Fastly, Inc. (NYSE:FSLY) Sees Large Growth in Short Interest

Fastly, Inc. (NYSE:FSLY) was the target of a large growth in short interest in March. As of March 31st, there was short interest totalling 10,190,000 shares, a growth of 14.1% from the March 15th total of 8,930,000 shares. Based on an average daily volume of 4,100,000 shares, the days-to-cover ratio is currently 2.5 days.

Fastly Stock Performance

Shares of FSLY stock traded down $0.50 during trading hours on Tuesday, reaching $12.63. The company had a trading volume of 2,944,190 shares, compared to its average volume of 3,968,576. The business has a fifty day moving average price of $14.78 and a 200-day moving average price of $16.57. Fastly has a one year low of $11.61 and a one year high of $25.87. The firm has a market cap of $1.69 billion, a PE ratio of -12.14 and a beta of 1.22. The company has a debt-to-equity ratio of 0.35, a quick ratio of 3.14 and a current ratio of 3.14.

Fastly (NYSE:FSLY) last announced its quarterly earnings results on Wednesday, February 14th. The company reported ($0.26) EPS for the quarter, topping analysts’ consensus estimates of ($0.31) by $0.05. Fastly had a negative net margin of 26.30% and a negative return on equity of 16.02%. The firm had revenue of $137.78 million during the quarter, compared to analyst estimates of $139.25 million. Sell-side analysts predict that Fastly will post -1.07 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Fastly news, CEO Todd Nightingale sold 50,708 shares of the company’s stock in a transaction on Friday, February 16th. The shares were sold at an average price of $16.09, for a total value of $815,891.72. Following the completion of the transaction, the chief executive officer now directly owns 1,371,348 shares in the company, valued at approximately $22,064,989.32. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Fastly news, CEO Todd Nightingale sold 50,708 shares of the company’s stock in a transaction on Friday, February 16th. The shares were sold at an average price of $16.09, for a total value of $815,891.72. Following the completion of the transaction, the chief executive officer now directly owns 1,371,348 shares in the company, valued at approximately $22,064,989.32. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Richard Devon Daniels sold 7,766 shares of the company’s stock in a transaction on Friday, March 15th. The stock was sold at an average price of $12.66, for a total transaction of $98,317.56. Following the completion of the transaction, the director now owns 34,328 shares of the company’s stock, valued at $434,592.48. The disclosure for this sale can be found here. In the last ninety days, insiders sold 293,695 shares of company stock worth $5,127,995. 7.60% of the stock is currently owned by corporate insiders.

Institutional Trading of Fastly

Large investors have recently made changes to their positions in the stock. Point72 Asset Management L.P. purchased a new position in shares of Fastly in the fourth quarter worth approximately $42,697,000. First Trust Advisors LP boosted its holdings in shares of Fastly by 65.3% in the first quarter. First Trust Advisors LP now owns 7,846,587 shares of the company’s stock worth $136,374,000 after buying an additional 3,099,852 shares during the last quarter. Dimensional Fund Advisors LP boosted its holdings in shares of Fastly by 207.8% in the first quarter. Dimensional Fund Advisors LP now owns 2,938,875 shares of the company’s stock worth $52,191,000 after buying an additional 1,983,946 shares during the last quarter. Morgan Stanley boosted its holdings in shares of Fastly by 72.5% in the third quarter. Morgan Stanley now owns 4,516,313 shares of the company’s stock worth $86,578,000 after buying an additional 1,898,633 shares during the last quarter. Finally, Goldman Sachs Group Inc. boosted its holdings in shares of Fastly by 137.6% in the second quarter. Goldman Sachs Group Inc. now owns 2,973,140 shares of the company’s stock worth $46,886,000 after buying an additional 1,721,926 shares during the last quarter. 79.71% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

FSLY has been the topic of a number of recent research reports. Craig Hallum downgraded shares of Fastly from a “buy” rating to a “hold” rating and set a $20.00 target price on the stock. in a research report on Thursday, February 15th. Bank of America reduced their target price on shares of Fastly from $28.00 to $18.00 and set a “buy” rating on the stock in a research report on Thursday, March 28th. Piper Sandler raised shares of Fastly from a “neutral” rating to an “overweight” rating and reduced their target price for the stock from $19.00 to $16.00 in a research report on Monday, April 8th. Citigroup raised shares of Fastly from a “sell” rating to a “neutral” rating and increased their price objective for the company from $11.00 to $20.00 in a research report on Monday, January 22nd. Finally, Royal Bank of Canada raised shares of Fastly from an “underperform” rating to a “sector perform” rating and increased their price objective for the company from $12.00 to $18.00 in a research report on Monday, January 8th. Five equities research analysts have rated the stock with a hold rating, two have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $19.11.

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.