Fastly (NYSE:FSLY) Shares Gap Down to $7.57

Fastly, Inc. (NYSE:FSLY) shares gapped down prior to trading on Tuesday . The stock had previously closed at $7.57, but opened at $7.30. Fastly shares last traded at $7.26, with a volume of 177,212 shares changing hands.

Analyst Ratings Changes

A number of research analysts have commented on the stock. Morgan Stanley decreased their target price on shares of Fastly from $12.00 to $7.00 and set an “equal weight” rating on the stock in a research report on Tuesday, August 27th. Piper Sandler lowered shares of Fastly from an “overweight” rating to a “neutral” rating and decreased their price objective for the stock from $10.00 to $6.00 in a report on Thursday, August 8th. Raymond James downgraded shares of Fastly from a “strong-buy” rating to a “market perform” rating in a report on Tuesday. Finally, Craig Hallum decreased their price target on Fastly from $10.00 to $6.00 and set a “hold” rating on the stock in a research note on Thursday, August 8th. One research analyst has rated the stock with a sell rating and seven have issued a hold rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $7.81.

Fastly Stock Performance

The company has a current ratio of 4.13, a quick ratio of 4.13 and a debt-to-equity ratio of 0.35. The company has a market capitalization of $968.76 million, a price-to-earnings ratio of -7.14 and a beta of 1.20. The stock’s fifty day simple moving average is $6.75 and its 200-day simple moving average is $8.67.

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

Insider Activity

In related news, CEO Todd Nightingale sold 66,066 shares of Fastly stock in a transaction that occurred 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 completion of the transaction, the chief executive officer now owns 1,662,952 shares in the company, valued at $10,277,043.36. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, CEO Todd Nightingale sold 66,066 shares of the stock in a transaction on Friday, August 16th. The stock was sold at an average price of $6.18, for a total value of $408,287.88. Following the transaction, the chief executive officer now owns 1,662,952 shares of the company’s stock, valued at $10,277,043.36. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CTO Artur Bergman sold 16,748 shares of Fastly stock in a transaction dated Friday, August 16th. The stock was sold at an average price of $6.18, for a total value of $103,502.64. Following the sale, the chief technology officer now directly owns 6,225,980 shares of the company’s stock, valued at $38,476,556.40. The disclosure for this sale can be found here. In the last quarter, insiders sold 143,450 shares of company stock worth $903,011. 6.70% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Fastly

Several hedge funds have recently added to or reduced their stakes in the stock. Cambridge Trust Co. purchased a new position in shares of Fastly in the 1st quarter valued at $39,000. Cape Investment Advisory Inc. grew its holdings in shares of Fastly by 27,666.7% during the first quarter. Cape Investment Advisory Inc. now owns 4,165 shares of the company’s stock worth $54,000 after purchasing an additional 4,150 shares during the last quarter. Point72 DIFC Ltd acquired a new stake in shares of Fastly during the second quarter worth about $38,000. EntryPoint Capital LLC lifted its holdings in shares of Fastly by 41.1% in the 1st quarter. EntryPoint Capital LLC now owns 5,644 shares of the company’s stock valued at $73,000 after purchasing an additional 1,643 shares during the last quarter. Finally, Geneos Wealth Management Inc. acquired a new stake in shares of Fastly in the 1st quarter valued at about $92,000. 79.71% of the stock is currently owned by hedge funds and other institutional investors.

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.