Short Interest in Fastly, Inc. (NYSE:FSLY) Expands By 17.2%

Fastly, Inc. (NYSE:FSLY) saw a significant growth in short interest during the month of June. As of June 15th, there was short interest totalling 16,330,000 shares, a growth of 17.2% from the May 31st total of 13,930,000 shares. Based on an average daily trading volume, of 3,770,000 shares, the short-interest ratio is presently 4.3 days.

Insider Activity at Fastly

In related news, CEO Todd Nightingale sold 65,447 shares of the stock in a transaction on Thursday, May 16th. The stock was sold at an average price of $8.84, for a total transaction of $578,551.48. Following the sale, the chief executive officer now directly owns 1,741,181 shares of the company’s stock, valued at $15,392,040.04. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In other Fastly news, CFO Ronald W. Kisling sold 12,000 shares of the firm’s stock in a transaction dated Monday, April 1st. The stock was sold at an average price of $12.92, for a total value of $155,040.00. Following the transaction, the chief financial officer now directly owns 640,222 shares of the company’s stock, valued at $8,271,668.24. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Todd Nightingale sold 65,447 shares of the firm’s stock in a transaction dated Thursday, May 16th. The stock was sold at an average price of $8.84, for a total value of $578,551.48. Following the completion of the transaction, the chief executive officer now directly owns 1,741,181 shares in the company, valued at $15,392,040.04. The disclosure for this sale can be found here. Insiders have sold 135,254 shares of company stock valued at $1,276,122 over the last ninety days. Insiders own 6.70% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Laird Norton Trust Company LLC raised its holdings in Fastly by 1.9% during the 3rd quarter. Laird Norton Trust Company LLC now owns 45,780 shares of the company’s stock valued at $878,000 after buying an additional 862 shares during the period. Allspring Global Investments Holdings LLC raised its holdings in Fastly by 9.2% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 10,242 shares of the company’s stock valued at $133,000 after buying an additional 863 shares during the period. EntryPoint Capital LLC grew its position in 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 acquiring an additional 1,643 shares during the last quarter. Principal Financial Group Inc. grew its position in Fastly by 13.4% in the 1st quarter. Principal Financial Group Inc. now owns 16,063 shares of the company’s stock valued at $208,000 after acquiring an additional 1,897 shares during the last quarter. Finally, Allworth Financial LP grew its position in Fastly by 1,420.9% in the 4th quarter. Allworth Financial LP now owns 2,114 shares of the company’s stock valued at $38,000 after acquiring an additional 1,975 shares during the last quarter. 79.71% of the stock is currently owned by institutional investors.

Fastly Stock Down 1.1 %

FSLY stock traded down $0.08 during midday trading on Friday, hitting $7.37. The company’s stock had a trading volume of 4,449,280 shares, compared to its average volume of 2,949,971. Fastly has a 12 month low of $6.77 and a 12 month high of $25.87. The company has a current ratio of 3.83, a quick ratio of 3.83 and a debt-to-equity ratio of 0.35. The company has a 50 day moving average of $8.73 and a two-hundred day moving average of $13.76.

Fastly (NYSE:FSLY) last posted its quarterly earnings results on Wednesday, May 1st. The company reported ($0.28) earnings per share for the quarter, topping the consensus estimate of ($0.30) by $0.02. Fastly had a negative return on equity of 15.82% and a negative net margin of 25.26%. The business had revenue of $133.52 million during the quarter, compared to the consensus estimate of $133.01 million. Equities research analysts predict that Fastly will post -1.08 EPS for the current year.

Analyst Ratings Changes

Several research analysts have issued reports on the company. Royal Bank of Canada dropped their target price on Fastly from $18.00 to $9.00 and set a “sector perform” rating on the stock in a research report on Thursday, May 2nd. DA Davidson downgraded Fastly from a “buy” rating to a “neutral” rating and cut their price objective for the company from $24.00 to $8.50 in a research note on Thursday, May 2nd. Citigroup cut their price objective on Fastly from $15.00 to $10.00 and set a “neutral” rating for the company in a research note on Thursday, May 9th. Piper Sandler upgraded Fastly from a “neutral” rating to an “overweight” rating and cut their price objective for the company from $19.00 to $16.00 in a research note on Monday, April 8th. Finally, Bank of America downgraded Fastly from a “buy” rating to an “underperform” rating and cut their price objective for the company from $18.00 to $8.00 in a research note on Thursday, May 2nd. One investment analyst has rated the stock with a sell rating, five have issued a hold rating, one has given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, Fastly presently has a consensus rating of “Hold” and a consensus price target of $14.44.

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.