Fastly (NYSE:FSLY) Reaches New 52-Week Low at $6.65

Fastly, Inc. (NYSE:FSLY)’s stock price reached a new 52-week low on Monday . The stock traded as low as $6.65 and last traded at $6.97, with a volume of 1018320 shares changing hands. The stock had previously closed at $7.51.

Analyst Ratings Changes

Several equities research analysts have issued reports on FSLY shares. Royal Bank of Canada cut their price objective on shares of Fastly from $18.00 to $9.00 and set a “sector perform” rating for the company in a research report on Thursday, May 2nd. Citigroup lowered their target price on Fastly from $15.00 to $10.00 and set a “neutral” rating for the company in a research report on Thursday, May 9th. Bank of America cut shares of Fastly from a “buy” rating to an “underperform” rating and cut their price target for the company from $18.00 to $8.00 in a research report on Thursday, May 2nd. DA Davidson downgraded Fastly from a “buy” rating to a “neutral” rating and reduced their target price for the company from $24.00 to $8.50 in a research note on Thursday, May 2nd. Finally, Piper Sandler decreased their target price on shares of Fastly from $11.00 to $10.00 and set an “overweight” rating for the company in a research report on Monday, July 15th. One analyst has rated the stock with a sell rating, four have issued a hold rating, one has given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $12.93.

Fastly Trading Down 4.7 %

The firm has a market capitalization of $978.33 million, a P/E ratio of -7.15 and a beta of 1.13. The company has a debt-to-equity ratio of 0.35, a current ratio of 3.83 and a quick ratio of 3.83. The stock’s 50-day simple moving average is $7.57 and its two-hundred day simple moving average is $11.92.

Insider Activity at Fastly

In other news, CFO Ronald W. Kisling sold 2,919 shares of the stock in a transaction that occurred on Thursday, May 23rd. The stock was sold at an average price of $8.92, for a total transaction of $26,037.48. Following the transaction, the chief financial officer now owns 606,712 shares in the company, valued at approximately $5,411,871.04. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In related news, CFO Ronald W. Kisling sold 2,919 shares of the firm’s stock in a transaction dated Thursday, May 23rd. The stock was sold at an average price of $8.92, for a total transaction of $26,037.48. Following the completion of the sale, the chief financial officer now directly owns 606,712 shares of the company’s stock, valued at approximately $5,411,871.04. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CTO Artur Bergman sold 10,928 shares of the firm’s stock in a transaction that occurred on Thursday, May 16th. The shares were sold at an average price of $8.84, for a total transaction of $96,603.52. Following the completion of the transaction, the chief technology officer now directly owns 6,244,124 shares of the company’s stock, valued at approximately $55,198,056.16. The disclosure for this sale can be found here. Insiders have sold a total of 135,217 shares of company stock valued at $1,176,853 in the last ninety days. Company insiders own 6.70% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in the company. Allworth Financial LP increased its position in shares of Fastly by 1,420.9% in the fourth quarter. Allworth Financial LP now owns 2,114 shares of the company’s stock valued at $38,000 after buying an additional 1,975 shares in the last quarter. Cambridge Trust Co. acquired a new position in Fastly during the 1st quarter worth $39,000. Cape Investment Advisory Inc. raised its stake in shares of Fastly by 27,666.7% in the 1st quarter. Cape Investment Advisory Inc. now owns 4,165 shares of the company’s stock worth $54,000 after buying an additional 4,150 shares in the last quarter. EMC Capital Management boosted its stake in shares of Fastly by 400.0% during the 2nd quarter. EMC Capital Management now owns 7,500 shares of the company’s stock worth $54,000 after acquiring an additional 6,000 shares in the last quarter. Finally, International Assets Investment Management LLC acquired a new stake in shares of Fastly during the fourth quarter worth approximately $61,000. Institutional investors and hedge funds own 79.71% of the company’s stock.

Fastly Company Profile

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.