Van ECK Associates Corp Raises Holdings in Firefly Aerospace, Inc. $FLY

Van ECK Associates Corp grew its holdings in shares of Firefly Aerospace, Inc. (NASDAQ:FLY) by 43.8% in the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 3,048,335 shares of the company’s stock after purchasing an additional 927,804 shares during the quarter. Van ECK Associates Corp’s holdings in Firefly Aerospace were worth $89,621,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently modified their holdings of FLY. BNP Paribas Financial Markets purchased a new position in Firefly Aerospace during the 3rd quarter valued at about $26,000. CIBC Private Wealth Group LLC purchased a new stake in shares of Firefly Aerospace in the third quarter worth about $26,000. KBC Group NV bought a new position in shares of Firefly Aerospace in the first quarter valued at approximately $38,000. California State Teachers Retirement System bought a new position in shares of Firefly Aerospace in the fourth quarter valued at approximately $30,000. Finally, Russell Investments Group Ltd. purchased a new position in Firefly Aerospace during the fourth quarter valued at approximately $38,000.

Firefly Aerospace Stock Performance

NASDAQ FLY opened at $21.26 on Friday. The company has a 50-day simple moving average of $23.91 and a two-hundred day simple moving average of $29.29. Firefly Aerospace, Inc. has a 12-month low of $16.00 and a 12-month high of $62.17. The firm has a market cap of $3.56 billion and a price-to-earnings ratio of -7.23. The company has a quick ratio of 2.73, a current ratio of 2.73 and a debt-to-equity ratio of 0.02.

Firefly Aerospace (NASDAQ:FLY) last posted its earnings results on Tuesday, August 11th. The company reported ($0.42) earnings per share (EPS) for the quarter, topping the consensus estimate 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 company had revenue of $117.68 million for the quarter. During the same period in the previous year, the business earned ($5.78) earnings per share. The firm’s revenue for the quarter was up 659.2% compared to the same quarter last year. On average, equities analysts forecast that Firefly Aerospace, Inc. will post -1.91 EPS for the current year.

Analysts Set New Price Targets

Several research firms have recently weighed in on FLY. Jefferies Financial Group set a $35.00 price target on shares of Firefly Aerospace in a report on Wednesday, August 12th. Weiss Ratings upgraded Firefly Aerospace from a “sell (e+)” rating to a “sell (d-)” rating in a research report on Thursday, June 25th. Morgan Stanley upped their target price on Firefly Aerospace from $33.00 to $37.00 and gave the stock an “equal weight” rating in a research note on Tuesday, May 5th. Deutsche Bank Aktiengesellschaft reaffirmed a “buy” rating and issued a $35.00 price target on shares of Firefly Aerospace in a report on Tuesday, May 5th. Finally, Wall Street Zen upgraded Firefly Aerospace from a “sell” rating to a “hold” rating in a research report on Sunday, August 23rd. Seven analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $36.82.

Firefly Aerospace Company Profile

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.