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Strength Seen in Firefly Aerospace (FLY): Can Its 36.8% Jump Turn into More Strength?
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Firefly Aerospace (FLY - Free Report) shares rallied 36.8% in the last trading session to close at $20.76. This move can be attributable to notable volume with a higher number of shares being traded than in a typical session. This compares to the stock's 26.6% loss over the past four weeks.
Firefly Aerospace shares surged primarily after the company announced a major strategic agreement worth more than $1.3 billion with AST SpaceMobile. Under the agreement, Firefly will supply 36 rocket engines, comprising 27 Miranda main engines and nine Vira in-space engines, for AST SpaceMobile's planned Blacklift heavy-lift rocket.
The deal is significant for Firefly because it creates a substantial new revenue stream beyond its existing launch services business and provides greater long-term revenue visibility.
This space and defense technology company is expected to post quarterly loss of $0.49 per share in its upcoming report, which represents a year-over-year change of -48.5%. Revenues are expected to be $106.31 million, up 245.4% from the year-ago quarter.
While earnings and revenue growth expectations are important in evaluating the potential strength in a stock, empirical research shows a strong correlation between trends in earnings estimate revisions and near-term stock price movements.
For Firefly Aerospace, the consensus EPS estimate for the quarter has remained unchanged over the last 30 days. And a stock's price usually doesn't keep moving higher in the absence of any trend in earnings estimate revisions. So, make sure to keep an eye on FLY going forward to see if this recent jump can turn into more strength down the road.
Firefly Aerospace is a member of the Zacks Aerospace - Defense industry. One other stock in the same industry, Virgin Galactic (SPCE - Free Report) , finished the last trading session 16.4% higher at $2.77. SPCE has returned -19.1% over the past month.
For Virgin Galactic, the consensus EPS estimate for the upcoming report has remained unchanged over the past month at -$0.44. This represents a change of +59.6% from what the company reported a year ago. Virgin Galactic currently has a Zacks Rank of #3 (Hold).
View the Zacks #1 Rank List
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Strength Seen in Firefly Aerospace (FLY): Can Its 36.8% Jump Turn into More Strength?
Firefly Aerospace (FLY - Free Report) shares rallied 36.8% in the last trading session to close at $20.76. This move can be attributable to notable volume with a higher number of shares being traded than in a typical session. This compares to the stock's 26.6% loss over the past four weeks.
Firefly Aerospace shares surged primarily after the company announced a major strategic agreement worth more than $1.3 billion with AST SpaceMobile. Under the agreement, Firefly will supply 36 rocket engines, comprising 27 Miranda main engines and nine Vira in-space engines, for AST SpaceMobile's planned Blacklift heavy-lift rocket.
The deal is significant for Firefly because it creates a substantial new revenue stream beyond its existing launch services business and provides greater long-term revenue visibility.
This space and defense technology company is expected to post quarterly loss of $0.49 per share in its upcoming report, which represents a year-over-year change of -48.5%. Revenues are expected to be $106.31 million, up 245.4% from the year-ago quarter.
While earnings and revenue growth expectations are important in evaluating the potential strength in a stock, empirical research shows a strong correlation between trends in earnings estimate revisions and near-term stock price movements.
For Firefly Aerospace, the consensus EPS estimate for the quarter has remained unchanged over the last 30 days. And a stock's price usually doesn't keep moving higher in the absence of any trend in earnings estimate revisions. So, make sure to keep an eye on FLY going forward to see if this recent jump can turn into more strength down the road.
The stock currently carries a Zacks Rank #2 (Buy). You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>>
Firefly Aerospace is a member of the Zacks Aerospace - Defense industry. One other stock in the same industry, Virgin Galactic (SPCE - Free Report) , finished the last trading session 16.4% higher at $2.77. SPCE has returned -19.1% over the past month.
For Virgin Galactic, the consensus EPS estimate for the upcoming report has remained unchanged over the past month at -$0.44. This represents a change of +59.6% from what the company reported a year ago. Virgin Galactic currently has a Zacks Rank of #3 (Hold).