Safe Pro Group (NASDAQ:SPAI) Downgraded by Zacks Research to “Strong Sell”

Safe Pro Group (NASDAQ:SPAI) was downgraded by equities research analysts at Zacks Research from a “hold” rating to a “strong sell” rating in a research note issued on Thursday,Zacks.com reports.

A number of other research firms also recently issued reports on SPAI. Wall Street Zen downgraded Safe Pro Group from a “hold” rating to a “sell” rating in a research report on Saturday, November 22nd. Weiss Ratings reissued a “sell (d-)” rating on shares of Safe Pro Group in a report on Thursday, January 22nd. Finally, Lake Street Capital began coverage on Safe Pro Group in a research note on Tuesday, November 18th. They issued a “buy” rating and a $9.00 price objective on the stock. Two research analysts have rated the stock with a Strong Buy rating, one has given a Buy rating and two have given a Sell rating to the stock. According to data from MarketBeat, Safe Pro Group currently has an average rating of “Moderate Buy” and a consensus target price of $10.00.

Safe Pro Group Stock Up 10.8%

SPAI opened at $4.40 on Thursday. The company has a quick ratio of 7.16, a current ratio of 7.60 and a debt-to-equity ratio of 0.02. The stock has a market cap of $92.27 million, a price-to-earnings ratio of -5.87 and a beta of 3.72. Safe Pro Group has a twelve month low of $1.47 and a twelve month high of $9.16. The company’s 50-day moving average price is $4.90 and its two-hundred day moving average price is $5.49.

Safe Pro Group (NASDAQ:SPAI) last issued its quarterly earnings results on Friday, November 14th. The company reported ($0.29) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.11) by ($0.18). Safe Pro Group had a negative return on equity of 280.18% and a negative net margin of 968.74%.The company had revenue of $0.10 million for the quarter, compared to analysts’ expectations of $0.10 million.

Safe Pro Group declared that its Board of Directors has authorized a stock buyback plan on Thursday, December 18th that authorizes the company to repurchase $3.00 million in shares. This repurchase authorization authorizes the company to repurchase up to 4.4% of its stock through open market purchases. Stock repurchase plans are typically an indication that the company’s board believes its shares are undervalued.

Institutional Trading of Safe Pro Group

A number of institutional investors have recently added to or reduced their stakes in the stock. Atlantic Union Bankshares Corp purchased a new position in Safe Pro Group during the 4th quarter valued at about $42,000. Prospera Financial Services Inc purchased a new stake in shares of Safe Pro Group in the third quarter worth about $82,000. Forefront Wealth Management Inc. bought a new position in shares of Safe Pro Group in the third quarter valued at approximately $214,000. Forefront Wealth Partners LLC bought a new position in shares of Safe Pro Group in the third quarter valued at approximately $214,000. Finally, NewEdge Advisors LLC purchased a new position in Safe Pro Group during the third quarter valued at approximately $393,000.

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.