731 shares traded hands during mid-day trading, a decline of 81% from the average daily volume of 5,438,244 shares. The stock had previously closed at $25.30.

Analysts Set New Price Targets

FLY has been the topic of several research analyst reports. B. Riley Financial dropped their price objective on Firefly Aerospace from $60.00 to $50.00 and set a “buy” rating on the stock in a research note on Wednesday, August 12th. Wells Fargo & Company started coverage on Firefly Aerospace in a research note on Monday, July 27th. They issued an “equal weight” rating and a $25.00 target price for the company. Wall Street Zen upgraded Firefly Aerospace from a “strong sell” rating to a “sell” rating in a report on Saturday, August 15th. Jefferies Financial Group set a $35.00 price target on Firefly Aerospace in a research report on Wednesday, August 12th. Finally, Cantor Fitzgerald reiterated an “overweight” rating and set a $35.00 price objective on shares of Firefly Aerospace in a report on Wednesday, August 12th. Seven equities research analysts have rated the stock with a Buy rating, four have given a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $36.82.

Firefly Aerospace Stock Up 3.5%

The company has a debt-to-equity ratio of 0.02, a current ratio of 2.73 and a quick ratio of 2.73. The company has a market capitalization of $4.09 billion and a price-to-earnings ratio of -8.32. The firm has a 50-day moving average price of $24.84 and a two-hundred day moving average price of $29.35.

Firefly Aerospace (NASDAQ:FLY) last announced its earnings results on Tuesday, August 11th. The company reported ($0.42) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.50) by $0.08. Firefly Aerospace had a negative return on equity of 22.28% and a negative net margin of 126.64%.The business had revenue of $117.68 million for the quarter. During the same period in the prior year, the business posted ($5.78) EPS. The firm’s quarterly revenue was up 659.2% compared to the same quarter last year. As a group, sell-side analysts anticipate that Firefly Aerospace, Inc. will post -1.91 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Firefly Aerospace

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. BNP Paribas Financial Markets bought a new stake in Firefly Aerospace during the 3rd quarter worth about $26,000. CIBC Private Wealth Group LLC acquired a new stake in shares of Firefly Aerospace in the third quarter valued at about $26,000. KBC Group NV bought a new stake in Firefly Aerospace during the first quarter worth about $38,000. California State Teachers Retirement System bought a new stake in Firefly Aerospace during the fourth quarter worth about $30,000. Finally, Russell Investments Group Ltd. acquired a new position in Firefly Aerospace during the fourth quarter valued at approximately $38,000.

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.