Draganfly (NASDAQ:DPRO) Stock Bumped Down to Strong Sell by Zacks Research

Zacks Research lowered shares of Draganfly (NASDAQ:DPRO) from a hold rating to a strong sell rating in a research report sent to investors on Monday,Zacks reports.

A number of other research firms also recently issued reports on DPRO. LADENBURG THALM/SH SH decreased their price target on shares of Draganfly from $12.75 to $11.50 and set a “buy” rating on the stock in a research note on Thursday, August 13th. Wall Street Zen cut shares of Draganfly from a “sell” rating to a “strong sell” rating in a research note on Saturday, August 15th. Finally, Needham & Company LLC restated a “buy” rating on shares of Draganfly in a research report on Tuesday, September 29th. One analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and one has given a Sell rating to the company. According to data from MarketBeat.com, Draganfly currently has a consensus rating of “Moderate Buy” and an average target price of $11.62.

Draganfly Price Performance

NASDAQ DPRO opened at $5.00 on Monday. Draganfly has a 1-year low of $3.78 and a 1-year high of $14.40. The business has a 50 day simple moving average of $5.07 and a two-hundred day simple moving average of $5.36. The stock has a market capitalization of $171.88 million, a PE ratio of -6.41 and a beta of 2.91.

Draganfly (NASDAQ:DPRO) last issued its quarterly earnings data on Monday, August 10th. The company reported ($0.24) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.11) by ($0.13). The firm had revenue of $1.93 million for the quarter, compared to analysts’ expectations of $2.56 million. Draganfly had a negative return on equity of 26.61% and a negative net margin of 355.34%.The firm’s revenue for the quarter was up 26.0% on a year-over-year basis. On average, analysts anticipate that Draganfly will post -0.83 EPS for the current fiscal year.

Hedge Funds Weigh In On Draganfly

A number of large investors have recently bought and sold shares of the business. Bank of New York Mellon Corp purchased a new stake in Draganfly during the second quarter valued at approximately $62,000. GK Wealth Management LLC purchased a new stake in Draganfly during the 2nd quarter worth approximately $55,000. World Investment Advisors increased its stake in Draganfly by 33.3% during the 1st quarter. World Investment Advisors now owns 55,067 shares of the company’s stock valued at $270,000 after purchasing an additional 13,753 shares in the last quarter. Finally, Purpose Unlimited Inc. acquired a new position in Draganfly during the 4th quarter valued at approximately $43,000. Institutional investors own 10.39% of the company’s stock.

Draganfly Company Profile

Draganfly Inc is a Canadian drone technology company that develops and provides unmanned aerial systems, software and related services. The company designs and manufactures drones for applications that include public safety, emergency response, industrial inspection, agriculture, mapping, surveying, delivery and defense-related operations.

Its product portfolio includes multirotor and fixed-wing aircraft, customized unmanned systems, drone payloads and autonomous flight technologies. Draganfly also provides data collection, aerial imaging, engineering, training and drone-as-a-service solutions designed to help organizations gather information and perform tasks remotely.

Founded in 1999, Draganfly describes itself as one of the oldest commercial drone manufacturers.