Fastly Inc (NYSE:FSLY) Sees Large Drop in Short Interest

Fastly Inc (NYSE:FSLY) was the recipient of a large drop in short interest during the month of September. As of September 30th, there was short interest totalling 4,910,000 shares, a drop of 5.6% from the August 30th total of 5,200,000 shares. Based on an average daily volume of 1,450,000 shares, the days-to-cover ratio is presently 3.4 days. Approximately 43.5% of the company’s shares are sold short.

In related news, major shareholder Qualified Master Fund L. Abdiel acquired 38,170 shares of the stock in a transaction dated Tuesday, July 23rd. The stock was bought at an average price of $21.39 per share, for a total transaction of $816,456.30. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, major shareholder Qualified Master Fund L. Abdiel acquired 359,071 shares of the stock in a transaction dated Thursday, August 22nd. The stock was bought at an average price of $21.84 per share, with a total value of $7,842,110.64. The disclosure for this purchase can be found here. In the last 90 days, insiders have acquired 1,367,517 shares of company stock valued at $25,798,808.

Hedge funds have recently made changes to their positions in the business. Ladenburg Thalmann Financial Services Inc. bought a new stake in Fastly during the 2nd quarter valued at $41,000. Pentwater Capital Management LP bought a new stake in Fastly during the 2nd quarter valued at $142,000. Amundi Pioneer Asset Management Inc. bought a new stake in Fastly during the 2nd quarter valued at $203,000. NumerixS Investment Technologies Inc bought a new stake in Fastly during the 2nd quarter valued at $227,000. Finally, Monashee Investment Management LLC bought a new stake in Fastly during the 2nd quarter valued at $231,000. Institutional investors and hedge funds own 14.14% of the company’s stock.

FSLY stock traded up $1.18 during midday trading on Thursday, reaching $23.50. 34,010 shares of the company’s stock traded hands, compared to its average volume of 1,017,907. The firm has a fifty day simple moving average of $26.93. Fastly has a 52 week low of $14.12 and a 52 week high of $35.25.

Fastly (NYSE:FSLY) last announced its quarterly earnings results on Thursday, August 8th. The company reported ($0.16) EPS for the quarter, missing the Zacks’ consensus estimate of ($0.13) by ($0.03). The business had revenue of $46.17 million for the quarter, compared to analyst estimates of $45.31 million. The company’s quarterly revenue was up 34.0% compared to the same quarter last year. During the same period in the previous year, the business earned ($0.20) EPS. Research analysts anticipate that Fastly will post -0.58 EPS for the current year.

Several research firms have recently weighed in on FSLY. Craig Hallum began coverage on shares of Fastly in a research note on Friday, June 21st. They issued a “buy” rating and a $24.00 price objective for the company. ValuEngine lowered shares of Fastly from a “buy” rating to a “hold” rating in a research note on Tuesday. Zacks Investment Research upgraded shares of Fastly from a “sell” rating to a “hold” rating in a research note on Wednesday. Stifel Nicolaus set a $25.00 price objective on shares of Fastly and gave the company a “buy” rating in a research note on Friday, August 9th. Finally, Piper Jaffray Companies lowered shares of Fastly from an “overweight” rating to a “neutral” rating and lifted their price objective for the company from $21.00 to $24.00 in a research note on Friday, October 11th. Five investment analysts have rated the stock with a hold rating and nine have given a buy rating to the stock. The company currently has an average rating of “Buy” and an average target price of $25.31.

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