Fastly (NYSE:FSLY) Stock Price Down 7% – Here’s What Happened

Fastly, Inc. (NYSE:FSLY)’s stock price dropped 7% during trading on Friday . The company traded as low as $6.60 and last traded at $6.60. Approximately 937,739 shares were traded during mid-day trading, a decline of 73% from the average daily volume of 3,530,651 shares. The stock had previously closed at $7.10.

Wall Street Analysts Forecast Growth

A number of equities analysts recently weighed in on the stock. Morgan Stanley lowered their target price on shares of Fastly from $12.00 to $7.00 and set an “equal weight” rating for the company in a research note on Tuesday, August 27th. Royal Bank of Canada lifted their price objective on Fastly from $6.00 to $7.00 and gave the stock a “sector perform” rating in a research report on Thursday, November 7th. DA Davidson upped their target price on Fastly from $5.50 to $7.50 and gave the company a “neutral” rating in a research report on Thursday, November 7th. Robert W. Baird lifted their target price on Fastly from $7.00 to $8.00 and gave the stock a “neutral” rating in a report on Thursday, November 7th. Finally, Piper Sandler increased their price target on Fastly from $6.00 to $8.00 and gave the stock a “neutral” rating in a report on Thursday, November 7th. One research analyst has rated the stock with a sell rating and eight have given a hold rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $7.94.

Fastly Trading Down 9.7 %

The company has a debt-to-equity ratio of 0.36, a current ratio of 3.97 and a quick ratio of 4.13. The firm has a fifty day simple moving average of $7.20 and a 200-day simple moving average of $7.41. The firm has a market cap of $899.32 million, a P/E ratio of -5.88 and a beta of 1.24.

Fastly (NYSE:FSLY) last issued its earnings results on Wednesday, November 6th. The company reported $0.02 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.06) by $0.08. The company had revenue of $137.21 million for 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) EPS. On average, equities research analysts expect that Fastly, Inc. will post -0.86 earnings per share for the current year.

Insider Transactions at Fastly

In related news, CEO Todd Nightingale sold 12,163 shares of the stock in a transaction on Friday, August 23rd. The stock was sold at an average price of $6.25, for a total value of $76,018.75. Following the completion of the sale, the chief executive officer now directly owns 1,650,789 shares of the company’s stock, valued at approximately $10,317,431.25. This represents a 0.73 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, 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 transaction of $396,866.46. Following the transaction, the chief technology officer now directly owns 6,155,822 shares in the company, valued at $49,677,483.54. This represents a 0.79 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 93,881 shares of company stock valued at $677,703 over the last three months. Corporate insiders own 6.70% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in FSLY. Cambridge Trust Co. bought a new stake in Fastly in the 1st quarter worth about $39,000. Cape Investment Advisory Inc. grew its holdings in shares of Fastly by 27,666.7% in the first quarter. Cape Investment Advisory Inc. now owns 4,165 shares of the company’s stock valued at $54,000 after acquiring an additional 4,150 shares in the last quarter. Point72 DIFC Ltd purchased a new stake in shares of Fastly during the second quarter valued at approximately $38,000. EntryPoint Capital LLC increased its position in shares of Fastly by 41.1% during the first quarter. EntryPoint Capital LLC now owns 5,644 shares of the company’s stock valued at $73,000 after acquiring an additional 1,643 shares during the last quarter. Finally, FMR LLC lifted its holdings in Fastly by 124.2% during the third quarter. FMR LLC now owns 6,357 shares of the company’s stock worth $48,000 after acquiring an additional 3,522 shares during the period. 79.71% of the stock is owned by institutional investors.

About Fastly

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.