Fastly (NYSE:FSLY) Trading Down 4.5% - Here's What Happened

Fastly, Inc. (NYSE:FSLY - Get Free Report)'s stock price dropped 4.5% during mid-day trading on Thursday . The company traded as low as $9.93 and last traded at $10.05. Approximately 977,020 shares traded hands during mid-day trading, a decline of 73% from the average daily volume of 3,591,485 shares. The stock had previously closed at $10.52.

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on the company. Craig Hallum increased their target price on Fastly from $6.00 to $8.00 and gave the company a "hold" rating in a research report on Thursday, November 7th. Robert W. Baird boosted their target price on shares of Fastly from $7.00 to $8.00 and gave the stock a "neutral" rating in a report on Thursday, November 7th. Oppenheimer raised shares of Fastly from a "market perform" rating to an "outperform" rating and set a $12.00 price target for the company in a report on Monday, December 2nd. DA Davidson boosted their price objective on Fastly from $5.50 to $7.50 and gave the stock a "neutral" rating in a research note on Thursday, November 7th. Finally, Piper Sandler upped their price objective on Fastly from $8.00 to $10.00 and gave the company a "neutral" rating in a research report on Tuesday, December 3rd. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating and one has given a buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Hold" and an average price target of $8.55.

Fastly Price Performance

The stock has a 50 day moving average of $8.18 and a 200-day moving average of $7.45. 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 stock has a market capitalization of $1.40 billion, a P/E ratio of -9.16 and a beta of 1.27.

Fastly (NYSE:FSLY - Get Free Report) last issued its earnings results on Wednesday, November 6th. The company reported $0.02 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($0.06) by $0.08. The firm had revenue of $137.21 million during the quarter, compared to analyst estimates of $131.86 million. Fastly had a negative net margin of 27.47% and a negative return on equity of 13.24%. The business's revenue was up 7.3% on a year-over-year basis. During the same period in the previous year, the firm earned ($0.33) earnings per share. On average, equities research analysts anticipate that Fastly, Inc. will post -0.86 earnings per share for the current fiscal year.

Insider Transactions at Fastly

In other Fastly news, CEO Todd Nightingale sold 12,163 shares of the stock in a transaction dated Monday, November 25th. The shares were sold at an average price of $8.12, for a total transaction of $98,763.56. Following the transaction, the chief executive officer now directly owns 1,588,810 shares in the company, valued at $12,901,137.20. This represents a 0.76 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CTO Artur Bergman sold 16,922 shares of the firm's stock in a transaction dated Monday, November 18th. The shares were sold at an average price of $6.25, for a total transaction of $105,762.50. Following the transaction, the chief technology officer now directly owns 6,138,900 shares in the company, valued at $38,368,125. This trade represents a 0.27 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 215,241 shares of company stock valued at $1,699,684. 6.70% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Fastly

A number of hedge funds and other institutional investors have recently modified their holdings of FSLY. Zurcher Kantonalbank Zurich Cantonalbank raised its holdings in Fastly by 11.6% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 30,130 shares of the company's stock worth $222,000 after purchasing an additional 3,124 shares in the last quarter. EMC Capital Management lifted its position in Fastly by 400.0% during the second quarter. EMC Capital Management now owns 7,500 shares of the company's stock valued at $54,000 after acquiring an additional 6,000 shares during the last quarter. Sumitomo Mitsui DS Asset Management Company Ltd acquired a new stake in Fastly in the second quarter valued at approximately $103,000. Commonwealth Equity Services LLC grew its holdings in Fastly by 59.4% in the second quarter. Commonwealth Equity Services LLC now owns 48,987 shares of the company's stock worth $361,000 after purchasing an additional 18,258 shares during the last quarter. Finally, Versor Investments LP acquired a new position in shares of Fastly during the second quarter worth $231,000. 79.71% of the stock is currently 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.