FlyExclusive (FLYX) Stock Rockets on a Starlink Dealership Agreement

FlyExclusive (FLYX) stock rocketed higher on Thursday after the private jet operator announced it had entered into an authorized dealership agreement with SpaceX’s Starlink. With this, the company has become an official dealer and installer for Elon Musk’s high-speed, low-latency aviation connectivity system.

FlyExclusive noted that with this agreement, it will begin installation of Starlink systems on its fleet. In addition to this, the company will offer Starlink installation and support services to third-party aircraft owners and operators. This will provide the company’s fleet and other customers with mid-flight internet capable of streaming, real-time communications, and VPN capabilities.

Jim Segrave, founder and CEO of FlyExclusive, said, “Our customers expect a world-class experience every time they fly with us, and that includes connectivity that works at the highest level. Starlink raises the bar for in-flight Wi-Fi. Leveraging the capabilities of our vertically integrated platform, we can install, support, and control quality end-to-end for our fleet and for external clients.”

FlyExclusive Stock Movement Today

FlyExclusive stock was up 103.5% in pre-market trading on Thursday, following an 11.05% drop yesterday. The stock has decreased 23.6% year-to-date but was up 6.95% over the past 12 months.

FlyExclusive stock experienced heavy trading on Thursday, as some 24 million shares changed hands, compared to a three-month daily average of about 15,000 units.

Is FlyExclusive Stock a Buy, Sell, or Hold?

Turning to Wall Street, analyst coverage of FlyExclusive is lacking. Fortunately, TipRanks’ AI analyst Spark has it covered. Spark rates FLYX stock a Neutral (45) with a $3 price target. It cites “ongoing losses, negative free cash flow, and a highly concerning balance sheet with negative equity” as reasons for this stance.

See what else Spark has to say about FLYX stock