Fastly, Inc. (NASDAQ:FSLY) stock surged nearly 15% on Friday after Oppenheimer analyst Param Singh upgraded the stock from Perform to Outperform and announced a $35 price forecast.
Oppenheimer said Friday that Fastly’s growth outlook is improving, driven by larger customer contracts, increased sales of security products and early monetization of agentic AI traffic.
Trading activity in Fastly surged Friday, with volume reaching 8.19 million shares, nearly 30% above its 100-day average of 6.32 million.
Meanwhile, short interest remains elevated, with 21.57 million shares sold short, or 16.08% of the public float. The stock’s sharp rally could pressure bearish traders to cover their positions, potentially fueling further gains through a short squeeze.
Technical Analysis
Fastly’s technical indicators point to a strong bullish trend. The stock trades above its 20-day, 50-day, 100-day and 200-day simple moving averages (SMAs).
Additionally, the 20-day SMA remains above the 50-day SMA, while the 50-day SMA sits above the 200-day SMA. This alignment suggests sustained buying strength.
However, the stock appears extended following its recent rally. Shares trade about 13.7% above the 20-day SMA of $25.78 and 43.9% above the 200-day SMA of $20.36.
Meanwhile, the moving average convergence divergence (MACD) indicator remains above its signal line. A positive histogram also points to strengthening bullish momentum.
Fastly’s 52-week trading range stands between $7.74 and $34.82.
Traders are watching resistance near $31, while support sits around $24.50. A sustained move above resistance could strengthen the bullish outlook. However, profit-taking could push shares toward support.
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Earnings And Analyst Outlook
Fastly is scheduled to report quarterly earnings on Nov. 4, 2026.
Analysts expect earnings of 12 cents per share, compared with 7 cents a year earlier. Revenue is projected to reach $187.70 million, up from $158.22 million.
The stock carries a consensus Buy rating and an average analyst price forecast of $28.70. Recent analyst actions include:
- Oppenheimer: Upgraded Fastly to Outperform from Perform with a $35 price forecast on Oct. 9.
- DA Davidson: Maintained a Neutral rating with a $23 price forecast on Sept. 24.
- Freedom Broker: Maintained a Buy rating and raised its price forecast to $37 on Sept. 23.
Benzinga Edge Rankings
Fastly has a Benzinga Edge Momentum score of 97.28, reflecting strong price performance relative to the broader market.
The elevated momentum score supports the bullish technical outlook. However, the stock’s distance from its moving averages increases the risk of short-term volatility.
Investors will be watching whether Fastly can sustain its gains and hold above key support levels ahead of its November earnings report.
ETF Exposure
The iShares U.S. Digital Infrastructure and Real Estate ETF (NYSE:IDGT) holds a 5.90% weighting in Fastly.
As a result, changes in the fund’s holdings or investor flows could influence trading activity in the stock.
FSLY Stock Price Activity
Fastly shares were up 14.83% at $29.04 at the time of publication Friday, according to Benzinga Pro data.
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