Bridger Aerospace Group (NASDAQ:BAER) Cut to Sell at Wall Street Zen

Wall Street Zen lowered shares of Bridger Aerospace Group (NASDAQ:BAER) from a hold rating to a sell rating in a research note published on Saturday,Wall Street Zen reports.

A number of other brokerages have also commented on BAER. Lake Street Capital restated a “buy” rating and set a $4.00 price objective on shares of Bridger Aerospace Group in a report on Friday, August 7th. Weiss Ratings cut Bridger Aerospace Group from a “sell (d-)” rating to a “sell (e+)” rating in a report on Tuesday, September 1st. Stifel Nicolaus set a $3.00 price target on Bridger Aerospace Group in a research note on Monday, August 10th. Finally, Canaccord Genuity Group cut their price target on Bridger Aerospace Group from $4.50 to $4.00 and set a “buy” rating on the stock in a report on Monday, August 10th. Three analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $3.67.

Bridger Aerospace Group Stock Performance

NASDAQ BAER opened at $1.02 on Friday. The business has a 50 day simple moving average of $1.49 and a 200 day simple moving average of $1.83. Bridger Aerospace Group has a 52-week low of $1.01 and a 52-week high of $3.44. The stock has a market cap of $57.04 million, a price-to-earnings ratio of -1.20 and a beta of 0.29.

Bridger Aerospace Group (NASDAQ:BAER) last announced its quarterly earnings results on Thursday, August 6th. The company reported ($0.13) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.03) by ($0.10). The company had revenue of $30.49 million during the quarter, compared to the consensus estimate of $37.04 million. Bridger Aerospace Group had a negative net margin of 10.77% and a negative return on equity of 1.21%. On average, analysts predict that Bridger Aerospace Group will post -0.58 EPS for the current year.

Insider Transactions at Bridger Aerospace Group

In other news, major shareholder Holdings L.P. Blackstone II sold 1,900,000 shares of the business’s stock in a transaction on Tuesday, August 4th. The shares were sold at an average price of $1.70, for a total value of $3,230,000.00. Following the sale, the insider owned 58,205 shares of the company’s stock, valued at $98,948.50. The trade was a 97.03% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, major shareholder Holdings I. L.P. Blackstone sold 2,778,124 shares of the stock in a transaction on Tuesday, August 11th. The stock was sold at an average price of $1.04, for a total transaction of $2,889,248.96. Following the transaction, the insider owned 37,272 shares of the company’s stock, valued at $38,762.88. The trade was a 98.68% decrease in their position. The SEC filing for this sale provides additional information. 16.36% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Bridger Aerospace Group

Several institutional investors and hedge funds have recently added to or reduced their stakes in BAER. Corient Private Wealth LP bought a new position in shares of Bridger Aerospace Group in the 2nd quarter valued at about $53,000. Ruggaard & Associates LLC bought a new stake in Bridger Aerospace Group during the second quarter worth about $58,000. Vise Technologies Inc. bought a new stake in Bridger Aerospace Group during the second quarter worth about $28,000. BlackRock Inc. acquired a new position in Bridger Aerospace Group during the second quarter valued at approximately $560,000. Finally, Bank of America Corp DE boosted its position in Bridger Aerospace Group by 255,063.4% during the first quarter. Bank of America Corp DE now owns 104,617 shares of the company’s stock valued at $207,000 after purchasing an additional 104,576 shares during the last quarter. 48.94% of the stock is owned by institutional investors.

About Bridger Aerospace Group

Bridger Aerospace Group, Inc operates as an aerial services company specializing in wildfire management and aviation support. The company’s core business activities include aerial wildfire suppression, providing rapid-response water and fire-retardant drops from fixed-wing air tankers. In addition to firefighting, Bridger Aerospace offers aviation services such as cloud seeding for weather modification, aerial inspection and mapping, environmental monitoring, and logistics support for remote sites.

Founded in 2014 and headquartered in Heber City, Utah, Bridger Aerospace Group deploys a fleet of both fixed-wing and rotary-wing aircraft under contract to federal, state and local government agencies as well as commercial customers.