Firefly Aerospace (NASDAQ:FLY) Trading Down 11.5% on Analyst Downgrade
Firefly Aerospace's stock (NASDAQ:FLY) fell 11.5% after Morgan Stanley downgraded its price target from $52 to $27, maintaining an equal weight rating. The stock traded as low as $20.21, with a trading volume 34% below average. Despite mixed analyst ratings, the consensus target price is $45.86. Recent institutional investments and a 37.5% revenue increase in the last quarter were noted.
Firefly Aerospace, Inc. (NASDAQ:FLY - Get Free Report)'s share price dropped 11.5% during trading on Monday after Morgan Stanley lowered their price target on the stock from $52.00 to $27.00. Morgan Stanley currently has an equal weight rating on the stock. Firefly Aerospace traded as low as $20.21 and last traded at $20.3130. Approximately 1,271,706 shares changed hands during trading, a decline of 34% from the average daily volume of 1,916,360 shares. The stock had previously closed at $22.95.
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Other equities research analysts also recently issued research reports about the company. The Goldman Sachs Group initiated coverage on Firefly Aerospace in a report on Tuesday, September 2nd. They set a "neutral" rating and a $54.00 target price for the company. JPMorgan Chase & Co. started coverage on shares of Firefly Aerospace in a report on Tuesday, September 2nd. They issued an "overweight" rating and a $55.00 price objective for the company. Wall Street Zen cut shares of Firefly Aerospace from a "hold" rating to a "sell" rating in a report on Friday, September 5th. Zacks Research upgraded Firefly Aerospace to a "hold" rating in a research note on Thursday, September 4th. Finally, Jefferies Financial Group upgraded Firefly Aerospace to a "strong-buy" rating in a research report on Tuesday, September 2nd. One investment analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating, three have issued a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, Firefly Aerospace currently has a consensus rating of "Moderate Buy" and a consensus target price of $45.86.
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Institutional Trading of Firefly Aerospace
A number of hedge funds and other institutional investors have recently modified their holdings of FLY. BNP Paribas Financial Markets acquired a new position in shares of Firefly Aerospace during the third quarter worth $26,000. Zurcher Kantonalbank Zurich Cantonalbank bought a new position in Firefly Aerospace in the third quarter valued at about $55,000. SBI Securities Co. Ltd. acquired a new stake in shares of Firefly Aerospace during the third quarter valued at about $74,000. Sandia Investment Management LP bought a new stake in shares of Firefly Aerospace during the third quarter worth about $147,000. Finally, HUB Investment Partners LLC bought a new position in Firefly Aerospace in the 3rd quarter valued at approximately $206,000.
Firefly Aerospace Stock Performance
The business has a 50-day moving average of $31.05.
Firefly Aerospace (NASDAQ:FLY - Get Free Report) last issued its quarterly earnings data on Wednesday, November 12th. The company reported ($0.33) earnings per share for the quarter, topping the consensus estimate of ($0.42) by $0.09. The business had revenue of $30.78 million during the quarter, compared to the consensus estimate of $28.93 million. Firefly Aerospace's revenue for the quarter was up 37.5% compared to the same quarter last year. Firefly Aerospace has set its FY 2025 guidance at EPS.
Firefly Aerospace Company Profile
(Get Free Report)Firefly Aerospace is a market leading space and defense technology company with an established track record of success providing comprehensive mission solutions to national security, government, and commercial customers. Our mission is to enable responsive, regular, and reliable launch, transit, and operations in space for our customers across the globe.
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