We recently published Santa Came Early for These 10 Double-Digit Gainers. Firefly Aerospace Inc. (NASDAQ:FLY) is one of the best performers on Monday.
Firefly Aerospace soared for a third consecutive day on Monday, jumping 16.02 percent to close at $28.60 apiece after officially joining the Russell 2000 Index.
The company was among the 18 firms added to the benchmark, which also triggered its inclusion in the Russell 3000 index. The recomposition officially took effect on the same day.
Companies added to indices typically see their share prices rocket as fund managers and investment firms that track the index rebalance their portfolios by buying the newly included stocks while selling shares of companies removed from the benchmark.
Firefly Aerospace Inc.’s (NASDAQ:FLY) inclusion in the said indices is expected to open doors for greater exposure among institutional and foreign investors.
Russell indexes are widely used by investment managers and institutional investors as benchmarks for investment strategies. The market capitalization-based indexes are part of FTSE Russell, a global index provider that offers a broad range of market indexes to measure the performance of different segments of the global financial markets.
In other news, Firefly Aerospace Inc. (NASDAQ:FLY) last week received a “sector weight” rating from investment firm KeyBanc, on optimism for the company’s spacecraft operations, albeit achieving profitability could take some time.
Photo by NASA on Unsplash
KeyBanc noted that Firefly Aerospace Inc. (NASDAQ:FLY) remains in the process of establishing a consistent launch track record, but noted that it was already making strides with the medium-lift rocket.
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Disclosure: None. This article is originally published at Insider Monkey.
