Firefly Aerospace shares fell by 10% during Friday trading, marking the largest one-day drop since its public debut. Trading volume reached 672,716 shares, down 68% from the 50-day average of 2.1 million shares, indicating lighter participation despite the sharp price move. The decline follows several weeks of volatility as investors assessed the company’s capital needs and lunar ambitions.

Wall Street sentiment on Firefly has grown more varied over the past three months. Goldman Sachs initiated coverage with a neutral stance, while Deutsche Bank upgraded the stock to buy. Roth Capital reaffirmed its purchase recommendation, even as Wall Street Zen downgraded its view to sell. JPMorgan remains constructive with an overweight rating. Overall, one analyst rates Firefly as a strong buy, four as buy, four as hold and one as sell, resulting in a consensus of moderate buy.

In the third quarter, Firefly reported a loss per share of $0.33, outperforming consensus expectations by $0.09. Revenue of $30.8 million topped analyst forecasts by nearly $1.9 million and represented a 37.5% increase year-over-year. Management credited higher launch services activity and initial contributions from spacecraft hardware contracts for the top-line growth, while R&D investments kept profitability metrics under pressure.

Hedge funds and wealth managers have taken small stakes in Firefly during the third quarter. BNP Paribas Financial Markets and CIBC Private Wealth each initiated positions worth approximately $26,000. Zurich Cantonalbank added around $55,000, SBI Securities acquired $74,000, and Sandia Investment Management invested about $147,000. These modest allocations suggest institutional investors are cautiously watching Firefly’s execution on upcoming lunar and defense contracts before committing larger sums.