Firefly Aerospace Inc (NASDAQ:FLY) stock is up 15.3% to trade at $23.75 at last glance, after the company announced it launched its Alpha Flight 7 successfully. This comes after several failed attempts to launch the rocket into orbit last year, including an explosion in September.
Now trading at its highest level since February, FLY is bouncing off a floor at the $18 level to break above the 20-day moving average, which had been acting as pressure in the last few weeks. The security is also testing resistance at $24, but still carries a 45.9% six-month deficit.
Short interest added 18.4% in the most recent reporting period, and the 6.42 million shares sold short now make up 5.2% of the equity's available float. An unwinding of this pessimism could give FLY a boost.
So far today, 8,244 calls and 1,284 puts have traded hands, which is triple the volume that is typically seen at this point. The most active contract is the March 25 call, followed by the April 25 call.
