Short Interest in Fastly, Inc. (NYSE:FSLY) Decreases By 7.3%

Fastly, Inc. (NYSE:FSLY) was the target of a significant decrease in short interest during the month of August. As of August 31st, there was short interest totalling 14,290,000 shares, a decrease of 7.3% from the August 15th total of 15,410,000 shares. Based on an average daily trading volume, of 3,360,000 shares, the days-to-cover ratio is currently 4.3 days.

Analyst Ratings Changes

Several brokerages have weighed in on FSLY. Raymond James cut their price target on Fastly from $13.00 to $8.00 and set a “strong-buy” rating on the stock in a research report on Thursday, August 8th. Piper Sandler cut Fastly from an “overweight” rating to a “neutral” rating and reduced their price target for the company from $10.00 to $6.00 in a research report on Thursday, August 8th. Craig Hallum lowered their price objective on Fastly from $10.00 to $6.00 and set a “hold” rating on the stock in a research report on Thursday, August 8th. Finally, Morgan Stanley cut their target price on shares of Fastly from $12.00 to $7.00 and set an “equal weight” rating for the company in a report on Tuesday, August 27th. One investment analyst has rated the stock with a sell rating, six have given a hold rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, Fastly has an average rating of “Hold” and a consensus target price of $7.81.

Insider Buying and Selling at Fastly

In other news, CEO Todd Nightingale sold 66,066 shares of the firm’s stock in a transaction on Friday, August 16th. The stock was sold at an average price of $6.18, for a total value of $408,287.88. Following the completion of the sale, the chief executive officer now owns 1,662,952 shares of the company’s stock, valued at approximately $10,277,043.36. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, CFO Ronald W. Kisling sold 12,000 shares of the business’s stock in a transaction on Monday, July 1st. The shares were sold at an average price of $7.27, for a total transaction of $87,240.00. Following the sale, the chief financial officer now directly owns 593,506 shares of the company’s stock, valued at $4,314,788.62. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CEO Todd Nightingale sold 66,066 shares of the firm’s stock in a transaction on Friday, August 16th. The stock was sold at an average price of $6.18, for a total value of $408,287.88. Following the completion of the transaction, the chief executive officer now owns 1,662,952 shares of the company’s stock, valued at approximately $10,277,043.36. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 155,450 shares of company stock valued at $990,251. 6.70% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Fastly

A number of institutional investors and hedge funds have recently bought and sold shares of FSLY. Victory Capital Management Inc. increased its position in shares of Fastly by 24.8% during the 4th quarter. Victory Capital Management Inc. now owns 16,128 shares of the company’s stock worth $287,000 after purchasing an additional 3,208 shares during the last quarter. Private Advisor Group LLC boosted its position in shares of Fastly by 57.5% during the fourth quarter. Private Advisor Group LLC now owns 16,103 shares of the company’s stock worth $287,000 after buying an additional 5,880 shares during the period. Charles Schwab Investment Management Inc. boosted its holdings in Fastly by 3.4% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 947,741 shares of the company’s stock valued at $16,870,000 after acquiring an additional 30,869 shares during the period. Jump Financial LLC purchased a new position in shares of Fastly in the fourth quarter valued at approximately $541,000. Finally, Norges Bank acquired a new position in shares of Fastly in the fourth quarter valued at approximately $8,014,000. 79.71% of the stock is currently owned by institutional investors and hedge funds.

Fastly Price Performance

NYSE FSLY traded down $0.13 on Wednesday, hitting $7.22. The company had a trading volume of 1,521,263 shares, compared to its average volume of 3,766,473. The company has a debt-to-equity ratio of 0.35, a current ratio of 4.13 and a quick ratio of 4.13. The company’s fifty day moving average price is $6.80 and its 200-day moving average price is $9.06. The company has a market capitalization of $986.53 million, a PE ratio of -7.03 and a beta of 1.20. Fastly has a 12-month low of $5.52 and a 12-month high of $25.87.

Fastly (NYSE:FSLY) last issued its quarterly earnings results on Wednesday, August 7th. The company reported ($0.07) EPS for the quarter, topping the consensus estimate of ($0.08) by $0.01. Fastly had a negative return on equity of 15.22% and a negative net margin of 31.02%. The firm had revenue of $132.37 million during the quarter, compared to analysts’ expectations of $131.62 million. During the same period in the previous year, the business earned ($0.32) earnings per share. The firm’s revenue for the quarter was up 7.8% on a year-over-year basis. As a group, analysts predict that Fastly will post -0.96 earnings per share for the current year.

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.