Fastly, Inc. (NYSE:FSLY) Short Interest Update

Fastly, Inc. (NYSE:FSLY) saw a large drop in short interest during the month of August. As of August 31st, there was short interest totalling 14,290,000 shares, a drop of 7.3% from the August 15th total of 15,410,000 shares. Based on an average daily volume of 3,360,000 shares, the short-interest ratio is currently 4.3 days.

Wall Street Analyst Weigh In

Several analysts have issued reports on FSLY shares. Craig Hallum dropped their price target on shares of Fastly from $10.00 to $6.00 and set a “hold” rating on the stock in a research report on Thursday, August 8th. Piper Sandler downgraded shares of Fastly from an “overweight” rating to a “neutral” rating and decreased their price objective for the company from $10.00 to $6.00 in a report on Thursday, August 8th. Morgan Stanley decreased their price objective on shares of Fastly from $12.00 to $7.00 and set an “equal weight” rating on the stock in a report on Tuesday, August 27th. Finally, Raymond James decreased their price objective on shares of Fastly from $13.00 to $8.00 and set a “strong-buy” rating on the stock in a report on Thursday, August 8th. One analyst has rated the stock with a sell rating, six have assigned a hold rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the company has an average rating of “Hold” and an average price target of $7.81.

Insiders Place Their Bets

In other Fastly news, CEO Todd Nightingale sold 66,066 shares of the firm’s stock in a transaction on Friday, August 16th. The shares were sold at an average price of $6.18, for a total value of $408,287.88. Following the sale, the chief executive officer now directly owns 1,662,952 shares in the company, valued at approximately $10,277,043.36. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, CEO Todd Nightingale sold 66,066 shares of the firm’s stock in a transaction dated Friday, August 16th. The shares were sold at an average price of $6.18, for a total transaction of $408,287.88. Following the completion of the transaction, the chief executive officer now directly owns 1,662,952 shares of the company’s stock, valued at approximately $10,277,043.36. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Ronald W. Kisling sold 12,000 shares of Fastly stock in a transaction dated Monday, July 1st. The shares were sold at an average price of $7.27, for a total transaction of $87,240.00. Following the transaction, the chief financial officer now directly owns 593,506 shares of the company’s stock, valued at $4,314,788.62. The disclosure for this sale can be found here. Insiders have sold 155,450 shares of company stock worth $990,251 in the last ninety days. Insiders own 6.70% of the company’s stock.

Institutional Trading of Fastly

Institutional investors have recently made changes to their positions in the company. Victory Capital Management Inc. boosted its holdings in shares of Fastly by 24.8% in the 4th quarter. Victory Capital Management Inc. now owns 16,128 shares of the company’s stock worth $287,000 after buying an additional 3,208 shares during the last quarter. Private Advisor Group LLC boosted its holdings in shares of Fastly by 57.5% in the 4th quarter. Private Advisor Group LLC now owns 16,103 shares of the company’s stock worth $287,000 after buying an additional 5,880 shares during the last quarter. Charles Schwab Investment Management Inc. boosted its holdings in shares of Fastly by 3.4% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 947,741 shares of the company’s stock worth $16,870,000 after buying an additional 30,869 shares during the last quarter. Jump Financial LLC purchased a new position in shares of Fastly in the 4th quarter worth about $541,000. Finally, Norges Bank purchased a new stake in Fastly during the fourth quarter valued at about $8,014,000. Institutional investors own 79.71% of the company’s stock.

Fastly Stock Down 4.1 %

FSLY stock traded down $0.30 during midday trading on Wednesday, reaching $7.05. 1,715,148 shares of the company’s stock traded hands, compared to its average volume of 3,767,550. The company has a market cap of $963.30 million, a price-to-earnings ratio of -7.03 and a beta of 1.20. The firm’s fifty day moving average price is $6.80 and its 200-day moving average price is $9.06. The company has a quick ratio of 4.13, a current ratio of 4.13 and a debt-to-equity ratio of 0.35. Fastly has a 52 week low of $5.52 and a 52 week high of $25.87.

Fastly (NYSE:FSLY) last posted its earnings results on Wednesday, August 7th. The company reported ($0.07) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.08) by $0.01. Fastly had a negative net margin of 31.02% and a negative return on equity of 15.22%. The firm had revenue of $132.37 million during the quarter, compared to analyst estimates of $131.62 million. During the same quarter in the prior year, the business posted ($0.32) EPS. The business’s revenue was up 7.8% compared to the same quarter last year. As a group, sell-side analysts forecast that Fastly will post -0.96 earnings per share for the current fiscal year.

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.