Firefly Aerospace (NASDAQ:FLY) Shares Up 9.6% – Here’s Why

by · The Cerbat Gem

Firefly Aerospace, Inc. (NASDAQ:FLY – Get Free Report) shares were up 9.6% on Wednesday . The stock traded as high as $21.75 and last traded at $21.3190. Approximately 1,441,874 shares changed hands during trading, a decline of 24% from the average daily volume of 1,909,188 shares. The stock had previously closed at $19.46.

Analysts Set New Price Targets

A number of equities analysts have weighed in on the company. JPMorgan Chase & Co. reduced their price objective on Firefly Aerospace from $55.00 to $28.00 and set an “overweight” rating for the company in a research note on Tuesday, November 25th. Wall Street Zen lowered Firefly Aerospace from a “hold” rating to a “sell” rating in a report on Friday, September 5th. Cantor Fitzgerald began coverage on Firefly Aerospace in a report on Tuesday, September 2nd. They issued an “overweight” rating and a $65.00 price target for the company. Weiss Ratings reaffirmed a “sell (d)” rating on shares of Firefly Aerospace in a research note on Monday, December 1st. Finally, Deutsche Bank Aktiengesellschaft raised shares of Firefly Aerospace from a “hold” rating to a “buy” rating and cut their target price for the company from $40.00 to $30.00 in a report on Thursday, November 13th. One research analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating, three have given a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $38.43.

Check Out Our Latest Stock Analysis on Firefly Aerospace

Firefly Aerospace Price Performance

The stock has a 50-day moving average of $22.90.

Firefly Aerospace (NASDAQ:FLY – Get Free Report) last announced its earnings results 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 for the quarter, compared to analyst estimates of $28.93 million. The firm’s revenue for the quarter was up 37.5% on a year-over-year basis.

Hedge Funds Weigh In On Firefly Aerospace

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Tudor Investment Corp ET AL acquired a new stake in shares of Firefly Aerospace in the third quarter valued at about $19,899,000. BlueCrest Capital Management Ltd purchased a new position in Firefly Aerospace in the 3rd quarter valued at about $14,035,000. Liontrust Investment Partners LLP acquired a new stake in Firefly Aerospace in the 3rd quarter worth about $1,790,000. CIBC Private Wealth Group LLC purchased a new stake in Firefly Aerospace during the 3rd quarter worth approximately $26,000. Finally, CIBC Bancorp USA Inc. acquired a new position in shares of Firefly Aerospace during the third quarter valued at approximately $710,000.

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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