Short Interest in Fastly, Inc. (NYSE:FSLY) Decreases By 13.9%

Fastly, Inc. (NYSE:FSLY) saw a large drop in short interest in the month of November. As of November 15th, there was short interest totalling 10,200,000 shares, a drop of 13.9% from the October 31st total of 11,840,000 shares. Based on an average daily trading volume, of 2,620,000 shares, the days-to-cover ratio is currently 3.9 days.

Fastly Trading Up 7.1 %

Shares of Fastly stock opened at $8.48 on Friday. The company’s 50-day moving average price is $7.39 and its 200-day moving average price is $7.26. 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 has a 12-month low of $5.52 and a 12-month high of $25.87. The company has a market cap of $1.19 billion, a price-to-earnings ratio of -7.78 and a beta of 1.24.

Fastly (NYSE:FSLY) last posted its earnings results on Wednesday, November 6th. The company reported $0.02 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.06) by $0.08. The business had revenue of $137.21 million for the quarter, compared to analysts’ expectations of $131.86 million. Fastly had a negative net margin of 27.47% and a negative return on equity of 13.24%. The business’s revenue for the quarter was up 7.3% compared to the same quarter last year. During the same period in the prior year, the company posted ($0.33) EPS. On average, equities analysts expect that Fastly will post -0.87 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of equities analysts have issued reports on FSLY shares. Robert W. Baird lifted their price target on Fastly from $7.00 to $8.00 and gave the company a “neutral” rating in a research note on Thursday, November 7th. Piper Sandler upped their price target on Fastly from $6.00 to $8.00 and gave the stock a “neutral” rating in a report on Thursday, November 7th. Morgan Stanley dropped their price objective on Fastly from $12.00 to $7.00 and set an “equal weight” rating on the stock in a research note on Tuesday, August 27th. Royal Bank of Canada lifted their price objective on shares of Fastly from $6.00 to $7.00 and gave the stock a “sector perform” rating in a report on Thursday, November 7th. Finally, Raymond James downgraded shares of Fastly from a “strong-buy” rating to a “market perform” rating in a report on Tuesday, October 1st. One research analyst has rated the stock with a sell rating and eight have given a hold rating to the stock. Based on data from MarketBeat.com, Fastly presently has a consensus rating of “Hold” and an average target price of $7.94.

Insider Transactions at Fastly

In other Fastly news, CTO Artur Bergman sold 19,889 shares of the company’s stock in a transaction on Tuesday, September 3rd. The shares were sold at an average price of $5.96, for a total transaction of $118,538.44. Following the transaction, the chief technology officer now owns 6,205,000 shares in the company, valued at approximately $36,981,800. This represents a 0.32 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CFO Ronald W. Kisling sold 7,449 shares of the firm’s stock in a transaction on Wednesday, October 16th. The shares were sold at an average price of $7.24, for a total transaction of $53,930.76. Following the completion of the transaction, the chief financial officer now directly owns 558,564 shares in the company, valued at $4,044,003.36. This trade represents a 1.32 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 174,439 shares of company stock valued at $1,209,560 in the last quarter. 6.70% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Fastly

Several hedge funds have recently bought and sold shares of FSLY. CWM LLC increased its position in shares of Fastly by 10.5% during the 2nd quarter. CWM LLC now owns 22,266 shares of the company’s stock valued at $164,000 after purchasing an additional 2,121 shares during the last quarter. The Manufacturers Life Insurance Company grew its position in Fastly by 3.2% during the second quarter. The Manufacturers Life Insurance Company now owns 68,301 shares of the company’s stock valued at $503,000 after acquiring an additional 2,128 shares during the last quarter. Blue Trust Inc. raised its stake in shares of Fastly by 15.2% during the third quarter. Blue Trust Inc. now owns 17,420 shares of the company’s stock worth $128,000 after acquiring an additional 2,296 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank lifted its holdings in shares of Fastly by 11.6% in the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 30,130 shares of the company’s stock worth $222,000 after acquiring an additional 3,124 shares during the last quarter. Finally, Arizona State Retirement System boosted its stake in shares of Fastly by 10.3% in the 2nd quarter. Arizona State Retirement System now owns 35,690 shares of the company’s stock valued at $263,000 after purchasing an additional 3,338 shares in the last quarter. 79.71% of the stock is currently owned by institutional investors.

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.