Fastly, Inc. (NYSE:FSLY) Short Interest Down 7.3% in August

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

Fastly Trading Up 2.6 %

FSLY stock traded up $0.18 during mid-day trading on Thursday, hitting $7.22. 688,828 shares of the company were exchanged, compared to its average volume of 3,754,776. The company has a quick ratio of 4.13, a current ratio of 4.13 and a debt-to-equity ratio of 0.35. The firm has a market capitalization of $986.53 million, a P/E ratio of -7.04 and a beta of 1.20. The business has a fifty day simple moving average of $6.80 and a 200-day simple moving average of $9.05. Fastly has a 12-month low of $5.52 and a 12-month high of $25.87.

Fastly (NYSE:FSLY) last announced its earnings results on Wednesday, August 7th. The company reported ($0.07) earnings per share for the quarter, topping the consensus estimate of ($0.08) by $0.01. The company had revenue of $132.37 million during the quarter, compared to analyst estimates of $131.62 million. Fastly had a negative net margin of 31.02% and a negative return on equity of 15.22%. Fastly’s revenue was up 7.8% compared to the same quarter last year. During the same quarter last year, the firm posted ($0.32) earnings per share. On average, equities research analysts predict that Fastly will post -0.96 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on FSLY. Morgan Stanley dropped their price objective 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. Piper Sandler lowered shares of Fastly from an “overweight” rating to a “neutral” rating and dropped their price objective for the company from $10.00 to $6.00 in a report on Thursday, August 8th. Raymond James dropped their price objective on shares of Fastly from $13.00 to $8.00 and set a “strong-buy” rating for the company in a report on Thursday, August 8th. Finally, Craig Hallum dropped their price objective on shares of Fastly from $10.00 to $6.00 and set a “hold” rating for the company in a report on Thursday, August 8th. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, Fastly presently has an average rating of “Hold” and an average target price of $7.81.

Insider Activity

In other Fastly news, CFO Ronald W. Kisling sold 7,449 shares of Fastly stock in a transaction on Tuesday, July 16th. The shares were sold at an average price of $8.84, for a total transaction of $65,849.16. Following the sale, the chief financial officer now owns 586,057 shares of the company’s stock, valued at approximately $5,180,743.88. The sale was disclosed in a filing with the SEC, which is available at the SEC website. In other Fastly news, CFO Ronald W. Kisling sold 12,000 shares of Fastly 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 owns 593,506 shares of the company’s stock, valued at approximately $4,314,788.62. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, CFO Ronald W. Kisling sold 7,449 shares of the business’s stock in a transaction dated Tuesday, July 16th. The shares were sold at an average price of $8.84, for a total transaction of $65,849.16. Following the transaction, the chief financial officer now directly owns 586,057 shares in the company, valued at approximately $5,180,743.88. The disclosure for this sale can be found here. Insiders sold a total of 155,450 shares of company stock valued at $990,251 in the last three months. 6.70% of the stock is currently owned by corporate insiders.

Institutional Trading of Fastly

Several hedge funds have recently made changes to their positions in the business. Vanguard Group Inc. raised its holdings in Fastly by 5.1% in the first quarter. Vanguard Group Inc. now owns 13,581,524 shares of the company’s stock valued at $176,152,000 after acquiring an additional 657,334 shares in the last quarter. First Trust Advisors LP raised its holdings in Fastly by 21.8% during the fourth quarter. First Trust Advisors LP now owns 5,586,706 shares of the company’s stock worth $99,443,000 after purchasing an additional 998,749 shares in the last quarter. Goldman Sachs Group Inc. raised its holdings in Fastly by 9.3% during the fourth quarter. Goldman Sachs Group Inc. now owns 1,906,860 shares of the company’s stock worth $33,942,000 after purchasing an additional 162,659 shares in the last quarter. Jennison Associates LLC acquired a new stake in Fastly during the first quarter worth approximately $13,724,000. Finally, CANADA LIFE ASSURANCE Co raised its holdings in Fastly by 94.4% during the first quarter. CANADA LIFE ASSURANCE Co now owns 960,864 shares of the company’s stock worth $12,453,000 after purchasing an additional 466,560 shares in the last quarter. Institutional investors and hedge funds own 79.71% of the company’s stock.

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.