Draganfly (NASDAQ:DPRO) Shares Down 12.6% – Here’s What Happened

Draganfly Inc. (NASDAQ:DPRO)’s stock price traded down 12.6% during trading on Thursday . The company traded as low as $7.69 and last traded at $7.82. 2,723,576 shares traded hands during mid-day trading, an increase of 12% from the average session volume of 2,427,743 shares. The stock had previously closed at $8.95.

Analyst Upgrades and Downgrades

A number of equities research analysts have commented on the stock. Needham & Company LLC initiated coverage on shares of Draganfly in a report on Thursday, October 30th. They issued a “buy” rating and a $20.00 price target for the company. Wall Street Zen lowered shares of Draganfly from a “hold” rating to a “sell” rating in a research report on Saturday, November 1st. LADENBURG THALM/SH SH began coverage on shares of Draganfly in a research report on Wednesday. They issued a “buy” rating and a $19.00 price objective on the stock. Finally, HC Wainwright set a $14.00 price objective on shares of Draganfly and gave the stock a “buy” rating in a research report on Wednesday, October 8th. Three research analysts have rated the stock with a Buy rating, Based on data from MarketBeat, the stock presently has a consensus rating of “Buy” and a consensus price target of $17.67.

Draganfly Trading Down 12.6%

The firm’s 50-day moving average price is $7.88 and its 200-day moving average price is $4.94. The company has a quick ratio of 4.80, a current ratio of 5.29 and a debt-to-equity ratio of 0.01. The company has a market cap of $42.46 million, a P/E ratio of -4.57 and a beta of 2.61.

Draganfly (NASDAQ:DPRO) last posted its quarterly earnings results on Monday, August 11th. The company reported ($0.44) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.46) by $0.02. Draganfly had a negative net margin of 181.76% and a negative return on equity of 197.71%. The company had revenue of $1.55 million for the quarter, compared to analyst estimates of $2.24 million. As a group, equities research analysts expect that Draganfly Inc. will post -3.56 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Draganfly

Several hedge funds have recently bought and sold shares of the company. Jones Financial Companies Lllp grew its stake in Draganfly by 224.3% during the third quarter. Jones Financial Companies Lllp now owns 3,399 shares of the company’s stock valued at $28,000 after acquiring an additional 2,351 shares in the last quarter. SG Americas Securities LLC bought a new stake in Draganfly during the 3rd quarter valued at $89,000. Kieckhefer Group LLC raised its holdings in Draganfly by 57.3% during the 3rd quarter. Kieckhefer Group LLC now owns 315,657 shares of the company’s stock valued at $2,569,000 after buying an additional 115,000 shares during the last quarter. CWM LLC bought a new stake in Draganfly during the 3rd quarter valued at $61,000. Finally, Jane Street Group LLC bought a new position in Draganfly in the 2nd quarter worth $35,000. Hedge funds and other institutional investors own 10.39% of the company’s stock.

About Draganfly

Draganfly Inc develops, manufactures, and sells cutting-edge unmanned and remote data collection and analysis platforms and systems in the United States and Canada. The company offers quadcopters, fixed-wing aircraft, ground-based robots, handheld controllers, and flight training, as well as software used for tracking, live streaming, and data collection.