Fastly, Inc. (NYSE:FSLY) Sees Significant Decline in Short Interest

Fastly, Inc. (NYSE:FSLY) saw a large drop in short interest during the month of December. As of December 31st, there was short interest totalling 9,260,000 shares, a drop of 8.5% from the December 15th total of 10,120,000 shares. Based on an average daily volume of 3,210,000 shares, the days-to-cover ratio is currently 2.9 days.

Analyst Upgrades and Downgrades

Several research firms have issued reports on FSLY. Piper Sandler increased their price objective on Fastly from $8.00 to $10.00 and gave the stock a “neutral” rating in a research report on Tuesday, December 3rd. Royal Bank of Canada increased 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. Raymond James downgraded shares of Fastly from a “strong-buy” rating to a “market perform” rating in a report on Tuesday, October 1st. Craig Hallum lifted their price target on shares of Fastly from $6.00 to $8.00 and gave the company a “hold” rating in a research report on Thursday, November 7th. Finally, DA Davidson upped their price target on Fastly from $5.50 to $7.50 and gave the stock a “neutral” rating in a report on Thursday, November 7th. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating and one has assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $8.85.

Fastly Trading Down 1.1 %

Fastly stock opened at $9.31 on Friday. The stock has a 50-day moving average price of $9.11 and a 200 day moving average price of $7.77. Fastly has a 52 week low of $5.52 and a 52 week high of $25.87. The stock has a market cap of $1.31 billion, a PE ratio of -8.54 and a beta of 1.24. The company has a current ratio of 3.97, a quick ratio of 3.97 and a debt-to-equity ratio of 0.36.

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

Insider Buying and Selling at Fastly

In other news, CTO Artur Bergman sold 16,922 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 $105,762.50. Following the sale, the chief technology officer now owns 6,138,900 shares of the company’s stock, valued at $38,368,125. The trade was a 0.27 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Todd Nightingale sold 12,163 shares of the stock in a transaction dated Monday, November 25th. The stock was 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 of the company’s stock, valued at $12,901,137.20. This represents a 0.76 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 241,741 shares of company stock worth $1,993,300. 6.70% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Fastly

Several hedge funds have recently made changes to their positions in FSLY. Commonwealth Equity Services LLC lifted its position in Fastly by 59.4% during the second quarter. Commonwealth Equity Services LLC now owns 48,987 shares of the company’s stock worth $361,000 after buying an additional 18,258 shares during the period. Rhumbline Advisers increased its stake in shares of Fastly by 8.5% during the 2nd quarter. Rhumbline Advisers now owns 189,832 shares of the company’s stock valued at $1,399,000 after acquiring an additional 14,813 shares during the last quarter. Hsbc Holdings PLC lifted its holdings in shares of Fastly by 118.9% during the 2nd quarter. Hsbc Holdings PLC now owns 29,703 shares of the company’s stock worth $218,000 after acquiring an additional 16,131 shares during the period. Ensign Peak Advisors Inc boosted its position in shares of Fastly by 11.1% in the second quarter. Ensign Peak Advisors Inc now owns 59,258 shares of the company’s stock worth $437,000 after acquiring an additional 5,900 shares during the last quarter. Finally, Lombard Odier Asset Management USA Corp purchased a new stake in Fastly in the second quarter valued at approximately $114,000. Institutional investors and hedge funds own 79.71% of the company’s stock.

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.