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.

Firefly stock tumbled to close down 16.9% on Friday at $50.17. That's still $5 and change more than the initial public offering (IPO) price, but a lot of Thursday's IPO gains got vaporized as sentiment turned against the stock -- or perhaps it's more accurate to say, against space stocks in general.

Firefly Aerospace shares fell 11% in morning trading on Friday, in what was perceived as a normal market swing, but the space tech firm's robust debut highlighted renewed investor appetite for high-growth listings.