Firefly Aerospace Inc. (FLY) experienced a pre-market plunge of 5.97% on Tuesday, as the stock continued to retreat from recent highs.

The decline comes as investors engage in profit-taking following a series of positive developments that had previously driven the stock higher. The company recently reported strong first-quarter revenue growth of 45% year-over-year, exceeding market expectations. Additionally, its SciTec division secured a significant space-based interceptor contract with the US Space Force.

Analyst coverage also contributed to the earlier rally, with B. Riley initiating coverage with a Buy rating and $60 price target, while Morgan Stanley raised its target price to $37. As the market fully digested these bullish catalysts, selling pressure intensified, leading to the current technical correction.