Firefly Aerospace (NASDAQ:FLY) Shares Cross Above 50 Day Moving Average – What’s Next?

Firefly Aerospace, Inc. (NASDAQ:FLY)’s stock price crossed above its 50-day moving average during trading on Friday. The stock has a 50-day moving average of $20.31 and traded as high as $20.88. Firefly Aerospace shares last traded at $20.76, with a volume of 13,321,488 shares traded.

Key Stories Impacting Firefly Aerospace

Here are the key news stories impacting Firefly Aerospace this week:

• Positive Sentiment: Firefly signed a three-year agreement valued at more than $1.3 billion to supply engines, license intellectual property, and provide engineering support for AST SpaceMobile’s planned Blacklift heavy-lift rocket. AST will initially buy 36 engines and may build additional engines under the license, creating a significant potential revenue stream for Firefly. Reuters article
• Positive Sentiment: Firefly said the agreement will provide funds to help accelerate production of its own launch vehicles. The sizeable contract and potential manufacturing relationship are likely drivers of the positive investor response. Firefly Aerospace announcement
• Neutral Sentiment: The agreement runs over three years, so the headline value represents a multi-year opportunity rather than immediate revenue; delivery and production execution will matter to realizing its full benefit.

Wall Street Analysts Forecast Growth

FLY has been the subject of several research analyst reports. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $35.00 price objective on shares of Firefly Aerospace in a research note on Wednesday, August 12th. Jefferies Financial Group reiterated a “buy” rating on shares of Firefly Aerospace in a research report on Friday. Wall Street Zen raised Firefly Aerospace from a “sell” rating to a “hold” rating in a report on Saturday. B. Riley Financial dropped their price target on Firefly Aerospace from $50.00 to $40.00 and set a “buy” rating for the company in a research report on Wednesday. Finally, Barclays initiated coverage on Firefly Aerospace in a research report on Friday, October 9th. They issued an “equal weight” rating and a $34.00 price target for the company. Seven investment analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $34.50.

Firefly Aerospace Price Performance

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 50-day moving average price of $20.31 and a 200-day moving average price of $26.83. The firm has a market capitalization of $3.48 billion, a PE ratio of -7.06 and a beta of 0.84.

Firefly Aerospace (NASDAQ:FLY) last announced its earnings results on Tuesday, August 11th. The company reported ($0.42) earnings per share for the quarter, beating the consensus estimate of ($0.50) by $0.08. The firm had revenue of $117.68 million during the quarter. Firefly Aerospace had a negative net margin of 126.64% and a negative return on equity of 22.28%. The company’s revenue for the quarter was up 659.2% compared to the same quarter last year. During the same period in the previous year, the firm posted ($5.78) EPS. Sell-side analysts forecast that Firefly Aerospace, Inc. will post -2.31 EPS for the current year.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in FLY. Lisanti Capital Growth LLC acquired a new stake in Firefly Aerospace during the second quarter worth about $3,059,000. Royal Bank of Canada lifted its stake in shares of Firefly Aerospace by 1,803.9% in the 1st quarter. Royal Bank of Canada now owns 225,782 shares of the company’s stock valued at $6,428,000 after purchasing an additional 213,923 shares in the last quarter. Tidal Investments LLC acquired a new position in shares of Firefly Aerospace in the 2nd quarter valued at about $63,714,000. Quantinno Capital Management LP purchased a new stake in shares of Firefly Aerospace during the 1st quarter worth about $1,431,000. Finally, Tema ETFs LLC grew its holdings in shares of Firefly Aerospace by 133,440.2% during the 2nd quarter. Tema ETFs LLC now owns 2,280,867 shares of the company’s stock worth $67,057,000 after purchasing an additional 2,279,159 shares during the period.

Firefly Aerospace Company Profile

Firefly Aerospace, Inc is a space transportation and technology company that develops launch vehicles, lunar landers and in-space mobility systems for government and commercial customers. Based in Cedar Park, Texas, the company supports missions across the launch, lunar and orbital services markets.

Firefly’s principal products include the Alpha small-to-medium-lift launch vehicle, which is designed to place satellites and other payloads into low Earth orbit; Blue Ghost lunar landers, developed to deliver scientific and commercial payloads to the Moon; and Elytra spacecraft, intended to provide in-space transportation and mission services.