Firefly Aerospace Is Skyrocketing Today -- Is the Stock a Buy Right Now?
Key Points
Firefly Aerospace's third-quarter release arrived with a much wider-than-expected loss, but investors are still thrilled with the report.
Firefly beat sales expectations in Q3 and issued full-year revenue guidance that crushed Wall Street's target.
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Firefly Aerospace (NASDAQ: FLY) stock is soaring higher in Thursday's trading. The space-tech company's share price was up 18.2% as of 1 p.m. ET and had been up as much as 32.3% earlier in the session.
Firefly posted its Q3 results after yesterday's market close, and investors are reacting positively to the print. While the company's per-share loss of $1.50 in the period came in $1.07 higher than called for by the average Wall Street analyst estimate, sales of $30.77 million beat the average forecast by roughly $3.1 million. Despite the big valuation gain in today's trading, the company's share price is still down 52% from where it stood at market close on the day of its August initial public offering (IPO).
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Is Firefly stock a buy right now?
With its Q3 report, Firefly said that it now expects full-year revenue to be between $150 million and $158 million -- a guidance range that comes in far ahead of Wall Street's previous target for revenue of $135.5 million. The sales acceleration is a promising indicator that demand for its launch, orbit, and other technologies and services may be already be significantly stronger than previously anticipated.
The commercialization of space is an exciting growth trend that is likely still in very early innings. Conversely, there's still a lot of uncertainty involved when it comes to mapping its growth trajectory -- and Firefly and many other companies in the category trade at highly growth-dependent valuations.
For risk-tolerant investors seeking space stocks capable of delivering explosive long-term returns, Firefly could make for a worthwhile portfolio addition. On the other hand, the stock's high-risk profile means that it comes with a predisposition for volatility that won't be suitable for other categories of investors.
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Keith Noonan has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.
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