Firefly Aerospace Stock Falters After First-Day IPO Pop
1. Firefly Aerospace (FLY) stock dropped 13% post-IPO, down to about $52. 2. IPO raised nearly $870 million, closing 34% above initial price of $45. 3. FLY is part of a cohort with renewed investor appetite for new stocks. 4. Company claims to have achieved a historic soft-landing on the moon. 5. The Renaissance IPO ETF closed 12% higher this year, outperforming the S&P 500.