Firefly Aerospace (FLY) Falls Hard as Rocket Explodes During Test

We recently published 11 Stocks Failing to Keep up With The Market. Firefly Aerospace Inc. (NASDAQ:FLY) is one of the top performers on Tuesday.

Firefly saw its share prices nosedive by 20.67 percent on Tuesday to end at $29.32 apiece as investors unloaded positions after its Alpha rocket exploded during testing.

In an update on Monday, Firefly Aerospace Inc. (NASDAQ:FLY) confirmed the explosion of the first stage of its Alpha Flight 7 rocket.

“The company is assessing the impact [o]n its stage test stand…We learn from each test to improve our designs and build a more reliable system,” it said, adding that proper safety protocols were followed and all personnel were marked safe during the test.

The explosion came two weeks before the rocket’s official flight mission, creating another setback in Firefly Aerospace Inc.’s (NASDAQ:FLY) launch program.

Additionally, Firefly Aerospace Inc. (NASDAQ:FLY) recently closed an investigation into a separate Alpha rocket mission earlier this year that placed a Lockheed Martin satellite into a shallow orbit, suggesting mission failure.

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Disclosure: None. This article is originally published at Insider Monkey.