Dragonfly Energy (NASDAQ:DFLI) Stock Price Down 2.4% – What’s Next?

Dragonfly Energy Holdings Corp. (NASDAQ:DFLI)’s share price was down 2.4% during mid-day trading on Tuesday . The stock traded as low as $1.99 and last traded at $2.03. Approximately 399,300 shares changed hands during mid-day trading, a decline of 23% from the average daily volume of 521,621 shares. The stock had previously closed at $2.08.

Analyst Ratings Changes

Several equities research analysts have issued reports on DFLI shares. Canaccord Genuity Group lowered their price target on Dragonfly Energy from $22.50 to $3.25 and set a “buy” rating for the company in a report on Tuesday, March 17th. Zacks Research downgraded Dragonfly Energy from a “hold” rating to a “strong sell” rating in a report on Wednesday, March 18th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Dragonfly Energy in a report on Monday, December 29th. Finally, Wall Street Zen downgraded Dragonfly Energy from a “hold” rating to a “sell” rating in a report on Saturday, March 21st. One analyst has rated the stock with a Strong Buy rating, one has given a Buy rating and two have issued a Sell rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $3.25.

Dragonfly Energy Stock Down 2.4%

The company has a current ratio of 2.54, a quick ratio of 1.31 and a debt-to-equity ratio of 0.80. The stock has a fifty day moving average of $2.34 and a 200-day moving average of $5.77.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the company. State Street Corp bought a new position in shares of Dragonfly Energy during the fourth quarter worth about $39,000. OMERS ADMINISTRATION Corp acquired a new position in Dragonfly Energy during the fourth quarter valued at approximately $47,000. KFG Wealth Management LLC boosted its position in Dragonfly Energy by 85.4% during the third quarter. KFG Wealth Management LLC now owns 184,124 shares of the company’s stock valued at $110,000 after purchasing an additional 84,798 shares during the last quarter. J. Derek Lewis & Associates Inc. acquired a new position in Dragonfly Energy during the fourth quarter valued at approximately $163,000. Finally, Legato Capital Management LLC acquired a new position in Dragonfly Energy during the fourth quarter valued at approximately $185,000. 8.19% of the stock is currently owned by institutional investors.

Dragonfly Energy Company Profile

Dragonfly Energy Corp. is a designer and manufacturer of lithium iron phosphate (LiFePO4) battery systems geared toward mobile, residential and commercial energy storage applications. The company develops modular battery packs and integrated power management solutions that focus on safety, long cycle life and compact form factors. Dragonfly’s core product lineup includes 12-volt and 24-volt battery modules, as well as multi-unit rack systems tailored for backup power, solar energy storage and off-grid installations.

Serving a broad range of end markets, Dragonfly Energy’s batteries are commonly deployed in recreational vehicles, marine vessels, overland expedition setups and residential solar arrays.