Bridger Aerospace Group (NASDAQ:BAER) Stock Rating Lowered by Zacks Research

Bridger Aerospace Group (NASDAQ:BAER) was downgraded by Zacks Research from a “hold” rating to a “strong sell” rating in a note issued to investors on Monday, Zacks reports.

BAER has been the subject of a number of other reports. Canaccord Genuity Group dropped their price objective on shares of Bridger Aerospace Group from $4.50 to $4.00 and set a “buy” rating for the company in a report on Monday, August 10th. Lake Street Capital reissued a “buy” rating and issued a $4.00 target price on shares of Bridger Aerospace Group in a research note on Friday, August 7th. Stifel Nicolaus set a $3.00 target price on Bridger Aerospace Group in a research note on Monday, August 10th. Weiss Ratings downgraded Bridger Aerospace Group from a “sell (d-)” rating to a “sell (e+)” rating in a research report on Tuesday, October 6th. Finally, Wall Street Zen lowered Bridger Aerospace Group from a “hold” rating to a “sell” rating in a research note on Saturday. Three research analysts have rated the stock with a Buy rating and two have issued a Sell rating to the company. Based on data from MarketBeat, Bridger Aerospace Group presently has a consensus rating of “Hold” and a consensus target price of $3.67.

Bridger Aerospace Group Stock Performance

BAER stock opened at $0.47 on Monday. The company’s 50 day moving average is $0.84 and its 200 day moving average is $1.80. Bridger Aerospace Group has a 1-year low of $0.46 and a 1-year high of $3.44.

Bridger Aerospace Group (NASDAQ:BAER) last announced its earnings results on Thursday, August 6th. The company reported ($0.13) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.03) by ($0.10). The business had revenue of $30.49 million for the quarter, compared to analyst estimates of $37.04 million. Research analysts forecast that Bridger Aerospace Group will post -0.64 earnings per share for the current fiscal year.

Insider Activity at Bridger Aerospace Group

In other news, major shareholder Holdings L.P. Blackstone II sold 1,900,000 shares of the stock in a transaction that occurred on Tuesday, August 4th. The stock was sold at an average price of $1.70, for a total transaction of $3,230,000.00. Following the completion of the sale, the insider owned 58,205 shares of the company’s stock, valued at approximately $98,948.50. This represents a 97.03% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Jeffrey E. Kelter acquired 100,000 shares of the company’s stock in a transaction dated Wednesday, August 19th. The shares were bought at an average cost of $1.20 per share, with a total value of $120,000.00. Following the purchase, the director owned 677,800 shares of the company’s stock, valued at approximately $813,360. This trade represents a 17.31% increase in their position. The SEC filing for this purchase provides additional information. 16.36% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the company. BlackRock Inc. bought a new stake in Bridger Aerospace Group during the 2nd quarter valued at $560,000. Walleye Capital LLC purchased a new stake in Bridger Aerospace Group during the 1st quarter valued at $428,000. Bank of America Corp DE grew its holdings in Bridger Aerospace Group by 255,063.4% in the 1st quarter. Bank of America Corp DE now owns 104,617 shares of the company’s stock worth $207,000 after acquiring an additional 104,576 shares during the last quarter. Dimensional Fund Advisors LP bought a new stake in Bridger Aerospace Group in the 1st quarter worth $169,000. Finally, Penbrook Management LLC bought a new stake in Bridger Aerospace Group in the 3rd quarter worth $58,000. 48.94% of the stock is owned by hedge funds and other institutional investors.

About Bridger Aerospace Group

Bridger Aerospace Group Co is an aerial firefighting and wildfire management company based in Montana. The company provides aircraft, crews and related services to help government agencies and other customers detect, contain and suppress wildfires.

Its operations include aerial delivery of fire retardant and water, wildfire surveillance, intelligence and mapping, and other specialized aviation services. Bridger operates a fleet of aircraft designed for wildfire response and serves federal, state and local agencies, primarily in the United States.

The company became publicly traded on the Nasdaq following its business combination with Jack Creek Investment Corp.