Firefly Aerospace (NASDAQ:FLY) Shares Down 10% – Time to Sell?

Firefly Aerospace, Inc. (NASDAQ:FLY)’s stock price fell 10% during trading on Friday . The stock traded as low as $24.65 and last traded at $24.3450. 672,716 shares traded hands during trading, a decline of 68% from the average session volume of 2,105,156 shares. The stock had previously closed at $27.04.

Wall Street Analysts Forecast Growth

FLY has been the topic of several recent analyst reports. The Goldman Sachs Group assumed coverage on Firefly Aerospace in a research note on Thursday, November 20th. They issued a “neutral” rating and a $29.00 target price on the stock. Wall Street Zen lowered Firefly Aerospace from a “hold” rating to a “sell” rating in a research report on Friday, September 5th. Deutsche Bank Aktiengesellschaft raised Firefly Aerospace from a “hold” rating to a “buy” rating and reduced their target price for the company from $40.00 to $30.00 in a research note on Thursday, November 13th. Roth Capital reaffirmed a “buy” rating on shares of Firefly Aerospace in a research note on Monday, November 24th. Finally, JPMorgan Chase & Co. decreased their price objective on shares of Firefly Aerospace from $55.00 to $28.00 and set an “overweight” rating for the company in a report on Tuesday, November 25th. One analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating, four have assigned a Hold rating and one has given a Sell rating to the company. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $38.43.

Firefly Aerospace Trading Down 13.7%

The firm has a 50 day moving average price of $21.70.

Firefly Aerospace (NASDAQ:FLY) last announced its quarterly earnings data on Wednesday, November 12th. The company reported ($0.33) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.42) by $0.09. The business had revenue of $30.78 million during the quarter, compared to analysts’ expectations of $28.93 million. The business’s revenue was up 37.5% compared to the same quarter last year.

Institutional Investors Weigh In On Firefly Aerospace

Several hedge funds have recently added to or reduced their stakes in the stock. BNP Paribas Financial Markets bought a new position in shares of Firefly Aerospace during the third quarter valued at $26,000. CIBC Private Wealth Group LLC purchased a new stake in Firefly Aerospace during the 3rd quarter valued at about $26,000. Zurcher Kantonalbank Zurich Cantonalbank bought a new stake in Firefly Aerospace during the 3rd quarter valued at about $55,000. SBI Securities Co. Ltd. purchased a new position in Firefly Aerospace in the third quarter worth about $74,000. Finally, Sandia Investment Management LP bought a new position in shares of Firefly Aerospace in the third quarter worth approximately $147,000.

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.