Fastly (NYSE:FSLY) Trading Down 6.4% – Here’s Why

Shares of Fastly, Inc. (NYSE:FSLY) fell 6.4% during mid-day trading on Friday . The company traded as low as $8.79 and last traded at $8.82. 461,136 shares changed hands during trading, a decline of 77% from the average session volume of 2,043,911 shares. The stock had previously closed at $9.42.

Wall Street Analysts Forecast Growth

FSLY has been the topic of several research analyst reports. Craig Hallum lifted their price objective on shares of Fastly from $6.00 to $8.00 and gave the stock a “hold” rating in a research report on Thursday, November 7th. Robert W. Baird upped their target price on Fastly from $7.00 to $8.00 and gave the company a “neutral” rating in a report on Thursday, November 7th. Piper Sandler upped their price objective on shares of Fastly from $8.00 to $10.00 and gave the company a “neutral” rating in a research note on Tuesday, December 3rd. Royal Bank of Canada boosted their price target on shares of Fastly from $7.00 to $10.00 and gave the company a “sector perform” rating in a report on Friday, January 3rd. Finally, DA Davidson upped their target price on Fastly from $5.50 to $7.50 and gave the stock a “neutral” rating in a research report on Thursday, November 7th. One analyst has rated the stock with a sell rating, eight have issued a hold rating and one has issued a buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $8.85.

Fastly Stock Performance

The company has a current ratio of 3.97, a quick ratio of 3.97 and a debt-to-equity ratio of 0.36. The firm’s fifty day moving average price is $9.00 and its 200-day moving average price is $7.73. The company has a market cap of $1.27 billion, a P/E ratio of -8.28 and a beta of 1.24.

Fastly (NYSE:FSLY) last issued its earnings results on Wednesday, November 6th. The company reported $0.02 EPS for the quarter, topping the consensus estimate of ($0.06) by $0.08. The firm had revenue of $137.21 million during the quarter, compared to analysts’ expectations of $131.86 million. Fastly had a negative return on equity of 13.24% and a negative net margin of 27.47%. Fastly’s quarterly revenue was up 7.3% compared to the same quarter last year. During the same period last year, the business earned ($0.33) earnings per share. As a group, research analysts forecast that Fastly, Inc. will post -0.86 EPS for the current fiscal year.

Insider Activity at Fastly

In other Fastly news, CTO Artur Bergman sold 49,178 shares of Fastly stock in a transaction on Wednesday, November 6th. The stock was sold at an average price of $8.07, for a total value of $396,866.46. Following the completion of the transaction, the chief technology officer now owns 6,155,822 shares in the company, valued at approximately $49,677,483.54. The trade was a 0.79 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CFO Ronald W. Kisling sold 16,102 shares of Fastly stock in a transaction dated Monday, November 18th. The shares were sold at an average price of $6.25, for a total value of $100,637.50. Following the completion of the transaction, the chief financial officer now directly owns 542,462 shares of the company’s stock, valued at $3,390,387.50. This represents a 2.88 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 249,190 shares of company stock valued at $2,047,230 in the last 90 days. 6.70% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Fastly

Hedge funds have recently added to or reduced their stakes in the company. Bank of Montreal Can lifted its position in Fastly by 11,140.2% during the 3rd quarter. Bank of Montreal Can now owns 1,305,101 shares of the company’s stock valued at $9,867,000 after purchasing an additional 1,293,490 shares during the period. Penserra Capital Management LLC raised its stake in shares of Fastly by 18.8% during the third quarter. Penserra Capital Management LLC now owns 5,075,127 shares of the company’s stock worth $38,418,000 after buying an additional 801,968 shares during the last quarter. Point72 Asset Management L.P. lifted its holdings in Fastly by 461.5% in the second quarter. Point72 Asset Management L.P. now owns 756,380 shares of the company’s stock valued at $5,575,000 after buying an additional 621,680 shares during the period. Susquehanna Fundamental Investments LLC acquired a new stake in Fastly during the 2nd quarter worth $1,233,000. Finally, Charles Schwab Investment Management Inc. raised its position in shares of Fastly by 18.0% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,057,642 shares of the company’s stock valued at $8,006,000 after acquiring an additional 161,070 shares during the last quarter. Institutional investors own 79.71% of the company’s stock.

Fastly Company Profile

Fastly, Inc operates an edge cloud platform for processing, serving, and securing its customer's applications in the United States, the Asia Pacific, Europe, and internationally. The edge cloud is a category of Infrastructure as a Service that enables developers to build, secure, and deliver digital experiences at the edge of the internet.