Shares of Firefly Aerospace (NASDAQ:FLY) slid 8% in premarket trading on Friday, dropping to $55.80 as the space technology firm faced typical market volatility after a robust initial public offering.

Firefly Aerospace's ( FLY) stock is sputtering, just one day after its trading debut, when enthusiasm for the new listing sent shares soaring. The space company's stock was down 13% to about $52 Friday afternoon, wiping out more than half its gains in its first day of trading yesterday.