By Wajeeh Khan

A concept image of space_ Image by Canities via Shutterstock

Firefly Aerospace (FLY) stock soared today as investors cheered the successful orbital delivery of the company’s “Stairway to Seven” mission. The launch deployed a demonstrator payload for Lockheed Martin (LMT), marking a resounding return to flight for the Alpha rocket after a five-month hiatus following a ground-test anomaly in late 2025.

Despite today’s rally, Firefly stock remains down about 28% versus its year-to-date high, suggesting there may still be room for further upside in this space firm. 

What Alpha Flight 7 Success Means for Firefly Stock

Alpha Flight 7 success is a critical validation of Firefly’s production overhaul. By achieving a nominal orbital insertion and executing a stage-two engine relight, FLY proved its Block II upgrades, including a new in-house avionics suite and enhanced thermal protection, are flight-ready. 

This pathfinder mission effectively de-risks the firm’s upcoming Flight 8, which will feature full Block II configuration designed for higher mass-to-orbit and improved manufacturability. 

For FLY shares, this demonstrates the high-cadence execution necessary for the company to fulfill its growing multi-billion dollar backlog.

Note that Firefly Aerospace rallied past its 100-day moving average (MA) this morning, signaling that momentum is now shifting in favor of the bulls. 

Colin Canfield Sees Massive Further Upside in FLY Shares

Cantor Fitzgerald recommends long-term investors to load up on Firefly shares as they now resemble a coiled spring ready to snap back. 

In a research note dated March 12, analyst Colin Canfield pointed out a huge valuation gap — while the broader space sector has been in a sharp uptrend, FLY has crashed meaningfully this year due to a past testing anomaly. 

He called this performance arbitrage, arguing the stock is irrationally cheap compared to peers. Now that the “Stairway to Seven” mission has proven the rocket is reliable, the fear factor is fading.

According to Canfield, the space stock could be trading at about $65 by year-end. 

Firefly Remains a Buy-Rated Stock Among Wall Street Firms

Other Wall Street analysts also agree with Canfield on Firefly Aerospace. 

The consensus rating on FLY stock sits at “Moderate Buy” currently, with the mean target of about $38 indicating potential upside of another 65% from here. 

www.barchart.com

On the date of publication, Wajeeh Khan did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.

Source: Barchart