Firefly Aerospace (NASDAQ:FLY) Shares Down 10.9% – Here’s Why

Firefly Aerospace, Inc. (NASDAQ:FLY)’s share price fell 10.9% during mid-day trading on Friday . The company traded as low as $19.30 and last traded at $19.1750. 1,309,171 shares traded hands during mid-day trading, a decline of 60% from the average session volume of 3,302,471 shares. The stock had previously closed at $21.53.

Analysts Set New Price Targets

A number of analysts recently weighed in on FLY shares. JPMorgan Chase & Co. decreased their target price on shares of Firefly Aerospace from $55.00 to $28.00 and set an “overweight” rating on the stock in a report on Tuesday, November 25th. Roth Mkm reaffirmed a “buy” rating on shares of Firefly Aerospace in a report on Monday, November 24th. The Goldman Sachs Group increased their price objective on Firefly Aerospace from $29.00 to $32.00 and gave the stock a “neutral” rating in a research report on Tuesday, January 20th. Morgan Stanley set a $33.00 target price on Firefly Aerospace in a research report on Friday, January 16th. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Firefly Aerospace in a report on Monday, December 29th. One research analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating, four have issued a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $39.71.

Firefly Aerospace Trading Down 9.0%

The company has a market capitalization of $3.12 billion and a price-to-earnings ratio of -2.68. The company has a quick ratio of 6.20, a current ratio of 6.20 and a debt-to-equity ratio of 0.03. The stock has a 50 day moving average of $25.21.

Institutional Investors Weigh In On Firefly Aerospace

Institutional investors and hedge funds have recently bought and sold shares of the business. BNP Paribas Financial Markets purchased a new stake in Firefly Aerospace in the third quarter worth $26,000. CIBC Private Wealth Group LLC bought a new stake in shares of Firefly Aerospace during the 3rd quarter valued at about $26,000. California State Teachers Retirement System purchased a new position in shares of Firefly Aerospace during the fourth quarter valued at about $30,000. Russell Investments Group Ltd. bought a new position in Firefly Aerospace in the fourth quarter worth about $38,000. Finally, NBC Securities Inc. purchased a new stake in Firefly Aerospace in the fourth quarter worth about $38,000.

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.