Firefly Aerospace (NASDAQ:FLY) Trading 12% Higher – Here’s What Happened

Firefly Aerospace, Inc. (NASDAQ:FLY) traded up 12% during trading on Thursday . The stock traded as high as $37.21 and last traded at $37.4420. 1,501,856 shares were traded during mid-day trading, a decline of 74% from the average session volume of 5,713,230 shares. The stock had previously closed at $33.42.

Wall Street Analysts Forecast Growth

Several research analysts have recently commented on the stock. Roth Mkm lifted their price target on shares of Firefly Aerospace from $35.00 to $60.00 and gave the company a “buy” rating in a report on Friday, April 17th. The Goldman Sachs Group lifted their price objective on shares of Firefly Aerospace from $29.00 to $32.00 and gave the company a “neutral” rating in a research report on Monday, April 20th. Morgan Stanley lifted their price objective on shares of Firefly Aerospace from $33.00 to $37.00 and gave the company an “equal weight” rating in a research report on Tuesday, May 5th. Cantor Fitzgerald cut their price objective on shares of Firefly Aerospace from $65.00 to $35.00 and set an “overweight” rating on the stock in a research report on Thursday, March 26th. Finally, Jefferies Financial Group reiterated a “buy” rating and issued a $52.00 price objective on shares of Firefly Aerospace in a research report on Tuesday, June 2nd. Six research analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $41.33.

Firefly Aerospace Stock Performance

The stock has a market capitalization of $6.18 billion and a P/E ratio of -4.73. The company’s 50-day moving average is $39.51 and its two-hundred day moving average is $28.98. The company has a current ratio of 2.53, a quick ratio of 2.53 and a debt-to-equity ratio of 0.02.

Firefly Aerospace (NASDAQ:FLY) last released its quarterly earnings results on Monday, May 4th. The company reported ($0.46) EPS for the quarter, topping analysts’ consensus estimates of ($0.50) by $0.04. Firefly Aerospace had a negative net margin of 181.16% and a negative return on equity of 40.96%. The company had revenue of $80.88 million for the quarter. During the same quarter last year, the firm posted ($5.09) earnings per share. The firm’s quarterly revenue was up 44.8% compared to the same quarter last year. As a group, sell-side analysts anticipate that Firefly Aerospace, Inc. will post -1.95 EPS for the current fiscal year.

Insider Activity at Firefly Aerospace

In other Firefly Aerospace news, General Counsel David Leigh Wheeler sold 3,765 shares of the business’s stock in a transaction dated Monday, May 18th. The shares were sold at an average price of $45.12, for a total transaction of $169,876.80. Following the sale, the general counsel directly owned 142,758 shares in the company, valued at approximately $6,441,240.96. The trade was a 2.57% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 7.50% of the company’s stock.

Institutional Trading of Firefly Aerospace

Hedge funds and other institutional investors have recently made changes to their positions in the stock. BNP Paribas Financial Markets bought a new stake in shares of Firefly Aerospace during the 3rd quarter worth about $26,000. CIBC Private Wealth Group LLC bought a new stake in shares of Firefly Aerospace in the 3rd quarter worth approximately $26,000. California State Teachers Retirement System bought a new stake in shares of Firefly Aerospace in the 4th quarter worth approximately $30,000. NBC Securities Inc. bought a new stake in shares of Firefly Aerospace in the 4th quarter worth approximately $38,000. Finally, KBC Group NV bought a new stake in shares of Firefly Aerospace in the 1st quarter worth approximately $38,000.

About Firefly Aerospace

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.