Firefly Aerospace (FLY), a U.S. rocket company, is looking to expand its global launch operations by launching its Alpha rocket from Japan. This plan was confirmed by a Japanese company that operates a spaceport in Hokkaido, the northern region of Japan. If approved, Japan would become Firefly’s second overseas launch site, after Sweden, where the company is already preparing for another Alpha mission.
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Launching from Japan would help Firefly better serve the growing satellite industry in Asia. In addition, according to Firefly’s Vice President, Adam Oakes, having a reliable launch option in the region adds flexibility and increases the resilience of U.S. allies. As a result of this strategic move, Firefly’s stock closed today’s trading in the green at $48.62 per share, staying within its post-IPO range of $45 to $73.80.
Interestingly, Firefly has come a long way since it began in 2014 as Firefly Space Systems. It was founded by Tom Markusic (a former engineer at SpaceX, Blue Origin, and Virgin Galactic (SPCE)) along with a group of co-founders. The company’s hope was to make space access more affordable for smaller payloads. However, after facing setbacks—including a lawsuit and bankruptcy in 2017—Firefly was restructured and refocused on its Alpha rocket. This led the firm to become the first private company to successfully land and operate on the Moon with its Blue Ghost Mission earlier this year.
Is FLY Stock a Buy?
It’s too early for analysts to rate Firefly Aerospace’s stock. So instead, we’ll look at the performance of its rival, Voyager Technologies (VOYG), which went public recently. As one can see below, the stock currently has a Moderate Buy consensus rating based on five Buys and three Holds issued in the last three months. Furthermore, the average VOYG price target of $47.75 per share implies 42.1% upside from current levels.
