Firefly Aerospace shares fell by 10% on Friday following a session with 672,716 shares traded, a 68% drop from the average daily volume of 2,105,156. This sell-off follows a previous close that had already reflected investor caution, and the stock has now declined more than 42% since its public market debut earlier this year.

Analyst coverage of Firefly Aerospace remains varied: one Strong Buy, four Buy, four Hold and one Sell rating, yielding a consensus Moderate Buy. The average price target stands at $38.43. Goldman Sachs initiated coverage with a Neutral outlook and a $29 target, Deutsche Bank upgraded to Buy while trimming its target to $30, JPMorgan maintained an Overweight stance but lowered its objective to $28, and Wall Street Zen shifted to Sell. Roth Capital reaffirmed its Buy rating most recently.

In the third quarter, Firefly reported revenue of $30.78 million, up 37.5% year-over-year, and posted adjusted losses per share of $0.33, outperforming consensus estimates by $0.09. The company secured a $176.7 million NASA Commercial Lunar Payload Services contract for five payloads to the lunar south pole in 2029, reinforcing its lunar ambitions. Additionally, Firefly closed an $855 million acquisition of SciTec to expand into defense technologies and announced a partnership with Kratos Defense & Security Solutions on hypersonic systems development.