Short Interest in Safe Pro Group Inc. (NASDAQ:SPAI) Drops By 19.8%

Safe Pro Group Inc. (NASDAQ:SPAI) saw a significant decline in short interest in March. As of March 13th, there was short interest totaling 614,313 shares, a decline of 19.8% from the February 26th total of 766,233 shares. Based on an average daily trading volume, of 297,157 shares, the short-interest ratio is currently 2.1 days. Currently, 6.5% of the shares of the stock are short sold.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the company. Citadel Advisors LLC bought a new stake in Safe Pro Group in the third quarter worth approximately $3,940,000. Ghisallo Capital Management LLC bought a new position in shares of Safe Pro Group during the 4th quarter worth approximately $1,190,000. Tudor Investment Corp ET AL bought a new position in shares of Safe Pro Group during the 3rd quarter worth approximately $1,785,000. Cresset Asset Management LLC grew its position in shares of Safe Pro Group by 95.6% during the 3rd quarter. Cresset Asset Management LLC now owns 283,485 shares of the company’s stock worth $1,990,000 after buying an additional 138,556 shares during the period. Finally, NewEdge Advisors LLC acquired a new stake in shares of Safe Pro Group during the 3rd quarter worth approximately $393,000.

Safe Pro Group Price Performance

Shares of NASDAQ:SPAI opened at $3.74 on Monday. Safe Pro Group has a 52-week low of $1.47 and a 52-week high of $9.16. The company has a market capitalization of $78.43 million, a PE ratio of -4.99 and a beta of 3.58. The company has a debt-to-equity ratio of 0.02, a quick ratio of 7.16 and a current ratio of 7.60. The company has a fifty day moving average of $4.79 and a 200-day moving average of $5.39.

Safe Pro Group announced that its board has approved a share repurchase plan on Thursday, December 18th that authorizes the company to repurchase $3.00 million in outstanding shares. This repurchase authorization authorizes the company to buy up to 4.4% of its stock through open market purchases. Stock repurchase plans are often a sign that the company’s management believes its stock is undervalued.

Wall Street Analysts Forecast Growth

Several analysts recently weighed in on the company. Zacks Research downgraded Safe Pro Group from a “hold” rating to a “strong sell” rating in a research report on Thursday, February 5th. Weiss Ratings reissued a “sell (d-)” rating on shares of Safe Pro Group in a report on Thursday, January 22nd. Two equities research analysts have rated the stock with a Strong Buy rating, one has issued a Buy rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat.com, Safe Pro Group has an average rating of “Moderate Buy” and a consensus price target of $10.00.

About Safe Pro Group

Safe Pro Group, Inc engages in the provision and acquisition of security and protection products. Its products include Artificial Intelligence (AI) and Machine Learning (ML) software technology and photogrammetry analysis tools, bullet and blast resistant personal protection equipment, and aerial managed services and mission-critical uncrewed solutions. The firm operates through the following segments: Safe-PRO USA, Airborne Response, and Safe Pro AI. The company was founded by Daniyel Erdberg on December 15, 2021 and is headquartered in Aventura, FL.