TLDR
- Firefly Aerospace (FLY) jumped 20.53% to $28.47, snapping a three-day losing streak
- The rally was driven by optimism around SpaceX’s upcoming IPO, which could value the company at $1.75 trillion
- SpaceX has reportedly lined up 21 banks and is looking to raise more than $75 billion
- FLY’s latest quarter showed revenue up 541% year-over-year to $57.67 million, with EPS loss of ($0.38) beating estimates
- Wall Street holds a “Moderate Buy” consensus on FLY with an average price target of $35.13
Firefly Aerospace (FLY) ended Tuesday up 20.53%, closing at $28.47. The move broke a three-day losing streak for the stock.
The catalyst was a Reuters report saying SpaceX has lined up 21 banks for its IPO. The deal could value SpaceX at $1.75 trillion — and the company is looking to raise over $75 billion.
That would make it one of the largest IPOs in history. Sentiment around the broader space sector lifted as a result.
FLY saw roughly 1.23 million shares trade hands during the session, which was actually down 69% from its average daily volume of about 3.97 million. So the jump happened on lighter-than-usual trading activity.
The stock hit an intraday high of $26.07 before closing higher at $28.47. It had previously closed at $23.62.
A Quarter Worth Noting
Firefly reported its latest earnings on March 19th. The company posted an EPS loss of ($0.38), beating the consensus estimate of ($0.48) by $0.10.
Revenue came in at $57.67 million for the quarter — up 541.1% year-over-year. That’s a big number, even accounting for the low base.
For the full year, revenues grew 163% to $159.8 million from $60.79 million in 2024. Net losses, though, widened 25.6% to $333.96 million.
The company still runs a negative net margin of 186.63% and a negative return on equity of 234.80%. It’s not profitable yet, but the revenue trajectory is hard to ignore.
Firefly’s debt-to-equity ratio sits at 0.24, with a quick ratio of 4.51. The 50-day moving average is $23.26; the 200-day is $25.31.
What Analysts Are Saying
Cantor Fitzgerald cut its price target on FLY from $65.00 to $35.00 on March 26th, while keeping an “overweight” rating.
Goldman Sachs bumped its target from $29.00 to $32.00 in January, assigning a “neutral” rating. UBS set a $33.00 target in March, and Morgan Stanley maintained a “positive” rating the same month.
KeyCorp initiated coverage in December with a “sector weight” rating.
Across the board, the consensus sits at “Moderate Buy” with an average price target of $35.13. The breakdown is 1 Strong Buy, 5 Buy, 3 Hold, and 1 Sell.
FLY’s market cap stands at $4.48 billion. The stock’s price-to-earnings ratio is -3.05, reflecting its unprofitable status.
Institutional interest has been picking up too — BNP Paribas, CIBC Private Wealth, California State Teachers Retirement System, and Russell Investments all initiated new positions in recent quarters.
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